Opposition Wants Regulator Out Of Anglo Scandal

The Fine Gael leader has urged the government to remove the Financial Regulator from the Anglo investigation.

TD Enda Kenny instead is calling for the Director of Corporate Enforcement to be given the lead role in investigating the scandal.

Mr Kenny said the Financial Regulator is not in a position to investigate the matter because it is part of the financial system.

He is calling on the entire board of the regulatory authority to resign or be dismissed for the sake of Ireland's international reputation.

Mr Kenny says the investigation into Anglo Irish Bank must be transparent to restore investor confidence in the banking system.

The Fine Gael front bench have also been vocal on the investigation, as questions are being asked about the Government's knowledge of the infamous transaction, where Irish Life and Permanent gave the Anglo Irish a multi-billion loan to hide the AIB's poor end of year statistics.

Fine Gael TD Simon Coveney said: "Rumours abound that the Government's Regulator was fully aware of the transactions between Anglo and IL&P to falsify deposit holdings in Anglo at the time that it happened. If this is the case it is simply not credible that the Government would not have been fully aware of the transaction.

"The Taoiseach and Minister Lenihan now need to provide clear answers to a lot of questions."

(DW/JM)