The Irish Nationwide thread


#521

How pray tell can E&Y (or EY, if you prefer) be involved in this investigation? They are aware that many may not seem them as impartial, presumably they’re not charging for it anyway?


#522

INBS chiefs seek cache of papers for defence - Tim Healy -> independent.ie/irish-news/co … 22234.html

Former building society directors sued over ‘catastrophic losses’ - Ann O’Loughlin -> irishexaminer.com/business/f … 37010.html


#523

INBS trawl could uncover negligent lending of €1bn - Tom Lyons -> independent.ie/business/iris … 70770.html


#524

Years later …


#525

Irish Nationwide was ‘the breeding ground for the abuse of power’, says report - Tom Lyons -> independent.ie/business/iris … 89775.html

And don’t forget the loans to journalists


#526

Life after whistleblowing - Grainne Cunningham -> independent.ie/lifestyle/lif … 88310.html


#527

She wasn’t exactly a whistleblower though was she?

She said a bunch of stuff after she left her job in relation to a visit to the EAT.


#528

true but plenty more have left the various basket case banks since 2008 and have stayed stum. Same applies to politicians who no longer hold office…all keeping quiet so as to not rock the boat…after all, their kids will 1 day be part of same establishment!


#529

Thanks BR. I missed this post. Totally amazing that the news of the report which seems to have confirmed what everyone believes has garnered so little interest in the MSM. Or not, as per your other link.


#530

Irish Nationwide took €130m hit on loan deal with UK pubs chain - Tom Lyons -> independent.ie/business/iris … 07437.html


#531

Fjord in the jaws of suspicious persons: Montenegrin prosecutors began checking the Irish investors - -> google translate


#532

Also checkout donations - viewtopic.php?f=4&t=24657&p=293876&hilit=louis+scully#p293876

and today

Scully ‘off the hook’ as society under pressure - Tom Lyons -> independent.ie/business/iris … 61271.html


#533

€60m is nothing. I know there was a group of UK developers with the same deal and they owed more than €2bn.

This was how it worked, Nationwide would fund the purchase and development of a site, would roll up the interest and would be paid on sale of units. They would also get 20% of the profits of the development.

They never got PG’s as part of this, they saw themselves as developers, not bankers.


#534

Secret letter dismissed fears over INBS losses - Tom Lyons -> independent.ie/business/iris … 02807.html


#535

Who signed the letter? It says it was written by:

Did the rest of the board know about and approve of this? This being the board that are busy saying they had no idea what was going on…


#536

Richad Curran: Commercial property is on the rise again - -> independent.ie/business/comm … 02783.html


#537

Central Bank faces damages claim over Fingleton INBS role - Tim Healy -> independent.ie/irish-news/co … 64962.html


#538

Posted this elsewhere but deserves to be added to the Irish Nationwide thread.

Interview with Danny Kitchen on the Irish Times post the Hibernia REIT fund raising (he is Chairman of)
irishtimes.com/business/sectors/commercial-property/awful-lot-of-the-pressure-the-decisions-fell-on-fingleton-1.1625502
Irrespective of Anglo / AIB / BOI etc. madness, Irish Nationwide’s corruption and fraud are on another level.
Terrence O’Rourke, managing partner of KPMG (also Hibernia REIT Board member) who audited IN has never faced sanction.
Danny Kitchen, Chairman of IN, got Michael '“Fingers” Fingleton out without facing prosecution and with full pension / bonus.

In the Irish Times, Danny is telling the nation to just suck it up.
After his ‘exhaustive’ investigation with E&Y (auditors to Anglo) of IN he only found 72k of ‘questionable expenses’.
He tells us that poor old Michael “Fingers” Fingleton was let down by poor systems / processes?!?!?

And as per Bertie’s tribunals, the cost of investigating the fraud always seems to be greater than the fraud discovered.
(advisor fee system that Bertie created to serve a purpose which Danny has taken on to close the case on IN)

I feel bad for thinking so poorly of poor old Fingers and poor old KPMG who had the impossible task of trying to audit this.
It is nobody’s fault, I feel better paying for it now.
Thanks Danny for putting me right.
I’ll make sure my grandchildren (who will also be paying for Fingers) understand your insights too.

It even brings a smile to Danny’s face …


#539

‘Awful lot of the pressure, the decisions’ fell on Fingleton - -> irishtimes.com/business/sect … -1.1625502

Nothing that isn’t already in the public domain - except the reports they won’t publish…


#540

Fingers’ legal woes mount up - Mark Paul -> irishtimes.com/business/sect … -1.1625801

Where was the IBRC loan deal for mortgage holders? - Richard Curran -> independent.ie/business/iris … 38624.html