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Anglo Irish Bank Corporation Act 2009

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The Anglo Irish Bank Corporation Act 2009 is a piece of emergency legislation composed by the Irish government in January 2009. The Act provides for the emergency nationalisation of Anglo Irish Bank which had been subject to a controversy regarding hidden loans in December 2008. It was approved in the Dáil by a vote of 79 to 67, before passing in the Seanad without a vote on 20 January 2009. It was then signed by President Mary McAleese on 21 January 2009.[1] The bank's shares had decreased dramatically on the stock exchange in previous days.[2] At the time of its nationalisation, Anglo Irish Bank had 7,000 loan customers, of whom 5,000 were Irish.[3]

Anglo Irish Bank Corporation Act 2009
Oireachtas
  • An Act to provide, in the public interest, for maintaining the stability of the financial system in the State, and for that purpose—(a) to provide for the transfer to the Minister for Finance or the Minister's nominee of all the shares in Anglo Irish Bank Corporation Public Limited Company, (b) to extinguish certain rights in Anglo Irish Bank, (c) to disapply certain provisions of the Companies Acts and other enactments in so far as they relate to Anglo Irish Bank, (d) to provide for the removal of persons from certain offices, positions or employment with Anglo Irish Bank and the appointment of persons to those offices or positions or that employment, (e) to provide for the appointment of an Assessor to assess whether compensation should be paid to persons whose shares were transferred to the Minister for Finance or whose rights were extinguished, and if so to determine the fair and reasonable amount payable as such compensation, (f) to provide for the payment of any such compensation, (g) to make consequential amendments to certain other enactments, and (h) to provide for connected matters
CitationAnglo Irish Bank Corporation Act 2009 (Act 1). 21 January 2009. Retrieved 12 February 2016.
Territorial extentRepublic of Ireland
Passed byDáil Éireann
Passed20 January 2009 (2009-01-20)
Enacted20 January 2009 (2009-01-20)
Enacted bySeanad Éireann
Signed byPresident Mary McAleese
Signed21 January 2009 (2009-01-21)
Effective21 January 2009 (2009-01-21)
First chamber: Dáil Éireann
Introduced byBrian Lenihan Jnr
Minister for Finance
Status: Current legislation

Background

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Main article: Anglo Irish Bank hidden loans controversy

Oireachtas debates

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The bill passed through the Oireachtas on 20–21 January 2009.

Dáil debate

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The debate in Dáil Éireann lasted five hours and the bill was passed by 79 to 67. Opposition parties Fine Gael and Labour both voted against the legislation, citing a lack of clarity in the Government's proposals. Labour TD Pat Rabbitte regretted that the Dáil did not have the time to debate the matter properly, whilst the party's financial spokesman Joan Burton said there was a failure on the part of the Government to provide any relevant information about the financial situation of the bank.[3] Minister for Finance Brian Lenihan said during the debate that Ireland's two other main banks, Allied Irish Banks (AIB) and Bank of Ireland, would not be nationalised despite they too enduring major falls in their share prices.[4][5] He said the Government would instead stand by to inject up to €2 billion of public money into AIB and Bank of Ireland.[6]

Seanad debate

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The bill passed through Seanad Éireann without a vote; however there was a debate on the matter. During the Seanad's debate on the bill, Senator Shane Ross claimed that "no-one was being told the truth about Anglo Irish Bank" and called an Emergency General Meeting of shareholders which had taken place the previous Friday "a disgrace, show[ing] corporate Ireland at its worst, as there were no answers to any questions". Independent Senator Joe O'Toole advocated the chasing of those responsible for the bank's nationalisation "even into the courts", saying that a person could be imprisoned for failure to pay a household bill, yet those who caused the loss of jobs and pensions might not.[7]

References

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  1. ^ "McAleese signs Anglo Irish Bank Bill". RTÉ. 21 January 2009. Archived from the original on 24 January 2009. Retrieved 21 January 2009.
  2. ^ "President signs bill nationalising Anglo Irish Bank". Wicklow People. 21 January 2009. Archived from the original on 16 July 2011. Retrieved 21 January 2009.
  3. ^ a b "McAleese signs nationalisation bill into law". The Irish Times. 21 January 2009. Retrieved 21 January 2009.
  4. ^ "President signs bill nationalising Anglo Irish Bank". Sunday Tribune. 21 January 2009. Retrieved 21 January 2009.[permanent dead link]
  5. ^ "President signs bill nationalising Anglo Irish Bank". Irish Examiner. 21 January 2009. Archived from the original on 5 June 2011. Retrieved 21 January 2009.
  6. ^ "Bill to nationalise Anglo Irish Bank signed into law". Irish Independent. 21 January 2009. Archived from the original on 14 February 2009. Retrieved 21 January 2009.
  7. ^ "Dáil votes to nationalise Anglo Irish". RTÉ. 20 January 2009. Archived from the original on 3 February 2009. Retrieved 21 January 2009.
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