It has been reported that the Government has made an amendment in one important area to the Anglo Irish Bank Bill 2009, the proposed legislation dealing with the nationalisation of Anglo Irish Bank. The amendment relates to the right of depositors with large deposits in Anglo to withdraw funds. The Bill, which was published on Friday, contains a provision stating that where a depositor owes €20,000,000 or more to Anglo, the depositor may not reduce deposits held with Anglo (that is, a credit balance with Anglo or a debt evidenced by a certificate issued by Anglo) below the amount owing. It seems now that this provision is to be dropped from the Bill.
The Bill comes before the Oireachtas (the Irish legislature) tomorrow, 20 January 2009.