Alan Dukes hits out at 'poor relationship' between IBRC and the Department of Finance
Published 30/07/2015 | 21:36
Former Anglo Irish Bank chairman Alan Dukes has hit out at the poor relationship between the bank and the Department of Finance.
He told the Banking Inquiry it seems that once the Department “conceived the perfectly valid strategy” of nationalising the bank, it then “decided not to have any trust in the institution it had set up.
“In the process, it wasted a great deal of time and has now created an unnecessary political controversy”.
Mr Dukes added that the relationship between the nationalised Anglo/IBRC and the most senior officials in the Department of Finance was “unnecessarily complicated by the mistaken belief” that it should be run as a “subsidiary” of the Department.
This view rested “on complete ignorance of the most elementary principles of good governance of a statutory company and regulated entity.
It “dogged dialogue between the bank and the Department from 2010 on” he said.
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