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."


Related Irish News Stories
Click here for the latest headlines.

13 February 2009
IL&P Directors Resign In Anglo-Gate Furore
Two senior figures in Irish Life & Permanent have resigned as the Anglo Irish Bank scandal comes to the boil. A spokesman revealed this morning that the group Finance Director Peter Fitzpatrick and Treasury Head David Gantly have tendered their resignation after a board meeting last night.
12 February 2009
Failed Regulator Walks Away With €630,000 Handshake
As Ireland's financial crises continues to worsen, things are looking up for the failed financial regulator, who has been given a €630,000 golden handshake. Pat Neary, the failed Financial Regulator who was forced to retire at the end of last month, has been given an astounding €630,000 for his trouble.
21 March 2008
Anglo Irish Bank Investigated
The financial regulator has launched an investigation into unusual share dealings in Ireland. Banking and credit turmoil has drastically affected many Irish banks, but the Anglo Irish Bank pricked the attention of the regulator after its failure to recover from serious falls in its share price.
01 October 2009
Former Anglo Boss Will 'Not Be Spared'
The former Anglo Irish Bank (AIB) boss "will not be spared", according to the Green Party leader John Gormley.
22 March 2013
Fitzpatrick Trial Unlikely Before 2014
The trial of former Anglo Irish Bank chairman Sean FitzPatrick is unlikely to happen before the end of 2014. The 64-year-old is facing a total of 12 charges in connection with financial irregularities at the bank over a six-year period. He has yet to enter a plea.