Business Banking Inquiry

Monday 23 January 2017

Alan Dukes hits out at 'poor relationship' between IBRC and the Department of Finance

Clodagh Sheehy

Published 30/07/2015 | 21:36

Alan Dukes,former Chairman of IBRC , a witness at the Oireachtas Banking Inquiry at Leinster House yesterday. Pic Tom Burke 30/7/2015
Alan Dukes,former Chairman of IBRC , a witness at the Oireachtas Banking Inquiry at Leinster House yesterday. Pic Tom Burke 30/7/2015

Former Anglo Irish Bank chairman Alan Dukes has hit out at the poor relationship between the bank and the Department of Finance.

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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.

Alan Dukes pictured as he arrived at Leinster House to attend the committee of Inquiry into the Banking Crisis.
30/7/15
Pic Frank Mc Grath
Irish Independent
Alan Dukes pictured as he arrived at Leinster House to attend the committee of Inquiry into the Banking Crisis. 30/7/15 Pic Frank Mc Grath Irish Independent
Alan Dukes,former Chairman of IBRC , a witness at the Oireachtas Banking Inquiry at Leinster House yesterday. Pic Tom Burke 30/7/2015

“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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