Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-11-23-Speech-2-541"
| Predicate | Value (sorted: default) |
|---|---|
| rdf:type | |
| dcterms:Date | |
| dcterms:Is Part Of | |
| dcterms:Language | |
| lpv:document identification number |
"en.20101123.40.2-541"2
|
| lpv:hasSubsequent | |
| lpv:speaker | |
| lpv:spoken text |
"Mr President, when Mr Mitchell tabled these questions on 7 October, the situation was not the same as it is today in Ireland and in the Irish banking sector. My answer will take into account what has happened since this question was asked.
Seven days before your question was tabled, on 30 September, the Irish Finance Minister, Mr Lenihan, discussed the total cost of the restructuring of the Anglo Irish Bank, giving two possible figures: a mid-range estimate of EUR 29 billion and a higher estimate of EUR 34 billion. At the time, total capital injections from public funds to Anglo Irish amounted to around EUR 23 billion.
As always, since the beginning of this crisis, according to our banking and restructuring information, when financial institutions receive injections of public capital, they have to present a restructuring plan to the Commission. Following much discussion on Anglo Irish, this restructuring plan was presented by the Irish Government on 26 October. In this draft restructuring plan, they considered a winding-down scenario for Anglo Irish proposing the split of Anglo into two banks – an asset recovery bank to wind down the assets of the bank and a funding bank to get the resources needed to keep it running during the process of winding down its assets.
A scenario in which assets are wound down is less problematic than one in which the bank continues to operate, both in terms of State aid rules and competition. Consequently, I made some public statements saying that, in our opinion, the task was therefore not as difficult as negotiations concerning certain restructuring plans for other financial institutions in many Member States.
We had been working on this draft restructuring plan from the time the government presented us with the document until last Sunday, when the Irish Government decided to ask for a programme making use of the different mechanisms to support Member States in the euro area with financial difficulties. Now, due account should be paid to the restructuring plan for Anglo in the ongoing negotiations on this programme. Hopefully, the Irish programme will be agreed and adopted in the coming days. I very much hope so.
In this framework, I can give you some more precise answers on the Anglo Irish Bank restructuring plan presented by the Irish Government that will be considered by my services pending a decision. I hope this will take place as soon as possible after the adoption of the programme.
In any case, I must say that I very much hope that the adoption and implementation of the programme will lead to a more favourable climate for tackling Ireland’s financial and economic problems. Hopefully, the sound and strong fundamentals of the Irish economy will receive very good treatment, taking into account the need to restructure the financial sector that is the origin of the problems in your country."@en1
|
| lpv:unclassifiedMetadata | |
| lpv:videoURI |
Named graphs describing this resource:
The resource appears as object in 2 triples