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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.
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.
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
Sunday Independent to reveal more Anglo tapes
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Seán Quinn used British Virgin Islands company to invest in Russian developmentIrish TimesThe 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 »
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Opinion: Anglo tapes leave job-hunting former staff reelingBut 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 – Updates
Coming Soon to a Cinema Near you Bankula
Starring
David Drumm
The Undisputed Master of Horror Banking
Honohan – Anglo Tapes could lead to criminal prosecutionsIrish Independent
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US firm of disgraced former Anglo boss shut by authorities
THE US firm set up by disgraced former Anglo Irish Bank boss David Drumm has been dissolved after he failed to file any company records over the last two years. read full article
Ireland President Michael D Higgins slams those involved with the Anglo Irish …IrishCentral
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Noonan: Sanctions against anyone who fails to cooperate with banking inquiryIrish Independent
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Family defend Lenihan after Drumm attack on Anglo TapesIrish Independent |
Anglo tapes: Department of Finance records may provide answers to disturbing …Irish Times
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Matt Cooper attacked by Drumm for Haughey comparisonIrish Independent |
Fionnan Sheahan: Apologies are all well and good – but Drumm must face the …Irish Independent |
Time for Drumm to return and face questions after ‘sorry’
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‘Lenihan acted in Ireland’s interests unlike Taoiseach’Herald.ie |
We’ll help gardai with probe, says Bank governor
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 Ho read full article
Ministers fear inquiry will prejudice future trials
CABINET ministers are worried about an Oireachtas banking inquiry, or witnesses before it, jeopardising any cases against former Anglo Irish Bank officials.read full article
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Anglo Irish Bank- Update From Home and Away
Anglo tapes: Department of Finance records may provide answers to disturbing questions
Background: The secret paper trail may come to light as political pressure builds read full article
Irish politicians ultimately to blame for Irish property crash and burn
IrishCentral
The BBC among others gave prominent coverage to Drumm’s apology for the nasty language on the now infamous tapes and also focused on his call for a new inquiry into what happened when Ireland gave complete guarantees to Irish banks at the height of …
Irish banking tapes strengthen Merkel’s hand
MarketWatch
The leaked recordings, made shortly after the Irish authorities agreed on a blanket guarantee for sixIrish banks in September 2008 amounting to 250% of Irish gross domestic product, were published last week by the Irish independent newspaper. Reuters.
Allied Irish Banks seen as reckless as Anglo calls reveal
Financial Times
“They [Bank of Ireland] think that Allied have played fast and loose with lending money to every cowboy in town – apart from ourselves also lending money to every cowboy in town,” John Bowe, Anglo Irish’s former head of capital markets, told David …
Anglo Irish Bank’s ex-CEO David Drumm Apologises for ‘Inappropriate …IBTimes.co.uk Micheál Martin: ‘There is no mystery about what happened on the night of the bank guarantee’The Fianna Fáil leader has defended the actions of his predecessors in an interview this morning. read full article |
Anglo recordings may lead to a less polite banking inquiryIrish Times |
Day one: Clip 1 – The Central Bank MeetingIrish Independent
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Report: Former Anglo Irish head regrets tone in bank rescue callsEurope Online Magazine |
Lisa McInerney: We tolerate cute hoors, we end up with Anglo tape types
Our capacity for putting up with ‘charismatic’ cowboys is no longer a bad national joke – it’s our national downfall. read full article
Drumm breaks silence in US to say ‘sorry’
Fianna Fáil told: “Come clean on Anglo Tapes” – Local
‘AIB and Anglo lending to every cowboy in town’
Drumm says bank guarantee not sought
Anglo Irish Bank- Latest updates from far and Wide
Merrill Lynch Wanted Anglo Irish Bank Shut, Reveals New Recording
IBTimes.co.uk
American-investment bank Merrill Lynch, external advisor to the Brian Cowen-led Irish government in 2008 and former corporate broker to now defunct Anglo Irish Bank (AIB), had recommended that the bank be shut down. The latest set of tapped phone …
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Irish banker apologises for taped comments
Reuters
Anglo Irish ex-CEO made light of bank bailout. * In first public comments, Drumm says regrets tone and language. * Tapes prompted outrage in Ireland, criticism in EU. DUBLIN, June 30 (Reuters) – AnIrish banker taped saying he would demand cash from …
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The Quinn connection
Irish Independent
In the chaos, its executives believe that the reason their bank is failing is the country’s richest man,Sean Quinn, who has taken a gigantic bet on Anglo. In this section of the Anglo Tapes, John Bowe, the bank’s head of treasury, and Matt Moran, the …
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Cowen decision proof of FF’s cosy relationship with Anglo, says FG TD Irish Independent The decision taken by then Taoiseach Brian Cowen to ignore the advice of his external advisers is further proof of the cosy relationship that existed between “Fianna Fáil, their developer friends andAnglo Irish Bank,” Fine Gael TD Dara Murphy claimed … See all stories on this topic » |
Anglo Tapes: Anatomy of the bank that broke Ireland Irish Independent (blog) The Anglo Tapes have delivered a riveting insight into the bowels of Anglo Irish Bank during the financial crisis that toppled the State. For the first time the public can feel what it was like to be some of the key men behind the fall of a bank which … See all stories on this topic » |
New Tape Recordings Reveal Brazen Chicanery At Irish Bank That Soaked Its … Forbes Shocking tape recordings released this week display the heads of Anglo Irish Bank, the private bank favored by the wealthiest speculators and property developers behind the Irish boom, literally laughing about the subterfuges they played straight … See all stories on this topic » |
Inside Anglo: Secret recordings expose strategy that sank Ireland Irish Independent Latest Videos. Listen: Clip 11(a) – Punch. Conversation between David Drumm, Chief Executive,Anglo Irish Bank and John Bowe, Director of Treasury, Anglo Irish Bank on December 15th, 2008. Clip 13: Moran on Quinn. Conversation between John Bowe, … See all stories on this topic » |
‘Impossible to stomach’: Merkel slams Irish bankers who fudged bailout figures RT (blog) The internally-recorded phone calls, published earlier this week, reveal how two Anglo Irish bankexecutives misled the Central Bank of Ireland that Anglo bank required 7 billion euro to prevent its collapse. Anglo’s losses reached 30 billion euro … See all stories on this topic » |
Further revelations from bank tapes Belfast Telegraph The former taoiseach’s government refused to shut down the Anglo–Irish Bank despite warnings from their external financial advisers, Merrill Lynch, that the institution was a “basket case”, the latest batch of recordings published in the Irish … See all stories on this topic » |
Anglo Irish Bank – Latest
Some Headlines
Kenny bows down before his masters
LAST week, Enda Kenny effectively quit as Taoiseach. When the Anglo recordings surfaced and the giggles of gobshite Irish bankers reverberated across Europe, his duty as Taoiseach was c read full article
Anglo executives discussed pressurising Lenihan
Senior executives from Anglo Irish Bank discussed putting pressure on the then Minister for Finance Brian Lenihan in December 2008 in the latest recordings to emerge from the Anglo tapes, which are published in tomorrow’s Sunday Independent.read full article
Anglo Irish Bank faces claim of €1bn ‘overcharging’
Irish Independent
At least one case has been rejected by the Irish courts under the IBRC Liquidation Act that requires lawsuits to be approved by the High Court. An appeal to the Supreme Court is being considered. The liquidation means that the IBRC liquidator can take …
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Further revelations from bank tapes
Fresh revelations in the Anglo-tapes scandal about Brian Cowen‘s administration shows his party was willing to save the failing bank at any cost, his political opponents claimed. read full article
Fomer Anglo Irish Bank chief David Drumm apologizes, says inquiry needed on bank guarantee
Fomer Anglo Irish Bank chief David Drumm apologizes, says inquiry needed on bank guaranteeread full article
Drumm said he would ‘probably punch’ Brian Lenihan on Anglo Tapes
It has emerged that the former CEO of Anglo Irish Bank David Drumm said he would read full article
Drumm: They seem to be disproportionately angry at us
David Drumm believed that the Fianna Fáil-led Government’s external advisors Merrill Lynch were ‘disproportionately angry’ with Anglo Irish Bank. read full article
Anglo Tapes: Anatomy of the bank that broke Ireland
The Anglo Tapes have delivered a riveting insight into the bowels of Anglo Irish Bank during the financial crisis that toppled the State. read full article
Drumm claimed Merrill wanted Anglo nationalised immediately
FG says decision to ignore advice is evidence of cosy relationship between FF, developers and Anglo read full article
German finance minister slams Irish bankers as ‘aloof super humans’
BERLIN (Reuters) – German Finance Minister Wolfgang Schaeuble slammed Irish bankers caught on tape joking about a bailout, calling them “aloof super humans” worthy of contempt… read full article
‘Avarice and utter contempt’ in latest Anglo recordings
Senior executives from Anglo Irish Bank discussed putting pressure on the then Minister for Finance Brian Lenihan in December 2008 in the latest recordings to emerge from the Anglo tapes. read full article
Anglo Irish Bank Update Plus Other Irish News
O’Brien’s Digicel loses out in Burma
Winners of sought-after licences include Norway’s Telenor read full article
Anglo bankers believed they could force an outcome at expense of State
Leaked recordings reveal bankers thought they could fool regulators read full article
Tapes show Anglo Irish boss demands
Belfast Telegraph
Anglo Irish Bank bosses were ordered to go down to the Central Bank with “arms swinging” to demand a multibillion-euro taxpayer bailout, latest leaked tapes reveal. Also in this Section. Man quizzed over double murder · Fast-growing firms create 90 …
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German media fury at jibes of Anglo bankers
Irish Times
On Tuesday morning Dan Mulhall, the Irish Ambassador to Germany, gave an upbeat assessment of Ireland’s economic recovery and its EU presidency on Germany’s equivalent of RTÉ Radio 1. Just 24 hours later, he had a far less pleasant task: sending an …
Irish Times
Revelations of the behaviour and attitude of Anglo-Irish Bank executives before and after the introduction of the bank guarantee in September 2008 were stomach churning, the Minister for Transport, Leo Varadkar, has said. Speaking in Dublin as he …
Complaint filed with gardai over Anglo executives
Anti-austerity campaigners ask for three senior bankers to be charged read full article
Angela Merkel says Anglo revelations are damaging to democracy
‘I have nothing but contempt for this’ read full article
Prostitution Law » Bock The Robber
This proposed prostitution law is going to run into the same problems as all the other attempts to deal with the subject because it’s fundamentally not amenable to logic. I personally find the notion of prostitution revolting, but that’s not a reason to ban it. I also find Youth Defence, Bono and Fianna Fáil repulsive […]read full article
Norris rejects call to criminalise purchase of sex
Independent Senator also criticises Taoiseach over Seanad abolition proposal read full article
Europe expects Ireland to exit bailout without a deal for AIB and the Bank of Ireland
Connection between Ireland’s sovereign and banking debts remains intact read full article
Ireland slips back into recession
Ireland is officially back in recession after the government’s planned export-led recovery took a hammering. read full article
Financial Times
The bad news comes after shocking revelations this week about Irish bankers’ attitudes to the billions of taxpayers’ money used to rescue the banks at the start of Ireland’s financial crisis. “The economy is still ‘flatlining’ and net exports are a …
ESB staff anger over €400m pension move
Trustees chairman warns payment to Government puts scheme under severe financial strain read full article
Quinn family fight against Anglo closest yet to banking inquiry
Material given to the Quinn family, in its battle with the former Anglo Irish Bank, indicates what would be revealed in a banking inquiry read full article
Varadkar says new abortion referendum would have to be about more than suicide
Minister asks FG colleagues to reflect on Bill before voting against it read full article
Timmins to vote against abortion Bill
Fine Gael TD for Wicklow to join two others and break Government ranks read full article
Banks can no longer ‘kick the can down the road’ on mortgage crisis, says Minister
Central Bank code on mortgage arrears a ‘charter for home repossessions’, FF says read full article
Anglo Irish Bank- Latest updates from Home and Abroad
Irish central bank probes tapes
South China Morning Post
“Any suggestion that the taxpayer was lured into bailing out Anglo Irish Bank under a false impression about the state of the bank’s financial condition is deeply disturbing and has to be fully investigated by the authorities,” said its finance …
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Absence of women fuelled Gordon Gekko ‘greed is good’ culture – Independent.ie
THERE is something missing from the Anglo Tapes in all their tawdry, almost satirical glory. That missing something is women. read full article
Bank’s shame taints Ireland in media all over the world
THE Anglo Tapes scandal continued to snowball around the world, with former manager John Bowe’s recital of ‘Deutschland Uber Alles’ and former chief executive David Drumm’s comments tha read full article
How bankers planned policy of deception
THE latest Anglo Tapes were recorded on September 19, 2008. read full article
Kenny meets Merkel for talks as her party colleagues rage
ENDA Kenny spoke with Angela Merkel yesterday – but the mounting fury in Germany over the revelations in the Anglo Tapes was not discussed. read full article
The Anglo Tapes has made the front page of this German tabloid
And another German newspaper says that Anglo bankers and others should be put in sack and beaten. read full article
Irish central bank probes whether tapes show rule-breakingGlobe and Mail
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Anglo Irish Bank German comments are ‘unbearable,’ Angela Merkel allyIrish Independent |
Drumm: ‘Another day, another billion’
In the hours leading up to the bank guarantee in September 2008, the CEO of Anglo, David Drumm, joked about the haemorrhage of cash from the bank.read full article
Fresh questions over Drumm’s public statements on bank’s finances
FRESH questions have been raised about public declarations by then chief executive David Drumm that Anglo Irish Bank was solvent and profitable in late 2008, after the Irish Independent read full article
Anglo Irish Bank’s John Bowe and Peter Fitzgerald Defend Secret Phone Call …
IBTimes.co.uk
The Anglo Irish Bank bosses, who were secretly taped on the phone, have categorically denied that they deliberately misled the government and regulators about the financial health of the group, prior to the huge bailout that brought Ireland’s economy …
Yahoo!7 News
Public outrage is growing in Ireland after a newspaper published transcripts of taped telephone conversations between executives of the now-defunct Anglo Irish Bank, wrecked when a property bubble burst in 2008 after years of reckless lending. Rescuing …
Financial Times
Dublin aims to set up a public inquiry into the banking crash in the autumn in response to deep public anger caused by the broadcast of taped phone calls suggesting Anglo Irish Bank deliberately misled the previous government into supporting the lender …
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The Independent
Outlook Yesterday provided yet more evidence of the depths to which the banking industry sank during the lead-up to and during the crisis. The fact that it came from across the Irish Sea doesn’t make it any less relevant. Senior executives at Anglo …
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The Independent
It was not just generous Irish taxpayers being mocked by the bailout-hungry executives at AngloIrish Bank. New recordings leaked yesterday showed them laughing at the German government as it pumped billions of euros in to shore up the stricken bank.
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The Guardian
The behaviour of the Anglo Irish executives has turned them into national hate figures in the Republic and now, it appears, also in the country which has supplied most of Europe’s money to prop up not only the Irish banking system but also the entire …
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Time to hold Ireland’s ‘elite’ accountable for this terrible mess
The Debt Justice Action (DJA) campaign, of which I am a part, has just lodged an application with the Guinness Book of Records to recognise Ireland as having the world’s most expensive ever bank bailout.
A video accompanying the application can be viewed below. The satirical intent behind the project is well captured by DJA member Diarmuid O’Flynn: “We’ve had a difficult few years here in Ireland. Between the collapse of the banking system; Jedward at the Eurovision; and 1-6 at home to Germany, our reputation on the world stage is in tatters. That may be about to change”.
Supporters of the campaign are being urged to send the video to all TDs under the slogan of ‘credit where credit is due’. As development educator Vicky Donnelly puts it, “we should not forget to acknowledge those in positions of power, like TDs and Ministers and the Irish Central Bank – none of this would be possible without them.” In fact, the group inaugurated their bid last week with a presentation of flowers and a card to Patrick Honohan, governor of the Irish Central Bank, who personally accepted the tokens in honour of the invaluable role played by that institution in the world record attempt.
Now all of this is obviously tongue in cheek, but serious points are being made also, one of which is the responsibility of politicians and senior civil servants for the mess we are in. A small number of bankers are facing criminal charges (the cases are proceeding at a snail’s pace) but not one person responsible for regulation (or the lack of it) has been called to account. In fact, in many cases they have been rewarded.
Take the example of Kevin Cardiff, as documented by the Cantillon columnist in the Irish Times of 26 November 2011. According to that column, a strange thing happened over the St Patrick’s weekend in March 2006. The Revenue Commissioners decided they were going to levy stamp duty on the purchase of company stocks using so-called ‘contracts for difference’ (CFDs). CFDs allow people to buy shares in a company while only paying a fraction of the cost up-front, borrowing the rest and betting that a rising share price will allow a handy profit to be made – because under the contract the seller agrees to pay the buyer the difference between the current value of the share and the value when the contract comes to an end. This is how Sean Quinn built up his huge stake in Anglo Irish Bank.
The Irish financial sector went ballistic over Revenue’s actions and took their grievances to Mr Cardiff, then working in the tax policy section of the Department of Finance. Cardiff listened sympathetically and wrote a note to his Minister (Brian Cowen at the time) saying that the proposed change “was causing consternation in the market for Irish shares” and that the suffering sector would be forced to move its business to London or elsewhere if Dublin continued to squeeze the life out of it. Cowen took his official’s advice and scrapped Revenue’s proposal. On 30 March Tom Healy, chairman of the Irish Stock Exchange wrote to Cardiff as follows: “Kevin, I would like to thank you for getting the CFD problem resolved. We had the very clear impression that you were the one who fixed it. I will contact you soon to propose lunch”.
Now it is entirely possible that Quinn would still have built up his ultimately catastrophic shareholding in Anglo even if the stamp duty on CFDs had been kept in place and that the state (in the form of Anglo’s successor the Irish Bank Resolution Corporation) would still be pursuing Quinn for money he owes us (on the grounds that we now own Anglo). But it is also possible that the duty would at least have slowed this form of speculation and spared us some of the costs we are now bearing. So, overall, this was probably not a particularly good call by Cardiff. Not that he personally lost out as a result: doubtless he had a nice lunch with Mr Healy, but his more tangible reward was to be made head of the Department of Finance, in which capacity he advised on the economy-wrecking bank guarantee of September 2008. Again, this did not derail his glittering career and in 2011 the Fine Gael-Labour government nominated him as Irish representative to the European Court of Auditors, a position he ultimately secured despite understandable reservations on the part of some European Parliamentarians.
This saga tells us a number of important things. One is the intimate links between the Irish financial sector and the senior civil servants who were supposed to be regulating it (not pandering to its demands), links that remain institutionalised today. Another is the aforementioned impunity, or even reward, enjoyed by those who screwed up at the top decision-making levels. Even the much criticised former Financial Regulator, Pat Neary, got a pay-off of €630,000 when he was forced to retire in January 2009 – and a pension on top of that of €143,000 a year; this for a man whose idea of regulating the sector was to say that he operated on the basis of “mutual trust between ourselves and the industry”.
But another thing the Cardiff debacle tells us is this: the current government is perfectly happy to go along with protecting and promoting those who helped wreck our economy. And one reason for that is that the intimate links that bind together bankers, politicians and senior civil servants were not, and are not, confined to one political party. Consider the case of current Minister for the Environment Phil Hogan (also the Minister for Not Housing Travellers). He personally received ‘soft’ loans of almost €900,000 from the head of the Irish Nationwide Building Society Michael Fingleton. Fingleton gave Hogan the wherewithal to buy a house in Dublin 4 and a luxury apartment in Portugal with loans to initially be repaid on an interest-only basis and, in the case of one of the deals, very little of the paperwork one might normally expect. So do you think Hogan is now going to be pushing his cabinet colleagues to launch a serious investigation into the roots of the Irish banking crash? When he benefited personally from the reckless lending practices that sowed the seeds of disaster?
The Irish financial, political and civil service elite got us into a terrible economic mess. But they have not been made to pay for their sins of commission or omission. Nor are they even now being held to account by the media (never mind the courts). Instead, they are allowed to make deeply misleading statements and get away with them; for example, ministers are now routinely claiming that the Anglo promissory note of €3.06 billion was not paid in March of this year, when in fact it was paid in full. The Government borrowed the €3.06 billion from Nama. Following this, Nama passed this debt to Bank of Ireland, so now, instead of owing €3.06 billion as a promissory note, which might easily have been written off, the state owes the same amount to Bank of Ireland in the form of a sovereign bond, which is much harder to write off. And this is the type of disastrous ‘deal’ the government is now seeking for the entirety of this illegitimate debt.
Going back to the world record attempt, the only comparable bank-related record listed by Guinness concerns the removal of $70 million from the Banco Central in Brazil in 2005. In that case, people removed large sums of cash from a bank, whereas the money in Ireland’s record-breaking attempt has been going in the opposite direction. What the two records do have in common is that the money has yet to be recovered and the culprits remain at large, not alone showing no remorse whatsoever but continuing to actively scam the general public. We have let them away with it for far too long.