There is a serious contradiction between what the Taoiseach is now saying about how he first heard about the emerging crisis in Anglo-Irish Bank in regard to the Quinn shareholding and what he has previously told the Dail on this subject.
According to Mr. Sean Fitzpatrick he rang the then Finance Minister in March 2008 and told him that there was an issue with the bank shares held by Sean Quinn. In a statement issued to the Sunday Times the Taoiseach confirmed that the phone call took place and he told Mr. Fitzpatrick he would ‘refer the issue to the Governor of the Central Bank and I did so’.
However when questioned about this issue at Leaders Questions on February 17th 2009, Mr. Cowen told the Dail on two occasions that he became aware of the problem from official sources.
Responding to Deputy Eamon Gilmore, Mr. Cowen said:
Deputy Gilmore referred to arrangements that were the other part of the resolution of this unwinding of the CFDs that Mr. Quinn had built up in the bank. Regarding loans by Anglo Irish Bank to customers for the purchase of Anglo Irish Bank shares and the Government’s knowledge of the matter, as Minister for Finance I became aware, from contacts between the Department of Finance, the governor and the Financial Regulator over the course of last year, that a large overhang of shares were held by the Quinn group and related persons in the family.
A meeting took place last March at which the governor indicated to me, as Minister for Finance, that a situation was developing in regard to the contracts for difference issue in Anglo Irish Bank.
At best the Taoiseach was being economical with the truth. At worst he deliberately misled the Dail.
The information that emerged over the weekend about the extent of the contacts between Mr. Cowen and Mr. Fitzpatrick were deeply disturbing and public concern will now be increased by the failure of Mr. Cowen to disclose this relevant information when questioned in the Dail.
All of this suggests that we have yet to be told the full story of the links between Fianna Fail and Anglo and once again points to a need for a full inquiry into all aspects of the banking crisis.
In both responses Mr. Cowen implied that he had learned of the Anglo/Quinn problem from official source. At no time did he disclose to the Dail that his first indication of this problem came in a call to his mobile phone from his golfing pal, Sean Fitzpatrick.On the same day responding to Enda Kenny, the Taoiseach said: