Move will provide greater certainty Boyle
The Green Party has welcomed the Governments decision today on Anglo Irish Bank, saying that it provides greater certainty about the future of the bank.
Finance spokesman Senator Dan Boyle said: “We believed that swift action was necessary and are pleased that today’s decision provides the best way forward in dealing with the legacy of a profoundly dysfunctional bank.
“We are pleased that Anglo managements good bank proposal will not happen.”
The Green Party Chairman continued: “We note the separation of Anglo’s loans to a new ‘asset recovery bank’ and we welcome the establishment of a ‘funding bank’ as a regulated bank for deposits for a time. Critically it will not engage in any lending whatsoever and thus will not be a ‘new force’ in Irish banking.
“We believe today’s action is a key staging post in the final resolution of Ireland’s banking crisis and will hasten this process further, in the interests of minimising the cost to the Irish taxpayer and protecting our international reputation,” Senator Boyle said.