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The Psychology of an Irish Meltdown


By TANA FRENCH

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DUBLIN — FOR the past month, Ireland has been outraged by tapes of Anglo Irish Bank officials, back in 2008, discussing lying to the government about how big a loan they needed, and how they knew there was no chance that the loan would ever be repaid. That loan was the first domino in a sequence that ended with the whole Irish economy flat on its face.

It’s not the bankers’ actions that have outraged people — pretty much everyone had a fair idea that this was what had gone down. It’s the overpowering sense of amorality revealed on the recordings, which were released by the Irish Independent newspaper. The bankers have a great laugh about the situation. It genuinely never seems to mean anything to them that the taxpayer is going to be forced to pay their bills, to the tune of tens of billions. More than that: it never seems to occur to them that their actions might harm people.

I write psychological crime, so I spend a fair amount of time thinking about morality and amorality and what underlies them. And it seems to me that this amorality could be a symptom of something deeper: a total disconnect between action and consequence.

Ireland’s population is just over half that of New York City’s. Our ruling class — including many of the politicians, bankers and property developers who wrecked the economy — is a tiny community, interwoven by friendship, marriages, education, sports and financial transactions to a degree that would be unimaginable in a bigger country. That interweaving has created a safety net that won’t let any of the ruling elite fall. If you’re a banker and your golf buddy’s kid wants to be a banker, then it doesn’t matter if the kid is an idiot, or if he kills cats for kicks: you’ll take him on, and you’ll keep him on.

For many of these people, action and consequence don’t apply; their lives are mapped out from birth, and nothing they do will alter that map. It seems to me that that would be intensely disempowering, even terrifying. Instead of being a series of interlinked actions, life is made up of a scattering of events that have no discernible relationship to one another and that you don’t influence in any real way. In that climate, it would be difficult to develop the sense that your actions make any difference, that you have any responsibility for the consequences. Without cause and effect, there’s no foundation for morality.

I’m not saying this is an excuse. It isn’t. But, like everyone in Ireland, I want answers — for the taxes piled on taxes, for the enormous cuts to essential services, for the dole queues and the flood of emigration, for the desperation in the voices of people who are trapped in ghost estates and don’t have the money to buy their kids shoes. And I wonder if this could be one small facet of one of the answers.

Another question, maybe a more interesting one, is how people who weren’t part of that powerful elite got sucked into the property pyramid scheme that fueled the boom. Some commentators have implied that the answer is basically the same: people got deep into credit-card debt, or took out mortgages for 10 times their income, because they were temporarily sucked into the psychosis of the powerful and it didn’t occur to them that there might be consequences.

But I wonder if, for these people, the truth might actually be the opposite.

Throughout the economic boom, the politicians and bankers and property developers, along with the news media, were telling all of us that cause and effect were perfectly, inextricably linked: “If you buy a vastly overpriced and shoddily built house in the middle of nowhere, the economy will keep growing, and in a few years your house’s value will have doubled, and you can sell it to some other sucker and buy something you actually want and live happily ever after and UTOPIA!!!” It was as simple and certain as sticking a coin into a vending machine: insert Action X, and the life machine will inevitably whir and beep and spit out Future Y.

THE Irish are notoriously cynical, but the Utopia myth hit at exactly the moment when we were most open to unquestioning belief. The majority of Irish people were so desperately poor, for most of the country’s history, that when suddenly we weren’t broke any longer, the cynicism was washed away by the flood of prosperity. We needed to believe that the Celtic Tiger hadn’t simply wandered in, because that would mean it could wander out again. We needed to believe that we had somehow made it happen, and that therefore there were things we could do, like buying overpriced houses, to make it keep happening. We needed, basically, to believe in that chain of action and consequence.

And so the Irish tendency to raise an eyebrow at anything that’s presented as certain paradise dissolved just at the moment when it was needed most.

A lot of my generation believed that chain was unbreakable. When it shattered, so did they — not just financially (although that too), but also psychologically. Their whole sense of a world governed by coherent cause and effect, of their ability to have any agency in their own lives, came under attack.

Those people, the ones who trusted too deeply in action and consequence, were the ones who got utterly, shamelessly destroyed by the people who had no such belief. I’m pretty sure the effects of that betrayal, for Ireland, will take decades to fully unfurl.

Tana French is the author, most recently, of the novel “Broken Harbor.”

via The Psychology of an Irish Meltdown – NYTimes.com.

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Former Anglo Irish Bank bosses claim media lynch mob ahead of trial


Lawyers for disgraced Anglo Irish Bank chief Sean Fitzpatrick fear a media witch hunt when he finally goes to trial next year.

They have also claimed the Irish media are fuelling a ‘lynch mob’ mentality against Fitzpatrick and other Anglo bosses.

The comments were made as Fitzpatrick’s lawyers sought the early appointment of a trial judge to deal with disclosure.

They claim the appointment is necessary to prevent ‘a media frenzy whipping up a lynch mob mentality’ in relation to the upcoming trial of former Anglo Irish Bank executives according to the Irish Times.

The report says the trial of the bank’s former chairman Seán Fitzpatrick and two former directors was before Judge Martin Nolan at Dublin Circuit Criminal Court in order to check on the progress of the case.

Fitzpatrick, William McAteer and Pat Whelan have been charged with 16 counts of allegedly providing unlawful financial assistance to individuals to buy shares in the bank.

Judge Nolan said the case would be dealt with in the usual manner.

The Irish Times says that lawyers for the men and for the State all stressed that that they felt it was necessary for the smooth running of the case to appoint a judge now to deal with the large volume of material and issues which may arise leading up to the trial on January 14th next.

Whelan’s lawyer Brendan Grehan said “I don’t think this case can be progressed to trial without a judge taking charge of it now.”

“Applications are going to arise, apart from issues of relevance and privilege in relation to disclosure in the case.

“It would also be appropriate to appoint someone to take charge of the trial now who can give directions not just to the parties but also to the media.

“In the six months leading up to the trial it is vital that an air of calm be restored to the public from which a jury will be drawn.

“We simply cannot have a fair trial take place where a media frenzy is whipping up a lynch mob mentality.”

State lawyer Uná Ní Raifeartaigh admitted: “The issue of publicity is of concern to the DPP. It is important that in the last six months the media would be mindful in matters that may ultimately lead to the postponement of the trial.”

via Former Anglo Irish Bank bosses claim media lynch mob ahead of trial | Irish News | IrishCentral.

Expunge corruption with ethics reform


Transparency International, a non-governmental organization, conducted a poll of 114,000 people in 107 countries on the problem of corruption.

More than 50 percent of the respondents said they believe that global corruption has gotten worse over the past two years.

According to the survey, a lack of ethics – dishonesty – is on the rise almost everywhere. Not surprisingly, “politics” was declared the most corrupt institution in 51 of the countries surveyed, but it has serious competition.

Banking is a major industry infected by corruption. Banks in Ireland, Greece, Spain, Portugal and some other countries, were caught up in the crisis of 2008.

The Irish bank bailouts were the first to hit a European country. Leaked audio tapes and phone conversations of top officials at Anglo Irish Bank revealed that they lied to the government about their bank’s financial condition as the real estate bubble was about to burst. This made it more difficult for the government to respond effectively. The Irish bank bailout has cost Irish taxpayers and the European Union tens of billions of dollars, and Ireland is still in the throes of a severe recession. A similar crisis occurred in the United States, only on a much larger scale.

Without fully understanding the scope and nature of the problem, the U.S. government felt compelled to bailout Wall Street banks, which were deemed too big to fail. The bank bailout probably prevented the U.S. economy, and possibly the world economy, from collapsing into a second Great Depression. Our economy remains weak, and unemployment is too high.

It appears that a culture of greed and a lack of ethics are still alive on Wall Street. Recently, a prominent New York law firm took a survey of 250 Wall Street professionals from dozens of financial companies. The survey revealed that 23 percent of responders “had observed or had firsthand knowledge of wrongdoing in the workplace.” Nearly 25 percent said that they would “engage in (unethical) insider trading to make $10 million if they could get away with it.” One-fourth of respondents also said that pay and bonus structures encourage employees to compromise ethical standards or break the law.

More worrisome, 17 percent of those surveyed expected “their leaders were likely to look the other way if they suspected a top performer engaged in (illegal) insider trading,” and “15 percent doubted that their leadership, upon learning of a top performer’s crime, would report it to authorities.” Overall, “28 percent of respondents felt that the financial services industry does not put the interests of clients first.” Despite these faults, Wall Street banks are getting bigger, and their profits are increasing.

The New York financial industry is operating the same way it did before the crisis of 2008. This shows that reform still is needed.

In order to avoid another bank crisis, Congress should pass a new Glass-Steagall Act, which separates traditional commercial banking from high-risk investment banking.

Most importantly, high moral values and accountability must be restored throughout our society; all of us should examine our conscience and rededicate ourselves to being honest in our dealings with others – especially those of us who are the leaders in politics and finance.

Anthony J. DiStefano spent 29 years in state and federal government, including working with the Ohio General Assembly, the U.S. House of Representatives and two executive agencies of the federal government.

via Column: Expunge corruption with ethics reform | Aiken Standard.

Anglo Irish Bank- Drumm’s safe haven in the US could be under threat


FORMER Anglo Irish Bank CEO David Drumm‘s safe haven in the United States could be under threat.

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This comes amid a call on Finance Minister Michael Noonan to seek the assistance of powerful US stock market watchdog, the Securities and Exchange Commission (SEC), to probe the bank’s activities in the period leading up to the 2008 crash. Anglo Irish Bank sought to raise $10bn in fresh funding off the back of a medium-term bond offering in July 2008.

While the bond itself was not made available for purchase by US citizens, it was offered to qualified institutional investors through an investment prospectus filed with the Washington DC-based SEC on July 17, 2008.

In the course of the prospectus, Anglo Irish Bank provided potential investors in the bond with financial information drawn from both its 2007 annual report and unaudited figures for the period leading up to March 31, 2008.

In a note accompanying the numbers, the bank stated specifically that the information contained in its prospectus was “in accordance with the facts” and did “not omit anything likely to affect the import of such information”.

That declaration and the figures provided by the bank are now open to question in light of damning revelations about the bank’s activities contained in the notorious Anglo tapes published by the Irish Independent and Sunday Independent in recent weeks.

Fianna Fail finance spokesman Michael McGrath last night called on Mr Noonan to ask the SEC to investigate the bank’s activities.

“Looking at it in the light of all the information that has come into the public domain, questions do need to be asked about the quality of the information Anglo provided in the investment prospectus it produced in the summer of 2008 as it tried to shore up its position. It is immaterial whether or not the bank actually managed to raise the funding,” Mr McGrath told the Sunday Independent.

And as we now know from last week’s revelations in the Irish Independent, by November 2007, two of the bank’s most senior officers were already talking about finding an international analyst to try to put a positive spin on Anglo’s rapidly declining finances.

Mr McGrath added: “Given that Anglo Irish Bank filed the prospectus for its $10bn bond in the United States in July 2008, I would ask the Finance Minister Michael Noonan to make contact with the SEC to explore the possibility of an investigation now being initiated in the US. If Mr Drumm cannot be compelled to return here, perhaps he can be called to account in his new home. Such an investigation could be facilitated by our own Office of the Director of Corporate Enforcement (ODCE) given the powers it has under the companies acts to work in co-operation with overseas regulatory authorities. The SEC also enjoys this power.”

via Drumm’s safe haven in the US could be under threat – Independent.ie.

The Irish bail-out programme: The meaning of exit


WHEN tapes of conversations between senior executives at the failed Anglo Irish Bank at the height of the financial crisis in 2008 were leaked in June, Irish credibility as a true penitent among the five bailed-out euro-zone countries took a knock. At last month’s European summit Angela Merkel, the German chancellor who calls the shots in the 17-state currency block, expressed her contempt for the bankers’ conduct, which included crass anti-German sentiment.

But any fears that this unwelcome reminder of past sins and sinners might upset Ireland’s path to exit from the rescue programme have been short-lived. This week’s review by the troika – the European Commission, the European Central Bank (ECB) and the IMF – concluded that Ireland should be able to leave on schedule by the end of 2013. That’s precisely three years after fiscal and banking woes forced the Irish to go cap in hand for €67 billion ($87 billion) of official loans from Europe and the IMF.

A punctual Irish exit has seemed likely for some time if only to show that the German-inspired programmes of austerity and structural reform can work. The worse things get in other bailed-out countries – Greece, Portugal, Cyprus and Spain (for its banks) – the more that Ireland is favoured. Thus Portugal’s recent political ructions, which has caused the planned inspection by the troika on July 15th to be postponed, have strengthened Ireland’s hand.

Moreover, Irish debt managers have deftly exploited chances to raise funds as Ireland’s fiscal credibility improved and its bond yields subsided. They have benefited along with the other crisis countries from the ECB’s commitment last September to make unlimited purchases of bonds in secondary markets under strict conditions – its “Outright Monetary Transactions” (OMT) programme, which has proved so successful a deterrent that it has not yet been used. Helped by the debt-management agency’s forays into the markets, the Irish government is now fully funded into early 2015.

That’s handy because on the economic front things haven’t been going so smoothly. Irish cheerleaders can no longer brag about their country being a bright spot in the recessionary gloom on the euro-zone southern and western periphery. In fact, GDP has shrunk for three consecutive quarters (the second half of last year and the first quarter of 2013) as exports have been hit first by a slowdown in global trade and secondly by the lapsing of patents on blockbuster drugs that have hurt pharmaceutical exports. The budget deficit remains high at 7.5% of GDP and public debt will reach 124% this year, a figure that underestimates the effective burden because a big chunk of Irish GDP is profits made by foreign multinationals which are lightly taxed.

The Irish government thus has good reasons to be nervous about having to fend for itself. That’s why Michael Noonan, the finance minister, is angling for a backstop to be available after the bail-out ends. But it is not just a credit line that the Irish are seeking: they want to be eligible for the ECB’s OMT programme.

That will be possible, however, only if the Irish apply to the European Stability Mechanism (ESM), the eurozone’s bail-out fund, for an “enhanced conditions” credit line. The Irish argue that there would be no need to comply with extra conditions, but whether the other euro-zone finance ministers who are on the board of the ESM will concur remains to be seen. Ireland may find that the best it can secure is a deal where it is still subject to intrusive monitoring.

If all goes to plan the Irish exit from its ignominious bail-out at the end of this year will be hailed as a big success. But the reality will be fuzzier. The official funding may end but the price of support remaining available if necessary is that Ireland will not secure full independence.

via The Irish bail-out programme: The meaning of exit | The Economist.

A1 close to winning landmark victory to recover logistics park from Quinn Group for Irish Govt.


Russia’s famously creaky legal system will be put to the test on July 17 with an asset recovery case – and according to A1, the specialist distressed asset firm that is part of Alfa Group, it will pass.

The case smacks of poacher turned gamekeeper: A1 is the M&A arm of Alfa Group (and as Alfa Ekho, was the first company the founders of the group, who include oligarch Mikhail Fridman, set up). Suffice to say, Alfa Group didn’t cover itself in corporate governance glory in the 1990s.

However, in April A1 went into a joint venture with the Irish Bank Resolution Corporation (IBRC), which has been trying, so far unsuccessfully, to recover 12 assets in Eastern Europe (mostly buildings and some companies) that used to belong to the bankrupt developer, Quinn Group.

Sean Quinn, the founder of the group, defaulted on loans worth €2.8bn from the Anglo Irish Bank, which went bust and its assets were taken over by IBRC, which has since been trying to convert them back into cash.

The trouble is that Quinn has not been playing ball. The ownership of most of the assets has been transferred to a number of shell companies and the IBRC has been struggling to make much headway through the Russian legal system. So earlier this year it turned to A1, which is run by one of the three original founders of Alfa Group, Alexei Kuzmichyov.

On July 17, the courts in the regional capital of Kazan will decide in a key case in A1’s campaign in a dispute involving the $60m state-of-the-art logistics park Q-Park, which the Quinn Group built in Kazan, the capital of the Republic of Tatarstan, Russia.

The problem is that the ownership of the park passed from a Quinn Group holding company called Demesne (held via a subsidiary called Logistika), which now belongs to IBRC, to several shell companies that A1 believes are still under the control of Sean Quinn, putting the park out of the reach of creditors.

A1 said in a statement: “It later turned out that on May 11, 2011 the shares of ZAO ‘Logistica’ have been sold to Sean Quinn, Jr.; on June 3, 2011 shares were resold to ZAO ‘Vneshkonsalt’ and in fall of 2011 sold to two Panama companies – Forvar Overseas S.A. and Lockerbie Investments S.A. These acts were allegedly committed in order to eliminate the [IBRC] from the corporate control of ZAO ‘Logistica’ and foreclosure on the assets of ZAO ‘Logistica’.”

Two shell companies – Vneshkonsalt and another creditor to many of the disputed assets, Stroitelnie Tekhnologii – are names that have come up again and again as the owners of almost all of the disputed assets, including Q-Park, according to A1.

A1 says that it doesn’t know who is behind them, but believes they are answering to Sean Quinn. Indeed, both Sean Quinn and his son were arrested last year in Ireland for attempts to receive rental payments for the disputed properties in Russia and Ukraine in violation of the bankruptcy proceedings. “The holdings and properties have been moving in mysterious ways,” says Andrei Polyakovsky, spokesperson for A1. “What we are certain of is that a misappropriation of funds by an unknown group is taking place”.

A1 is trying to prove that Q-Park still owes Demesne $60m from credits for construction and working capital loans, then it can take back control of the park, put its own administrator in and start preparing the company for sale.

All in all, IBRC and A1 are trying to recover 12 assets in Eastern Europe (11 in Russia and the Ukraina shopping mall in Kyiv) collectively worth some $500m. Q-Park is the second most valuable, but the most expensive is the Kutuzov Towers in central Moscow that is worth up to $200m by current estimates. Work on recovering that has already begun, but will take up some time to complete, says Polyakovsky.

And A1 is supremely confident that it will win, because it never loses a fight as a point of principle. This sounds boastful, but it is not an idle boast. Alfa Group was schooled in the ways of business during the chaos of the 1990s and emerged from that time as one of the most powerful conglomerates in the country with a reputation for playing hard and sometimes rough against its rivals. “A1 doesn’t lose in corporate standoffs,” says Polyakovsky. “It’s a principle in the company and part of our strength. Even if we end up losing money on the investment, we will fight within the legal field as long as we have to reach our goal. ”

This was why IBRC came to A1 for help in the first place. A1 contributed $18m to the joint venture as running-about money, plus it is spending about $1m a month on the work, according to Polyakovsky. IBRC contributed all the titles and deeds to all the assets. According to sources familiar with the deal, the proceeds from the recovery and sale of the initial property will be used to compensate A1 costs. After that, the proceeds will be shared with A1 one getting approximately 30% and IBRC getting the larger part.

via A1 close to winning landmark victory to recover logistics park for Irish govt – BUSINESS NEW EUROPE.

Anglo Irish Bank- Latest updates


 

Former Anglo Irish Bank boss to stand trial in October 2014
Irish Examiner
Sean FitzPatrick, the former Anglo Irish Bank chairman, will stand trial in October of next year. He faces 12 charges of failing to tell the bank’s auditors the true value loans worth €139m given to him, or people connected to him, by Irish Nationwide 
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Former Anglo Irish Bank boss to stand trial in October 2014
Irish Examiner
Sean FitzPatrick, the former Anglo Irish Bank chairman, will stand trial in October of next year. He faces 12 charges of failing to tell the bank’s auditors the true value loans worth €139m given to him, or people connected to him, by Irish Nationwide 
See all stories on this topic »

Central Bank and regulator ‘egging us on’ – Anglo
Irish Independent
But in the latest Anglo Tapes, head of treasury John Bowe can be heard convincing himself that the Central Bank and Financial Regulator were “effectively egging us on – for Irish banks to help each other”. Mr Bowe planned to craft a document to 
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We are a complete punchbag at this stage, says Drumm
Irish Independent
During the revealing conversations, it is clear that Mr Drumm knows at this stage that the fate ofAnglo and Ireland are now bound together inextricably. But he is obviously more concerned about the survival of his own bank. In this latest tape, Mr 
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Anglo Irish Bank- Drumm didn’t want any ‘b*ll*xology’ from Central Bank ‘clowns’


Anglo: Central bank boss Honohan says people ‘energised’ by tapes

Irish Independent
Ganley shown minutes from Anglo Irish meeting on ‘overcharging’. Businessman Declan Ganley was shown minutes from a meeting at Anglo Irish Bank that raise serious questions about how interest was applied to loans.
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Tapes show Anglo executives discussed run on deposits

Irish Times
Discussing how they might encourage the Central Bank to provide “fallback” funds Mr Drumm is heard to say it may be time for Anglo Irish to have a “conversation with our friends on Dame Street [the Central Bank],” due to the volume cash withdrawals.
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David Drumm: ‘I’ll no longer be made a scapegoat for banking crisis’

Irish Independent
It is now about October 2008. Ireland has taken the disastrous decision to blanket guarantee Anglo Irish Bank as well as its other failed financial institutions. Con Horan, the man in charge of supervising Anglo for the Financial Regulator, is on the 
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‘I’m beat, I am totally beat at this stage’ – ‘Oh, join the gang, ha, ha, ha!’

Irish Independent
The State has sleepwalked into guaranteeing the liabilities of Anglo Irish Bank. Ireland is on its way toward economic collapse and the humiliation of enduring a European Union/International Monetary Fund bailout that would lead to drastic cuts in 
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Drumm didn’t want any ‘b*ll*xology’ from Central Bank ‘clowns’

Anglo executives discussed breach of liquidity rules in 2008

read full article

irishtimes.com

David Drumm attacked the ‘drip, drip, drip’ release of the tapes
RTE.ie
Former Anglo Irish Bank chief executive David Drumm has said he will no longer allow himself to be a scapegoat for the banking crisis. Mr Drumm issued his statement to RTÉ news, as the transcripts of more recordings he had with another former Anglo 
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‘The market is drunk!’
Irish Independent
S&P, the bank credit rating agency, has just issued a new note warning investors to be wary ofAnglo Irish Bank. David Drumm, the bank’s chief executive, calls up John Bowe, head of treasury, to discuss what it all means for Anglo. The conversation 
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Anglo: New tapes reveal meekness of State’s watchdogs
Irish Independent
I just was not asked about tapes, says Dukes. THE former chairman of Anglo Irish Bank did not reveal the existence of the Anglo Tapes to major inquiries into the collapse of the banking system because he was “not asked about” them.
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Ganley shown minutes from Anglo Irish meeting on ‘overcharging’
Irish Independent
Businessman Declan Ganley was shown minutes from a meeting at Anglo Irish Bank that raise serious questions about how interest was applied to loans. Also in this section. Super-rich duped in €30m US land scheme · Beer could be the answer to all our 
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Anglo Irish Bank


Sunday Independent to reveal more Anglo tapes
RTE.ie
Further transcripts of conversations between senior bankers at the defunct Anglo Irish Bank are due to be published by the Sunday Independent. In the recordings, former chief executive David Drumm and the bank’s then head of capital markets John Bowe 
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Clip 16: Shower of Clowns

Irish Independent
Clip 16: Shower of Clowns. Comments. Email; Print; Font Size. Conversation between David Drumm, Chief Executive, Anglo Irish Bank and John Bowe, Director of TreasuryAnglo Irish Bank. Download our Free iPhone App Now · Download our Free Android 
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Dukes suggests Central Bank knew of Anglo tapes in 2008

Irish Times The former senior politician who took over the running of Anglo Irish Bank after it was nationalised has indicated both the Central Bank and the Department of Finance would have been aware of the existence, if not the details, of recordings of senior  See all stories on this topic »

 

Seán Quinn used British Virgin Islands company to invest in Russian development

Irish Times

The offshore company was used several years before Quinn was accused by the former Anglo Irish Bank of using a British Virgin Islands company to put multimillion of euros in assets beyond the reach of the bank. Lawyers for Anglo Irish, now known as  See all stories on this topic »

 

Opinion: Anglo tapes leave job-hunting former staff reeling

Irish Times

But one group of victims now stand doubly victimised – former employees of the old Anglo Irish Bank, who are still on the staff of IBRC. Professionals who had nothing to do with the high-risk approach at the top. People who, quite literally never did  See all stories on this topic »

Anglo Irish Bank


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Dukes says he was briefed on Anglo tapes by lawyers
RTE.ie
Former Irish Banking Resolution Corporation chairman Alan Dukes has said he was briefed by lawyers on some of the contents of taped conversations between Anglo Irish Bank executives. Mr Dukes said it was not the job of public interest directors to 
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Coalition unease at outrage over Anglo Tapes witch-hunt

Irish Independent-
Meanwhile, in the wake of the Anglo Tapes, the Government is expected to … in which Anglo Irish Bank executives held not just the government but the Irish …

State begins witch-hunt to catch the Anglo Tape sources

Irish Independent
Mr Noonan set the tone earlier when he said that the special liquidator of the former Anglo Irish Bank was seeking to find out who leaked the tapes, and took a swipe at what he termed “mucking around in garda business”. He was asked about the fallout 
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Leaked tapes could delay Anglo trials for years

Irish Examiner
The trials of former Anglo chairman Sean FitzPatrick and other senior executives could be delayed for years due to the controversy surrounding the leak of explosive tapes from the toxic bank, theIrish Examiner has learned. By John Walsh and Shaun 
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In Ireland, Dire Echoes of a Bailout Gone Wrong

New York Times
The leak of audiotapes of phone conversations between top officials of Anglo Irish Bank, which was by far the worst of a very bad lot, has stunned Ireland and damaged its relations with Germany. It now appears that the bank lied to Irish officials 
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I aim to be objective but if you don’t like what I’m saying, just switch off

Irish Examiner
LISTENERS to The Last Word were able to hear this week what the former Anglo Irish Bank boss David Drumm thinks of me. We broadcast an extract from one of the now infamous internal recordings in which he made pointed reference to a newspaper 
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Bank’s former chief in UK living in dream lakeside home
Irish Independent
THE former boss of Anglo Irish Bank‘s British operations, currently being pursued by the bank for repayment of a chunk of his almost €6m retirement pay-off, is living in a palatial property in Co Clare.
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Anglo Irish Bank


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Drumm names eight he believes should explain bank guarantee role


Irish Independent
In his latest interview, former Anglo Irish Bank chief executive Mr Drumm again refused to say whether he would return to Ireland to answer questions on the collapse of the lender. The US-based ex-banker said he believes the explosive Anglo tapes were 
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Independent party to investigate source of Anglo tapes leak
Irish Times
The investigation will try to establish if the tapes, published by the Irish Independent last week, came from Irish Bank Resolution Corporation, which was established to wind down Anglo’s operations, or KPMG, Anglo’s special liquidators. The recordings 
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Trial of Anglo executives ‘has been jeopardised’

Irish Independent
Trial of Anglo executives ‘has been jeopardised’. Comments. Email; Print; Font Size. Sonya McLean – 04 July 2013. THE upcoming trial of former Anglo Irish Bank executives may have been jeopardised, Dublin Circuit Criminal Court has heard. Also in this 
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Certus and Pepper get green light to handle €24bn of NAMA loans

Irish Independent
THE National Asset Management Agency (NAMA) has selected Certus and a consortium of Pepper and Serco to manage up to €24bn of loans that could be transferred to the agency from the liquidated former Anglo Irish Bank.
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Outrage on rise in Ireland over ‘arrogant’ failed bank execs

Canadian HR Reporter
In the tapes published by the Irish Independent newspaper, the collapsed Anglo Irish Bank’s then-head of capital markets John Bowe was asked how it had come up with a figure of seven billion euros ($9.17 billion) for a rescue, responding that he had 
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200 hand letter to gardaí demanding Anglo charges

http://starlounge.ie.msn.com/
garethmoore. TWO HUNDRED PEOPLE handed formal letters to gardaí at Pearse St garda station this evening calling for charges to brought against three Anglo Irish Bank staff. The letter, as seen by TheJournal.ie, calls for an investigation under section 
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Noonan warns against ‘contaminating’ Anglo evidence
Irish Times
Minister for Finance Michael Noonan has warned against “mucking about” with recordings leaked from Anglo Irish Bank so as to ensure the evidence needed for criminal trials related to the failed lender is not contaminated. “The guards are the people who 
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Gilmore refuses to answer questions on Anglo tapes knowledge
Irish Independent
TANAISTE Eamon Gilmore has declined to answer calls to say who knew what and when about taped conversations between chiefs at the bust Anglo Irish Bank. Related Articles. Dukes ‘sang dumb’ about Anglo tapes, Dail hears. Also in this section 
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Anglo Irish Bank-Latest- Anglo Tapes have Castlebar connection


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Noonan warns banks to keep recordings as Anglo tapes probe gets under way
Irish Examiner
Mr Noonan told the Dáil that the IBRC‘s special liquidators were “taking the leaking of this material very seriously”, adding: “The liquidator’s role is to get the maximum sale of assets for the state fromAnglo. They have written to all parties whom 
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Anglo Tapes have Castlebar connection
Mayo News
UNLIKE David Drumm, the former Chief Executive of the now infamous Anglo Irish Bank, Castlebar native Matt Moran was not exactly a household name as the drama of the toxic bank’s meltdown unfolded in recent years. However, the latest recordings in the 
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Tapes unleashed fury that only a thorough probe can really satisfy
Irish Independent
The nation, and much of the international community supporting the nation, is shocked by the Irish Independent’s revelations of the culture of swagger and dishonesty top bankers in Anglo Irish Bankdisplayed before, during, and after the blanket 
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Irish tapes show need for EU bank union
EUobserver.com
A series of taped conversations between executives at the now defunct AngloIrish bank gleefully discussing how they put the Irish government (not to mention the rest of Europe) on the hook for their losses cast a shadow over their last week in the 
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Banks warned over bailout tapes
Irish Independent
The minister said a parliamentary inquiry into the banking collapse may examine electronic data saved from all the banks involved in the bailout – and not just those unearthed from the toxic lenderAnglo Irish Bank. “It is practice always to record 
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We’ll help gardai with probe, says Bank governor
Irish Independent
THE Central Bank is examining whether Anglo Irish Bank “deliberately misrepresented” its position when it sought taxpayer support in 2008, according to the Governor Patrick Honohan. Also in this section. Banks tipped to sell €5bn property loans at huge 

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Anglo Tapes: Anatomy of the Bank that broke Ireland
Irish Independent
Anglo Tapes: Anatomy of the Bank that broke Ireland. Comments. Email; Print; Font Size. The Anglo Tapes have delivered a riveting insight into the bowels of Anglo Irish Bank during the financial crisis that toppled the State. Tom Lyons, Deputy Business 
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