FINE GAEL have just sent out a New Newsletter item on ANGLO:
Fine Gael News - Clarifications Required & Questions to be Answered Ahead of Dáil Debate on Anglo Legislation - Bruton
This prompted me to start this thread to ask - in general - should their be any other questions besides below? Is this a good start?
Please be constructive now .....
Clarifications Required & Questions to be Answered Ahead of Dáil Debate on Anglo Legislation - Bruton
FG Leader Seeks Written Response from Taoiseach on Key Issues
Important issues still remain to be clarified by Fianna Fail regarding their announced plans for Anglo and the viability of keeping the bank operating as a going concern, according to Fine Gael's Deputy Leader and Spokesman on Finance, Richard Bruton T.D. Deputy Bruton was speaking as further details emerged regarding Fianna Fail's plans for Anglo the day after the nationalisation plan was announced.
"Fine Gael is pleased that the Government is not now planning to pour €1.5bn of taxpayers' money in to a recapitalisation plan for Anglo. It is the latest example of Fianna Fail playing catch up in relation to important economic decisions facing the country. Last night in responding to this news I sought certain clarifications regarding aspects of the Anglo nationalisation plan.
"On Wednesday in Maynooth Fine Gael stressed that the nationalisation plan should be implemented with a view to winding down Anglo in an orderly fashion over 5-7 years with a new management team recovering whatever monies are possible. It appears that Fianna Fail is intent on nationalising the bank and operating it as a going concern. It is simply not credible that the State would continue injecting unknown funds on a rolling basis in to Anglo in some vain hope that the bank will be refloated. This is not realistic.
"Following on from this the Fine Gael Leader, Enda Kenny T.D., has written to the Taoiseach today seeking answers to important questions surrounding the Anglo recapitalisation. These include;
1. Is the Government's long term plan for Anglo Irish Bank to operate it as a going concern?
2. Will a specialist management team be appointed with expertise in the recovery, management and sale of distressed property related loans - if necessary from outside of Ireland?
3. Will the current board be replaced in its entirety and be replaced by a board and chairman that would be vetted by a cross-party Oireachtas Committee?
4. Is there any implicit or explicit extension of the Guarantee to the owners of preferred shares, subordinated debt and other Anglo securities (in other words that speculators and traders in these securities do not earn a windfall at the expense of the tax-payer), and will the Government clarify its statement from last night to make it clear that the owners of these securities will only be repaid if sufficient loans are recovered.
"These are very important issues that need to be addressed and will help inform the Fine Gael contribution to the debate next week."