The Environment Minister says he is surprised at the decision by the Central Bank not to take action over the Anglo Irish Bank tapes. The Central Bank says it has reviewed the contents of the recordings but there is nothing new to warrant a criminal complaint.

It says it will not be forwarding the matter to either the Gardai or the Director of Corporate Enforcement as a result.

The tapes raised concerns that Anglo may have misrepresented its financial position when it sought Central Bank support in 2008. The recordings featured conversations involving a number of former Anglo executives in the weeks and months ahead of the bank guarantee and the institutions collapse.

However the Central Bank has now reviewed the recordings and says it has not identified any new issues of suspected criminal offences.

In a statement, the Bank said "No new issues have been identified that relate to suspected criminal offences having occurred and as a result, the Central Bank does not intend, and is not required, to make any further statutory reports of suspected criminal offences to An Garda Síochána or the Office of the Director of Corporate Enforcement in relation to this matter".

Environment Minister Phil Hogan says he accepts the decision may have been taken for legal reasons.

Newstalk's Business Editor Ian Guider gave more details earlier.