On the 29th of September 2008, Brian Lenihan and Brian Cowen met with Brian Goggin and Richard Burrows of BoI and Dermot Gleeson and Eugene Sheehy of AIB. During this meeting, supported by officials from the Finance Ministry, Lenihan put forward his proposals for the bank guarantee scheme, a scheme that would guarantee all the liabilities in the banks, including the bonds of all the Irish banks.
In January 15th, Brian Lenihan announced that Anglo-Irish Banks was of systemic importance to Ireland and nationalised it. There was no choice in doing this, because we as the taxpayer, would have had to reimburse the vast majority of liabilities in the bank owing to that guarantee.
Today, Lenihan has announced that the expected bill for this nationalisation is a minimum of €22b. There can be no other conclusion that the decision to guarantee the liabilities in Anglo-Irish was the worst financial decision ever made in the (short) history of our country, likely never to be matched, and certainly never surpassed.
I believe Brian Lenihan to be an honourable man, I believe that when he made the statement extolling the virtues and importance of Anglo Irish, he did so not as a fabrication or obsfucation, but because he was merely incompetent and negligent.
Accordingly, and as a citizen of this State, because of this gross negligence and incompetence, I call on him to resign his position forthwith, and Brian Cowen, who backed his judgement and decisions, to allow this state and its citizens to pass judgement in a general election.