that statement is vague in all the right places. For example, they don’t specify the size of CFD that they were aware of. If they were aware that it was for a quarter of anglo when Quinn bought 15%, someone in the regulator should have asked what happened the rest. So is it deceit or gross incompetence.
I don’t see how the Regulator can get off the hook by not specifying the size of CFD. The Regulator freely admits to knowing about Quinn’s CFD and efforts to unwind that position (they’d look pretty stupid otherwise). The issue is whether they knew about a “sweetheart” deal i.e. a deal where the bank bought shares for its best friends and thereby deceived the market.
It seems to me that what the regulator is saying is “someone is telling lies and it isn’t us. Over to you at Anglo…”
Are tennis lessons compulsory at the FR?
If they were to say that they were aware of a large CFD in the region of 15%, then they could argue that when Quinn purchased the 15% the issue was closed.
They can’t say this if they knew Quinn had 25%. They’d have to explain why they didn’t try to figure out what happened the other 10%.
When the minister of finance can get away with “I didn’t read that page and the staff in the department spotted it but didn’t tell me”, any excuse will do. No matter how pathetic it is.
Perhaps, but they would be left looking foolish and it would hardly square with their statement.
The statement says
. This is hardly consistent with a claim that they believed that the issue was simply about Quinn buying 15% i.e. the statement clearly implies the Regulator knew there were other investors but didn’t know their idenity or financing arrangements.
I’m not taking issue with what you say. Hopefully the regulator is asked to clarify this statement. Otherwise we’re just debating rhetoric.
The Gardai have received a formal complaint with respect to Anglo.
Being discussed on RTE radio now and Sean Ardagh from the public accounts committee said the Guards have received an official complaint.
Could this be it.
Law professor on RTE says that there has been no appetite in Ireland to have the DPP involved in any investigations of breaches of corporate law.
Forgive me if this is already know but I heard that the fraud squad were in National Irish Bank last month for a weekend.
Brian Cowen told that Dail today that he was informed in March 2008 about Sean Quinn’s CFDs and the plan to unwind that position.
He then explained that in July
I can’t quite get my head around this. Is this equivalent to “The Gardai discovered a kilo of heroin but decided not to investigate further because the suspect’s solicitors assured the Gardai that he was legally entitled to have it in his possession”
Looking in from outside I can only say Ireland is looking more like that Banana Republic every day. Cowan under pressure to reveal the golden circle, suspected FF big friend involved (the horror), Regulator says banks solicitors said it was OK (Jesus you would think it was a teenager trying to justify their 1st drink).
“The drama unfolded against a backdrop of startling new figures which estimate the liabilities of the Irish-owned banks could amount to more than €138,000 for every man, woman and child in the country.”
This is the real issue and the most disheartening thing is the number, as big as it is, does not even come close to the potential liabilities. With 15% unemployed who the hell is going to pay for this, we are talking of over €500,000 per working person in the country plus interest, maybe €1,000,000 PER WORKER by the time it is all said and done. Does anyone take it seriously now.
I really despair, Ireland is a basketcase and these boys are talking semantics, an election has to be around the corner, quickly followed by EU intervention, and it will not be pretty, the Germans will put manners on FF if the Irish won’t do it and fair dues to them.
On Morning Ireland an Irish Times reporter said that the government has decided to write off the €75 million secured element of the €300 million given to the Golden Circle to prop up Anglo’s share price.
This is the most blatant example of one law for *certain *people and another law for everyone else I’ve ever come across in my life.
These 10 ‘businessmen’ were given €300 million euro by Anglo to bet on Anglo’s share price, because they were already rich. They only had to give guarantees for 25% of the loaned amount (€7.5 million a man) €75 million in total.
Now that the bet is soured, the taxpayer is on the hoook for that €300 million, courtesy of Fianna Fail.
I can see now why Oisin Fanning felt hard done by that his home is being repossesed and he is being pursued through the courts for an €8.6 million loan given to him by Anglo to gamble on shares.
How come Oisin Fanning gets repossessed and possibly bankrupted for €8.6 million while 10 others get to walk away from loans of €30 million??
yes, you couldnt have billionaires having to fork out 7 or 8 m per could you? no, much better to chase welfare fraud…
I don’t believe that (not that the fuckers wouldn’t if they could, it would be a company decision first), stoking it up to get the names. Of course there’s a FF pal involved. They are all fucking FFers.