The Irish Banking Bother: /Anglo 10 /Gardaí raid Anglo offices/ AIB '08 results 2nd March

Guest

It really is about time, but it should have been done months ago. I guess moving against such titans of Irish commerce is such an unusual experience, such a rare event, so off-the-wall a happening that they just weren't such how the hell they should go about it.

Guest

€7bn Anglo transfer ‘was not approved’

http://www.examiner.ie/ireland/idojcwidkf/

THE extraordinary e7 billion injection into scandal-rocked Anglo Irish Bank by another bank was not approved by the Government, Brian Cowen insisted last night.

As the Taoiseach warned the Dáil that Ireland is fighting an intense battle to preserve its financial reputation, he attacked claims that the highly controversial transfer from Irish Life and Permanent in September had gone through with a ministerial "nod".

Eamon Gilmore raised the accusation at leader’s questions following media reports the Department of Finance expressed no concerns when told about the transfer, which the Labour leader insisted amounted to "cooking the books".

..

The row followed reports that an unnamed senior civil servant, who works closely with Finance Minister Brian Lenihan, assured IL&P he understood why it was necessary to carry out the transactions and there was no need for concern over the arrangements.

Mr Cowen said the memo the reports were based on was dated January 22 when the transfer had taken place the previous September.

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Mr Gilmore insisted it was not a question of whether the department had given its "imprimatur" or approval but: "The question is whether they gave the nod to it, " he said.

"This is a case not of light regulation — this is blind-eye regulation.

"The reputation of the country, the reputation of our banks and all the economic consequences that draw from that, are at stake here. And yes, what went on at Anglo has to be investigated, but there is also an issue of reputation about our regulatory regime and about the political supervision of that regulation," the Labour leader said.

Guest

Detectives carry out 11-hour search of Anglo HQ for evidence of fraud

http://www.examiner.ie/ireland/idojmhmhcw/
..

Mr Lenihan also alleged former Anglo executives may be responsible for efforts to implicate the Government in some of the bank’s deals.

"You must appreciate that there are persons in Anglo Irish Bank under investigation, so any such persons have an incentive to spread the pain," he said.

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Fine Gael’s Richard Bruton said it was "extraordinary that the Government knew... of the [Golden Circle] transactions almost 12 months ago, yet the matter is only now being investigated".

The Taoiseach said the nature of the search was to find any books, documents or materials that may point to a crime under the Companies Act 1990. Mr Cowen said Mr Appleby will not be disclosing the nature of the possible offences.

The relevant section of the law allows the ODCE to seek evidence that some investors acted to defraud shareholders, creditors or anybody associated with the company. The search warrant was approved by a Dublin district court judge on Monday.

It allows the ODCE to search Anglo’s offices at any stage in the next month. Documents seized can be held for a period of three months before a decision has to be made on possible criminal charges. As the search progressed, Irish banks were hammered on the stock exchange. Irish Life and Permanent fell 26%, AIB hit e0.52, down 10%, and Bank of Ireland finished at e0.28, a drop of 6%.

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Elsewhere, Anglo’s demise claimed another corporate figure as Dublin Airport Authority’s (DAA) chairman Gary McCann resigned.

His move came 24 hours after former Anglo director Anne Heraty resigned from the board of the Irish Stock Exchange.

Guest

http://www.tribune.ie/news/article/2009/mar/01/bank-of-ireland-chief-advised-sean-dunne-on-ballsb/

Today's Tribune quotes Dunne saying last March:

Quote :: "I phoned up a very good friend of mine, Richie Boucher. He's now deputy head of Bank of Ireland," Dunne remembered. "And, after about Wednesday, Richie said, 'Seán,' he said, 'if I was trying to borrow the money you're trying to borrow, I wouldn't stay in Thailand. I'd come back to Dublin.' So I thought that was good advice, even though I wanted to stay in Thailand with my wife and son."

Dunne went on to say that he flew to Ireland immediately, landing in Dublin on Thursday night. "I went straight from the plane to a meeting. I spoke to Bank of Ireland. I spoke to Irish Nationwide and Paul McDonnell in Ulster Bank," he said. "That Friday night, at nine o'clock, Ulster Bank walked through the door of my office and … they produced the letter for the full purchase price. The contract was signed the following Wednesday."

On 3 October 2007, the planning department in Dublin City Council received a letter from Boucher, giving his address as the office of chief executive of Bank of Ireland Group's retail financial services at head office in Lower Baggot Street.

It was headed "Jurys/Berkeley Court Site". He wrote: "Dear Sir, I refer to the above and write to confirm my strong support for this landmark proposal which I believe will significantly benefit the city of Dublin and its citizens through helping enhance the concept of a living city and providing buildings of significant architectural merit befitting Ireland of the 21st century. Yours faithfully, Richie Boucher, chief executive, Retail Financial Services Ireland."

At the height of EU interest rates, it was reported Dunne was exposed to €11m annual interest payments on his borrowings for the Ballsbridge site.

The high-risk relationship between bankers and builders has been blamed for Ireland's banking failure.

Boucher's appointment as CEO of the Bank of Ireland to replace Goggin last week has been subject of much comment.

Guest

1.8 billion written off loans at AIB... profits down 64% to a billion.

Eugene Sheehy was on Morning Ireland and he said their capital ratio or percentage was one of the best in the world at around 13% ...

Guest

xman wrote:: Bad debt provisions Dec 2007 €99 million

Bad debt provisions Dec 2008 €1,849 million

The wrong type of growth.

http://www.thepropertypin.com/viewtopic.php?p=217602#p217602

xman wrote:: Apparently the €15 billion criticised loans includes the €3 billion impaired loans.

Well thats a relief then, only another €12 billion of shit loans to worry about.

The lads over there on that thread are also saying that the investor Warrent Buffet is regretting having invested in Ireland.

Guest

Auditor #9 wrote:

xman wrote:: Bad debt provisions Dec 2007 €99 million

Bad debt provisions Dec 2008 €1,849 million

The wrong type of growth.

http://www.thepropertypin.com/viewtopic.php?p=217602#p217602

xman wrote:: Apparently the €15 billion criticised loans includes the €3 billion impaired loans.

Well thats a relief then, only another €12 billion of shit loans to worry about.

The lads over there on that thread are also saying that the investor Warrent Buffet is regretting having invested in Ireland.

Go on, do they think he would rather have lost his money somewhere else then?

Guest

Buffet spent 250 million on Irish bank shares which then declined in value by 90% losing him over 200 million. It is hardly surprising that he regrets buying these shares - would you not?

That said, Buffet has made only his second annual loss ever and I would imagine he has regrets about an awful lot of shares in his portfolio.

His comments aren't a vote of no confidence in the Irish economy - he is just annoyed that he is 200 million worse off for his investment and who wouldn't be. The Guardian, a newspaper I have always generally supported but am becoming increasingly annoyed with, would have you believe otherwise.

Guest

Fair enough but I suppose the proportion of the losses are what might matter. Still and all, Buffet lost diddly squat compared to what Quinn lost on Anglo.

The news came from Bloomberg johnfás - I don't read the Garjen - it's way too left wing for me.

» Chairman and Chief Executive of Anglo Irish Bank Resign
» Urgent call to stop Anglo Irish rescue
» On this day 17 March in Irish History II
» IL&P Gave Anglo Irish a Year End Digout
» Nationalisation Watch / Govt. rethinking 3.5 billion bailout for the banks?