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The Curious Case of Anglo's Austrian Deposits - SBP
https://www.thepropertypin.com:443/viewtopic.php?f=46&t=32895
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Author:  mr_anderson [ Mon Sep 13, 2010 12:47 am ]
Post subject:  Re: The Curious Case of Anglo's Austrian Deposits - SBP

gavinsblog wrote:
2Pack wrote:
LOL Gavin :D , what Iraq connection ??? There was the IRA money laundering angle in the early 1990s of course but that was not the bank itself as much as their largest shareholder.


Nope not that :wink:



Image

Ve have vays of making you talk Gavin !

Author:  CaveCanem [ Mon Sep 13, 2010 4:42 pm ]
Post subject:  Re: The Curious Case of Anglo's Austrian Deposits - SBP

Quote:
In short, FitzPatrick chose to sell an Austrian bank with a €600 million deposit book in September 2008, even though the bank was under enormous pressure on the funding front. Remember, it was in the six months leading up to September 2008 that Irish Life & Permanent controversially assisted Anglo in creating the impression that Anglo’s balance sheet was stronger than it actually was.

Indeed, it seems that FitzPatrick was so anxious to flog the Austrian business that he was even prepared to lend Valartis some of the money to buy the business from him

http://www.sbpost.ie/post/pages/p/wholestory.aspx-qqqt=THE+INSIDER-qqqs=themarket-qqqsectionid=3-qqqc=3.7.0.0-qqqn=1-qqqx=1.asp


Seannie selling customer deposits when the anglo group later that month would do a dodgy transaction with ILP to turn interbank loans into customer deposits (still no arrests!).

There is a possibility that people, who owe Anglo money, have stashed money in this Vienna operation. And whereas these borrowers may pass losses to the taxpayer, they could have their secret funds safely tucked away.

You won't get this information from Valartis, though it may be possible to run a query on Anglo's transaction database to identify transfers to the vienna bank.

Author:  jmc [ Mon Sep 13, 2010 5:11 pm ]
Post subject:  Re: The Curious Case of Anglo's Austrian Deposits - SBP

2Pack wrote:
LOL Gavin :D , what Iraq connection ??? There was the IRA money laundering angle in the early 1990s of course but that was not the bank itself as much as their largest shareholder.


Albert Reynolds and associates and the Oil for Food program....

Author:  jmc [ Mon Sep 13, 2010 5:17 pm ]
Post subject:  Re: The Curious Case of Anglo's Austrian Deposits - SBP

BlameGame wrote:
Boston wrote:
This is very interesting. I remember being in a meeting with Anglo executives about 4 years ago and the topic of Banking in Austria came up (cant remember why). One of tha anglo guys mentioned that when they bought the Austrian operation they expected the considerable deposits to leave over time but they never did. He mentioned that they were pay nearly no interest on the deposits to the customers, they just sat there earning nothing and no one ever transferred them from the Bank.

Very strange, I thought at the time.


Ha Ha :lol: Are you being serious? Was he winking when he told that tale?
A professional banker couldn't figure that one out?

It's either untaxed money from rich Germans or really dodgy money from Italy.


Italian money goes to Switzerland, Slovenia, Croatia and Malta. German money to Switzerland, Luxembourg and the Netherlands. Lichtenstein used to be the preferred final resting place for German money but those days seem to be over. Austria is for the Eastern Europeans and money that needs to buried deeper than is possible in Switzerland.

Author:  2Pack [ Mon Sep 13, 2010 6:41 pm ]
Post subject:  Re: The Curious Case of Anglo's Austrian Deposits - SBP

CaveCanem wrote:

There is a possibility that people, who owe Anglo money, have stashed money in this Vienna operation. And whereas these borrowers may pass losses to the taxpayer, they could have their secret funds safely tucked away.

You won't get this information from Valartis, though it may be possible to run a query on Anglo's transaction database to identify transfers to the vienna bank.


That query would be exactly what I have in mind, I would run a further set of queries on funds that magicked out of that bank into Anglo over the years and for whose benefit.

Author:  yoganmahew [ Mon Sep 13, 2010 7:14 pm ]
Post subject:  Re: The Curious Case of Anglo's Austrian Deposits - SBP

Moved to Anglogate.

Author:  goldmanberg [ Tue Jan 18, 2011 8:51 pm ]
Post subject:  Re: The Curious Case of Anglo's Austrian Deposits - SBP

Kathleen Barrington's latest pice on the Austrian sale in the light of facts contained in the Fitzpatrick Tapes

http://www.thepost.ie/post/pages/p/whol ... qqqx=1.asp

Author:  BrendanG [ Tue Jan 18, 2011 9:15 pm ]
Post subject:  Re: The Curious Case of Anglo's Austrian Deposits - SBP

goldmanberg wrote:
Kathleen Barrington's latest pice on the Austrian sale in the light of facts contained in the Fitzpatrick Tapes

http://www.thepost.ie/post/pages/p/whol ... qqqx=1.asp


Any chance wiki leaks will release that list of account holders names?

Author:  ex-Patrick [ Wed Jan 19, 2011 12:43 pm ]
Post subject:  Re: The Curious Case of Anglo's Austrian Deposits - SBP

This stinks to high heaven...

Author:  lastmanstanding [ Mon Feb 07, 2011 2:52 pm ]
Post subject:  How FitzPatrick sent a €600m deposit book waltzing to Vienna

Kathleen Barrington had a second article about the curious case of Anglo Irish Bank (Austria) AG in yesterday's SBP.

Quote:
The more you learn about Anglo Irish Bank’s €600 million Austrian deposit book, the more you wonder why Sean FitzPatrick decided to sell it in September 2008, a time when Anglo was in dire need of deposits.

Quote:
One effect of the sale is that almost €600 million in deposits that were formerly held with Anglo Irish Bank’s Austrian office are now on deposit with Swiss Bank Valartis - far away from the prying eyes of the unfortunate Irish taxpayers who have been left footing the bill for FitzPatrick’s disastrous rule of Anglo.

Extraordinarily, neither Minister for Finance Brian Lenihan nor Anglo is prepared to offer any assurances to the taxpayer that none of the €600 million in Austrian deposits is owed to Anglo, to Nama or to other lending institutions propped up by the Irish taxpayer.

http://kathleenbarrington.blogspot.com/2011/02/how-fitzpatrick-sent-600m-deposit-book.html

Her blog also has the first article:
http://kathleenbarrington.blogspot.com/2011/01/lenihan-silent-on-issue-of-anglos.html

Apologies if this had been mentioned elsewhere, but I did a quick search on Anglo Austria and all i found was this:
http://www.thepropertypin.com/viewtopic.php?f=46&t=34751&start=0&hilit=austria

Author:  InForADime [ Mon Feb 07, 2011 3:05 pm ]
Post subject:  Re: How FitzPatrick sent a €600m deposit book waltzing to Vi

Quote:
the details about the large deposits held by directors have barely attracted attention even though the sums involved are also very large. For example, the parent company’s accounts reveal that 12 Anglo directors had as much as €140 million on deposit with Anglo during the year to 30 September 2008.
But the accounts reveal the remaining ten directors held at most €38 million on deposit with Anglo, during the 15 months to December 2009.
The accounts also show that only €8 million in directors’ deposits were held with the bank on December 31, 2009.

Author:  BuffaloSoldier [ Mon Feb 07, 2011 3:54 pm ]
Post subject:  Re: How FitzPatrick sent a €600m deposit book waltzing to Vi

She's chipping away at this for the last few months at least. Not sure if there is any way of cracking it open, but if there was, I'd bet it would be very interesting

Author:  Larry [ Mon Feb 07, 2011 4:10 pm ]
Post subject:  Re: How FitzPatrick sent a €600m deposit book waltzing to Vi

I believe this is Barrington's third piece on this subject, the other two are discussed here:

viewtopic.php?f=46&t=32895

Author:  BrendanG [ Mon Feb 07, 2011 4:48 pm ]
Post subject:  Re: The Curious Case of Anglo's Austrian Deposits - SBP

Threads merged

Author:  mr_anderson [ Mon Feb 07, 2011 5:02 pm ]
Post subject:  Re: The Curious Case of Anglo's Austrian Deposits - SBP

Its so damn obvious theres a major story here.
Wonder what Kathleen Barrington knows, but can't print.

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