Europe's Competition Commissioner has no proposal from the Government on the future of Anglo Irish Bank, according to Labour MEP Alan Kelly.

He was speaking following a meting with Joaquín Almunia in Strasbourg this afternoon.

The Labour MEP said he was surprised that at this stage Commissioner Almunia had nothing to authorise or adjudicate on.

He said that the Commissioner assured him that he would make a speedy decision on receipt of a proposal from the Irish Government.

Alan Kelly said he went into the meeting looking for the wind-down of Anglo Irish Bank and that following on from the meeting he remained confident that it would be the process that would be proposed by the Government.

He said it was seen by many in the Commission as the best option.