Govt denies tax loophole for so-called 'Golden Circle'

The Government is denying there is a tax loophole that will allow the so-called 'Anglo Golden Circle' claim relief on their losses.

Investigations are continuing into €300m in loans from Anglo Irish Bank to the ten individuals to buy shares in the bank, which has since been nationalised.

The Labour leader Eamon Gilmore told the Dáil that the taxpayer will already have to foot the bill for the loans as they were of "non-recourse".

And Mr Gilmore said the individuals will be able to profit further from the scandal.

"Why should there be one law for these people who are operating in a sweet-heart arrangement, that they get a tax write-off for losses that are already being borne by the tax payer?" he asked.

"It's madness."