Posts Tagged ‘angloirish’

Anglo round up

A bunch of links and further reading on the Anglo affair that I came across today

Sunday Tribune Revealed – inside story of Anglo’s culture of chicanary exposed
Revealed – the internal Anglo report that wasn’t published
Via Gavin’s Blog Did Shane Ross Forget?
The Killing of the Tiger (good summary…)


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Via The Sunday Tribune

* At a meeting in September Willie McAteer, Anglo finance director, told the head of the Financial Regulator Patrick Neary the bank would be “managing” its balance sheet, to which Neary is recorded as replying, “Fair play to you, Willie.”

* A phone call records officials from Anglo Irish Bank telling staff at the Financial Regulator in October that the bank is “manipulating” its balance sheet. “It is not a real number,” the Anglo staff member is recorded as telling the regulator.

* Anglo auditors Ernst & Young told the bank there was no need to include reference to the transactions in documents sent to shareholders in December, saying only information already in the public domain should be included.

* Anglo assisted Irish Life & Permanent (IL&P) coming up to the building society’s half-year ending 30 June by engaging in transactions that reduced IL&P’s reliance on emergency funds from the European Central Bank.

* Anglo has entered into “reciprocal arrangements” to bolster balance sheets with a range of international financial institutions in the past, including Royal Bank of Scotland, AIG and Hypo Real Estate.

* Anglo received requests in the last six months for “balance sheet management” transactions from Lehman Brothers, ABN and
West LB.

* AIB and Bank of Ireland provided Anglo Irish with €6bn of funding on 23 January at the “behest” of the Central Bank.

* In September, Anglo was hit by major deposit withdrawals by State Street and AIB Investment Managers.

* At a meeting between officials from IL&P, the Central Bank and the Financial Regulator (FR) in January, Mary O’Dea, consumer director of the FR, “rounded” on IL&P and in an aggressive manner asked, “Why did you do this?” IL&P were concerned about O’Dea’s reaction and raised it at the Department of Finance.

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Anglo Irish The Sunday Times has named four of the Anglo Irish Golden Circle today in an article over here.

The four have been named as Gerry Gannon, Joe O’Reilly, Seamus Ross and Jerry Conlan. Either they or their companies now owe Anglo Irish Bank several billion euro.

The Times also adds “The bank admits it is likely to have to write off €300m of the money it loaned the 10 investors. Because Anglo has since been nationalised, this loss now passes to the Irish taxpayer.”

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