The Government has amended proposed legislation dealing with the nationalisation of Anglo Irish Bank.
The Bill will come before the Houses of the Oireachtas tomorrow.
The change relates to the right of large investors to withdraw funds. It had been planned to include a restriction which would prevent customers who owe more than €20m reducing their deposits below that amount.
'The clause was inserted in the initial bill as a precautionary measure, but the Attorney General has advised that this is unnecessary', a spokesman from the Department of Finance confirmed this morning.
The Labour Party plans to table an amendment to the Bill which provides for the nationalisation of Anglo Irish Bank. Finance spokesperson Joan Burton said one of the amendments would ask the Finance Minister to apply to the High Court for the appointment of an inspector to investigate the way Anglo Irish was operated.
The legislation comes before the Dáil tomorrow. Another Labour amendment calls for the person named as an assessor by the Minister to be approved by both houses of the Oireachtas. The assessor will determine how much compensation, if any, should be paid to shareholders.
Five more Anglo directors step down
Five more directors have resigned from the board of Anglo Irish Bank. They are Noel Harwerth, Anne Heraty, Michael Jacob, Gary McGann and Ned Sullivan. In a statement this morning, they said they had written to the bank's new chairman Donal O'Connor to advise him of their decision.
The outgoing directors expressed their disappointment over the management of loans to the former chairman Seán FitzPatrick and reiterated the unreserved apology offered to all stakeholders at the recent EGM.
In a statement, the Minister for Finance noted the resignations, saying all of the non-executive directors of Anglo Irish Bank other than the chairman Donal O'Connor and those appointed under the bank guarantee scheme - Frank Daly and Alan Dukes - had now resigned.
The Minister said this trio would stay on, while he had also asked former Bank of Ireland chief executive Maurice Keane to become a non-executive director after Anglo Irish is taken into public ownership.
