It seems that Finance Minister Brian Lenihan is slowly but surely coming around to the view that Anglo Irish bank has no future as a viable independent bank, a u-turn, that in all likelihood has been forced on him and the government by the robust examination by European Commission of what has happened in Anlgo.

Minister Lenihan is finally admitting that the rosy future that he has predicted for Anglo on several occasions is no longer likely to happen. Instead the €22bn from the public purse, €4bn in 2009, €8.3bn just before Easter, and a further €10b possibly later next year, is all for to be shovelled into the Anglo black hole, with the Irish taxpayer taking the hit.

At a time when we should be investing in hospitals, schools and in public transport infrastructure we are throwing billions and billions into the Anglo cash incinerator.

The decision by Eurostat to treat the €4bn pumped into Anglo as part of our borrowing requirements, rather than as an off-balance-sheet item, means that the future payments are likely to be similarly categorised, causing our national debt figures to soar.

The reason that Anglo debacle is hitting the hard-pressed taxpayer so severely is because of the decision to extend the ill-fated bank guarantee to two rogue institutions Anglo Irish and Irish Nationwide.

Had Brian Cowen, as Minister for Finance, addressed these two rotten apples in the Irish banking system, it is arguable that the two systemically important high street banks would not have been brought to their knees.

The Government now needs to come clean on what is really now happening in Anglo and Irish Nationwide. We need to know:
* How much of the developers’ loans have actually been transferred?
* What is the time scale for the rest of the loans to be transferred?
* What are discount rates in place on loans being transferred from these two institutions to NAMA?

NAMA has still to provide a revised business plan, and once again, as Ireland enjoys a bank holiday, our Government closes the Dail down for a number of vital days to avoid answering tough questions on these two institutions and their fate.