McGrath Calls For Anglo Options To Be Published

A Fianna Fail TD has called for different options on the tumultuous future of Anglo Irish Bank to be published.

Michael McGrath, TD for Cork South Central and Vice Chairperson of the Oireachtas Finance Committee said a detailed analysis of the different options for the bank's future had been completed by Anglo's board, and he wanted to see them published.

Following a cabinet meeting yesterday, it has emerged that most Ministers are supporting an orderly wind-down of the heavily in debt Anglo Irish Bank over a lengthy period.

The Cabinet discussed the issue at length and said in a statement afterwards that it was united in its determination that the issue should be resolved at the least cost to the taxpayer in a way that gives finality.

Minister for Finance Brian Lenihan will travel to Brussels for a routine meeting with his fellow EU finance ministers on Monday, and the issue of Anglo is expected to feature in discussions.

Speaking this morning, Deputy McGrath said that the bank's report should be published in the interests of public accountability. He said the analysis of the different options should be now made available by the bank for public and expert scrutiny.

"I believe the Irish citizens deserve to have all relevant information made available to them on the different options which have been considered for the future of Anglo Irish Bank, including the cost of winding the bank up immediately, the cost of winding the bank down over a period of time and the cost of restructuring the bank and maintaining it as a going concern," he said.

Mr McGrath added: "Every Irish citizen has a stake in the decision concerning the future of Anglo and I believe every citizen deserves to have full information on the options available to minimise the State's exposure to the bank's losses."

(DW/GK)