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01/09/2010
Coalition Denies Split Over Anglo Bailout
Fianna Fáil and Green ministers are denying speculation of a split over the future of Anglo Irish Bank.
As ministers arrived for this morning's Cabinet meeting, the first since the summer break, all insisted they were unanimously agreed on resolving the situation at the bank at the least possible cost to the taxpayer.
Yesterday the Anglo Irish Bank revealed a €8.2 billion loss for the first six months of 2010, well in excess of the previous six-month deficit of €4.1 billion and a new Irish corporate record for a loss.
Announcing the loss, the chief executive of the bank Mike Aynsley said the lender may need no more than about €25 billion in capital from the State.
It is believed the Green party are growing increasingly uncomfortable with the level of taxpayer money being poured into the now state owned bank, which is being held responsible for the lion's share of Ireland's economic troubles.
As speculation of the Government rift took hold this morning, Fine Gael’s Waterford bye-election candidate Senator Paudie Coffey said the Green Party’s u-turn on Anglo Irish Bank has come 20 months too late.
The Opposition spokesman said the "zombie bank's" loss of €8.2 billion for the first six months of the year was a signal it should be wound down.
“The Green Party’s late realisation that Anglo Irish bank needs to be wound down is, to say the very least, a death-bed conversion. Fine Gael called, over 20 months ago, for this dead bank to be wound down," he said.
Mr Coffey added: "Instead, we had the Green Party sitting back, letting their Fianna Fáil coalition partners pump billions of euro into dead banking institutions that were of no systematic importance, in a desperate attempt to save their developer friends."
Before the meeting this morning, Taoiseach Brian Cowen said the Minister for Finance had made the Government's position clear - that it wanted to minimise costs to the taxpayer.
Minister for Justice Dermot Ahern denied that there was any split with the Green Party on the issue.
Green Party minister Eamonn Ryan denied that his party, which over the weekend called for Anglo to be wound down over four to five years, was at odds with Fianna Fáil.
(DW/KMcA)
As ministers arrived for this morning's Cabinet meeting, the first since the summer break, all insisted they were unanimously agreed on resolving the situation at the bank at the least possible cost to the taxpayer.
Yesterday the Anglo Irish Bank revealed a €8.2 billion loss for the first six months of 2010, well in excess of the previous six-month deficit of €4.1 billion and a new Irish corporate record for a loss.
Announcing the loss, the chief executive of the bank Mike Aynsley said the lender may need no more than about €25 billion in capital from the State.
It is believed the Green party are growing increasingly uncomfortable with the level of taxpayer money being poured into the now state owned bank, which is being held responsible for the lion's share of Ireland's economic troubles.
As speculation of the Government rift took hold this morning, Fine Gael’s Waterford bye-election candidate Senator Paudie Coffey said the Green Party’s u-turn on Anglo Irish Bank has come 20 months too late.
The Opposition spokesman said the "zombie bank's" loss of €8.2 billion for the first six months of the year was a signal it should be wound down.
“The Green Party’s late realisation that Anglo Irish bank needs to be wound down is, to say the very least, a death-bed conversion. Fine Gael called, over 20 months ago, for this dead bank to be wound down," he said.
Mr Coffey added: "Instead, we had the Green Party sitting back, letting their Fianna Fáil coalition partners pump billions of euro into dead banking institutions that were of no systematic importance, in a desperate attempt to save their developer friends."
Before the meeting this morning, Taoiseach Brian Cowen said the Minister for Finance had made the Government's position clear - that it wanted to minimise costs to the taxpayer.
Minister for Justice Dermot Ahern denied that there was any split with the Green Party on the issue.
Green Party minister Eamonn Ryan denied that his party, which over the weekend called for Anglo to be wound down over four to five years, was at odds with Fianna Fáil.
(DW/KMcA)
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