Out of curiosity, would that be a criminal offence? And if so is there a real penalty for it, other than for example being barred from being a bank official?
Sections 18 and 58 of the Central Bank Act, 1971 make it an offence but I am not sure to what extent these have nbeen amended. irishstatutebook.ie/1971/en/ … index.html
There have been a number of amendments to Section 58 so I expect that the maximum fine has increased substantially from £5,000. However, I don’t have time to trawl through the amendments (which I think can be found using the “Legislation Directory Entry” button on the irish statutebook website).
Thanks NC. Looks like it was increased to £50k in 1981 (and possibly again later, couldn’t follow the amendments after that…).
Central Bank and regulator ‘egging us on’ – Anglo - Gavin Sheridan and Tom Lyons -> independent.ie/business/iris … 02410.html
Sorry to disagree NC, but the major part of any investigation is not the bank side; but the Public Service & Political side !
Who gives a shite why Anglo gobshites lied & hoodwinked the muppets in the CB & Regulator ! Why they just did what wankers do when afforded the opportunity.
What is interesting is what the standing orders were from the DoF & the Taoiseach’s office to the CB & the Regulator were. We know what was done; or rather, not done; what’s interesting is why it wasn’t done, & under whose orders !
The only reason we’re getting this much now, is because FF is taking a lead in the Polls, & the plebs need to be reminded just why they’re going to be loaded with more tax for the next 20+ years !!!
My Enemies, Enemy is my Friend; & if an Inquiry puts the shits in FF it the doldrums for the next 10 years it’s worth every penny of the silks fees !
Investigating possible crimes of bankers does not rule out an inquiry into how the Regulator, Central Bank, Department of Finance and the Government acted at the time.
Your hatred of Fianna Fail is a peculiar reason to give to excuse the lack of investigations/prosecutions/transparency in relation to possible crimes.
It is far far more important to root out institutional corruption. *All ethics in the life of this country stem from our institutions. *
Companies and corporates like banks merely play along to the rules and ethics and culture promulgated.
We pay our institutions very well to do this. That is their only source of revenue, so as to keep them ‘clean’.
Our political institutions are at the top of the chain. But ALL of our institutions must come under an adequate light.
That is why all of our institutions are screaming ‘Anglo’, Anglo’, ‘Anglo’.
But they are totally fucking inconsequential in the grand scheme of things.
Perhaps AIB and BOI would be more important since they have developed much more of this institutional characteristic - due to their much longer term close association with our state, developed.
Anglo should certainly be investigated in the context of the close associations developed with our state and its core institutions during the brief period of its ascendency. But that is the only relevant context. - However, this is the context that has been carefully excluded from investigations!
Well said my friend.
Many people think that our institutions have been captured by private companies and private interests, and that our institutions have been denuded of the expertise they need to keep these people in check becasue the public sector cannot compete with obscenely high private sector salaries. Many people think that this is not peculiar to Ireland but hads been replicated across western democracies.
Does that mean you’re enemies? Or enemies of one another’s enemies?
Denis Casey former chief of IL&P chimes in :
Oh, for God’s sake, Denis, SSSHHHHH. It was all Anglo’s fault. Sure the Central Bank and Financial Regulator didn’t know that Anglo was that bad, at all. You must know that Drumm “mis-represented” Anglo’s position to them.
Mr. Casey could find himself in the transport lobby of Moscow airport if he isn’t careful!
So, it is coming out now what they were doing to try and “resolve” liquidity related issues.
What needs to come out next, is that in tandem with this, they were trying to address the underlying solvency problems.
This was in response to my representations post-NAMA: (it took months to get any response at all)
What needs to be understood about the guarantee was that it was done in tandem with NAMA. A two pronged approach to address liquidity and solvency. A cover-up of colossal character.
The bankers and others in the room that night (of the guarantee) definitely had the germ of what was to become NAMA in mind in effecting a decision. The guarantee was useless without something like NAMA.
Sure look, here was a top banker talking about it less than two weeks later in public (6 months before Bacon effectively rubber stamped it and gave it its formal name)
Denis Casey - “There’s Been No Anglo investigation” “Extensive Patronage of Anglo Irish Bank” ->
Department says IL&P loan was ‘not approved’ - Paul O’Brien -> irishexaminer.com/ireland/po … 35120.html
November 01, 2010
Anglo Irish probe ‘nearing an end’ - -> independent.ie/irish-news/an … 94037.html
29 October 2010
And that was 3 years ago.
I think the ILP ‘Loans’ were just an example of both sides telling the truth, & lying at the same time
No one authorised the transactions, but the proper nods & winks were exchanged when the topic of how Anglo could prop up its balance sheets arose. The Officials knew full fucking well what would happen, but they wanted that plausible deny-ability later when the Germans started asking questions. I really doubt ILP would have participated unless they knew they weren’t going to get raked over the coals later on !
The loans to the directors are of course another matter entirely, & I’d love to hear some tapes on how they transpired !
Except that even from those published accounts and a bit of research of what happens in a property bust, it was obvious to amateurs on here and professional investors that Anglo was going to be in serious trouble.