Gormley dismisses criticism of Anglo plan

Gormley dismisses criticism of Anglo plan

Environment Minister John Gormley has rubbished a report in the Financial Times which described as flawed the Government's approach to winding down Anglo Irish Bank.

The Green Party leader said that the Government's plan for Anglo has received support from the EU and the International Monetary Fund.

Last week it was announced that the nationalised bank is to be split into a funding bank and an asset recovery bank to wind down its assets over an unidentified period of time.

Minister Gormley said the plan that has a lot of support.

"The approach which has been taken is an approach that has the agreement of the European Commission,(and the) IMF," he said.

He also pointed to the appointment of independent figures to head Ireland's financial regulatory framework - including Central Bank governor Patrick Honohan and Financial Regulator Matthew Elderfield - as evidence of the Government's commitment to stringent independent oversight of the sector.

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