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Mitchell: Deal already done on Anglo promissory notes


Irish MEP Gay Mitchell said today that he believes agreement has already been reached behind the scenes in Europe to push out Ireland’s payment of the Anglo promissory notes.

The Department of Finance has said that is not the case, however.

Speaking at the European Parliament in Strasbourg, Mr Mitchell said the European Central Bank has already effectively given the green light for a deal.

He said the EU authorities have to be careful about the timing of any announcement on Irish debt restructuring, however.

Mr Mitchell said: “The problem is that anything that is done in terms of new timing for payments, they’re fearful that the Greeks and the Italians might say, you know: ‘Could we have some new arrangement as well?’.

“But I think there’s a very clear understanding, certainly in the Parliament and in the Commission, and I believe in the Central Bank as well, that it is untenable for Ireland to pay this money over such a short period.”

Finance Minister Michael Noonan cautioned that there are still “legal hurdles” to overcome before any deal can be completed.

Minister Noonan has joined fellow EU Finance Ministers in Brussels again today for talks on the union’s new banking supervisor.

The Minister said that he still feels a deal for Ireland is likely before the next payment date in Marc, however.

“The first step is to have the supervisory system in place, and then we’d be in a position to start talking about it,” he said.

“But there is a commitment to Ireland and that commitment was reinforced in bilaterals between the Taoiseach and the German Chancellor and the French President.”

via Mitchell: Deal already done on Anglo promissory notes | BreakingNews.ie.

via Mitchell: Deal already done on Anglo promissory notes | BreakingNews.ie.

Yesterday 6000 Gathered in Ballyconnell in Support of the Quinn family


 

Sean Quinn‘s daughter Ciara told a crowd of about 6000 that she, and her siblings were “the true and rightful owners” of the Quinn Group companies.

She went on to state she, and her family declared war on Anglo Irish Bank. “And this is a war the Quinn family is going to win,” she said.

 

For all that, Quinn clan throws at Anglo bear in mind Sean Quinn worshiped at the high alter of Anglo. He owned 28% of it via CFDs. The demise of Quinn relates to his failure to unwind a 28% block of Anglo shares held in the inherently unstable CFD method. Quinn was never more than a straw man. The point is not that this man got himself into this mess due to his own arrogance and ignorance. The crux of the problem for many is that they unethically sought to stash this collateral away in a most cynical manner; resulting in the Irish taxpayers having to pick up the tab for their sins. This is simply indefensible. It was a shame yesterday to see approx 6000 people exploited by the Gombeen rhetoric of Quinn and his supporters.

Sean Quinn claims IBRC conducting vendetta against him – Courts, National News


FORMER billionaire Sean Quinn has been made a “scapegoat”, he has claimed.

In an interview with the Financial Times, Mr Quinn accused the former Anglo Irish Bank of conducting a vendetta against him.

He also insisted that he believed he would be jailed.

“The biggest disgrace about all this is they have my son in jail and me ready to go to it for taking assets which we believe then and now are ours,” he told the London-based newspaper.

He again insisted that his family does not owe Anglo the money it is now claiming back, saying that €2.34bn of the €2.8bn loans given to them are “tainted with illegality”.

However, Mike Aynsley, the boss of the Irish Bank Resolution Corp – the new name for Anglo – tells the paper the blame for court proceedings rests with Mr Quinn.

“Sean Quinn is being unreasonable in his assessment of the bank’s intentions,” he said.

“He has chosen to disregard the court process and is progressing down a path of duplicitous action,” he added, arguing Mr Quinn has misappropriated “what are in effect state assets”.

via Sean Quinn claims IBRC conducting vendetta against him – Courts, National News – Independent.ie.

via Sean Quinn claims IBRC conducting vendetta against him – Courts, National News – Independent.ie.

“I felt very disappointed that I had to be put in a position that I had to dissipate assets … that is not in my DNA,” says Mr Quinn, who insists he deserves public gratitude. “There are few companies in the history of the state that have contributed more to the Irish government, taxpayer and people than I have,” he says. “Overall, I don’t think that I owe the Irish taxpayer any apology.”

Quinns challenge to receiver opens


Family members of bankrupt businessman Sean Quinn have claimed a receiver appointed over their personal assets by the former Anglo Irish Bank is not independent but biased towards the bank on grounds, including that several of his staff worked at a senior level for the bank before and since its nationalisation.

They are also objecting to requests by receiver Declan Taite of accountancy firm RSMFGS to disclose wide-ranging information about their assets and financial and tax affairs, including their personal email accounts and passowrds and phones or any devices on which information about assets may be stored.

Thhe receiver is engaged in “an excessively voyeuristic intrusion into our personal lives” affecting information such as medical records, family photos, communicaitons with the media and personal communications, they claim.

They were very concerned Mr Taite would pass on such information to the bank which could assist it in defending the family’s forthcoming action aimed at avoiding liability for loans of €2.34 billion, they added.

The family also want the court to discharge Mr Taite’s solicitors, Arthur Cox, alleging that firm is “heavily conflicted” on grounds including its involvement in the restructuring of Quinn companies.

Other concerns included that Cox is acting for the bank in its action against former Anglo head of lending Thomas Browne which would address issues concerning the building up of contract-for-difference positions by Sean Quinn in Anglo, they said.

“Multiple partners” in Arthur Cox had undertaken very significant work for Anglo and it was clear the firm was receiving very substantial work from Anglo and/or its shareholder, the Department of Finance, they said.

The family complained of “overlapping” of senior staff between RSMFGS, Anglo and IBRC. Ian Duffy, former managing partner of RSMFGS,is a former director of Anglo; Anthony Carroll, manager of RSMFGS’ insolvency division since November 2012, was employed as an Anglo assistant manager for five years and David Crotty, assistant manager RSMFGS since January 2011, was previously employed for five years by Anglo/Irish Nationwide Building Society, he said.

Paul Brady, a solicitor with RSMFGS since September 2011, was previously employed by Anglo as a solicitor for two years.

The family also say Mark Breen, an assistant manager with IBRC since September 2011 was previously employed by RSMFGS while Marina Neagu, internal auditor with IBRC since June 2010, was previously employed as an auditor with RSMFGS.

The family said they were unaware of all these matters when they consented to the appointment of Mr Taite three months ago and denied their applciaiton is a bid to derail the receiver’s work.

via Quinns challenge to receiver opens – The Irish Times – Tue, Oct 09, 2012.

via Quinns challenge to receiver opens – The Irish Times – Tue, Oct 09, 2012.

40-year bond could be issued to save State billions on Anglo


THE GOVERNMENT is considering issuing a 40-year bond to refinance the bailout of Anglo Irish Bank, allowing it to significantly reduce its annual repayments to cover the cost of the bank’s collapse.

The bond would replace the promissory note scheme through which the State pays off Anglo Irish Bank’s debts, according to Bloomberg reports, citing two sources familiar with the matter.

The main advantage of issuing a long-term bond is that the State would not have to pay the €3 billion a year it gives to the Irish Bank Resolution Corp (the former Anglo) on the back of the promissory notes. At present, the bank takes that money and gives it to the Irish Central Bank, which is funding IBRC through emergency liquidity assistance.

A Government spokesman declined to comment last night beyond saying that “complex technical discussions are ongoing and the objective is to deliver the best deal possible for the Irish taxpayer”.

Opting to issue a bond would mark a change of focus by Minister for Finance Michael Noonan, who has favoured accessing the euro zone’s long-term bailout fund, the European Stability Mechanism (ESM).

via 40-year bond could be issued to save State billions on Anglo – The Irish Times – Tue, Sep 18, 2012.

via 40-year bond could be issued to save State billions on Anglo – The Irish Times – Tue, Sep 18, 2012.

Rotten Island Ministerial Review


Minister for Justice and Minister for Defence

Mr. A. Latent Rash, the Minister for Justice, equality and Defence sometimes known by the nickname “Shatterproof,” noted that the Feeling Small party was living in fear of the Populace. He stated that he would consider giving these “soldiers of destiny” refugee status… a suitable asylum centre for these poor wretches was in the pipeline. Tory Island off the shores of Donegal is the likely location for the centre.

He stated he would be giving out gifts of photostat Anglo bondholder’s notes to destitute Feeling Smallers.

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