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 Post subject: Re: The Curious Case of Anglo's Austrian Deposits - SBP
PostPosted: Thu Feb 07, 2013 10:16 pm 
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Location: London, innit
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Patrick Kennedy.


Seems legit.


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 Post subject: Re: The Curious Case of Anglo's Austrian Deposits - SBP
PostPosted: Thu Feb 07, 2013 10:44 pm 
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What a ridiculous thing to say.

In the UK, people occasionally marry people outside their small ethic and socio-economic group. I know it seems odd if you live in Ireland, but people are more enlightened in some parts of the world.

Of course, he may not be the guy, but I see no reason to think that.

Edit: also, some people are adopted.

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 Post subject: Re: The Curious Case of Anglo's Austrian Deposits - SBP
PostPosted: Wed Apr 06, 2016 11:32 am 
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Larry wrote:
Very interesting article by Kathleen Barrington in today's SBP ("The Curious Cae of Anglo Irish Bank and its Austrian Deposits", Markets Page 3). It doesn't say a lot beyond recounting the bald facts based on info in the public domain, but it is pregnant with innuendo. I'm sure we'll have a link on it tomorrow, but for now this seems to be the broad outline of Barrington's story:

> Anglo owned a private Austrian bank for some period during the fake boom. 2001 is the earliest date in the article confirming Anglo's ownership of this bank, so it obviously owned this subsidiary from some point in time before that.

> Barrington says that this bank was important to Anglo's depositing-gathering operation for many years - reflected in the fact that a board member of the Austrian operation was placed on the Anglo board in 2001.

> On September 5 2008 Anglo announced that it was selling this bank to Swiss banking group Valartis. The sale was completed on December 19, 2008 - the day after Sean Fitzpatrick resigned as Anglo Chairman.

> Barrington points out that 2008 would have been a very odd time to sell a deposit-generating subsidiary like this given the dire need Anglo had for cash at that time. The sale resulted in the loss of a large amount of deposit capital, Barrington asserts - a total of €600m according to Anglo's 2009 Annual Report.

> Indeed, it appears that Seanie was so keen to sell this Austrian operation that he even leant Valartis money to buy the business from Anglo.

> What was the nature of this Austrian bank? Barrington says it had about 4,000 private customers managing about €1.6b for them. Moreover, this bank was subject to Austrian derogations from the EU Savings Directive such that the identities of its customers did not need to the revealed to the authorities. Privacy seemed to be the defining characteristic of the operation.

> Barington's money shot comes in one small para near the end of the piece and is related to this high level of confidentiality:

Quote:
Let's hope those clients don't include any Irish depositors who might owe money to Anglo, to other struggling Irish banks or to the Irish taxpayer.


.........

In the piece, the points Barrington seems most at pains to convey are the importance of the deposits to Anglo in 2008, the extreme confidentiality of the the Austrian subsidiary and Sean Fitzpatrick's unusual anxiety to sell the business.


So now this starts to make sense.


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 Post subject: Re: The Curious Case of Anglo's Austrian Deposits - SBP
PostPosted: Tue Apr 12, 2016 8:57 pm 
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What the Panama Papers tell us about Ireland - Colm Keena -> http://www.irishtimes.com/business/fina ... -1.2603444

Quote:
The Anglo emails

Anglo Irish Bank had a branch in Austria that it bought in 1995 and sold in 2008. The Mossack files include email correspondence with clients unhappy about banks wanting to know the real beneficial owners of offshore company accounts.

“A major part of my work revolves around finding banks that have fairly relaxed conditions,” Jan Stockhausen, of Mossack, told one disgruntled client in a February 2006 email. Stockhausen said MF had gone through procedures to open accounts with various banks and then listed 17, including Anglo Irish Bank (Austria), Berenberg Bank (Germany), Banque Privée Edmond de Rothschild (Luxembourg), Clariden Bank (Switzerland) and HSBC (Isle of Man, Hong Kong and Panama).

“The only bank where we ever managed to open an account without naming the [ultimate beneficial owner] at all was Ebanka (Czech Republic).”

Numerous other emails show Anglo in Austria featuring in a seven-bank list of recommended private banks that Mossack staff sent to clients. “We have had the best experience with the following banks,” the emails say, before listing Anglo and the others. The files also show that Anglo in Austria often requested Mossack to establish offshore companies on behalf of its clients.

there is more



Panama Papers: Inside Anglo’s ‘smooth and quiet’ Austrian business - -> http://www.irishtimes.com/business/reta ... -1.2598234

Quote:
Anglo Irish Bank (Austria) appeared in other records leaked to the Washington-based consortium three years ago from a Singapore company that helped clients set up offshore companies and trusts in the British Virgin Islands, the Cook Islands and other tax havens.

One Anglo executive in Vienna boasted in an email to Portcullis Trustnet in Singapore in 2006 that Austria “deliberately keeps a lower profile” than the world’s private banking centre, Switzerland, and that investors appreciated “the smooth and quiet way in which the Austrian bank conducts business with their customers”.

there is more


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 Post subject: Re: The Curious Case of Anglo's Austrian Deposits - SBP
PostPosted: Sun Apr 17, 2016 7:54 am 
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Judgment banking secrecy Austria: Allgäu tax office may ask for customer data Sparkasse - [google translate] -> http://www.all-in.de/nachrichten/rundsc ... 57,2252743

Quote:
In Luxembourg fell yesterday - eight years after the beginning of the dispute - the decision. The judge announced that the tax authority has the right to ask for the customer data of the Austrian branch. And it does not stand the Austrian banking secrecy in the way when the data of the deceased German savers are revealed (AZ. ECJ Case C-522/14).

The CEO of Sparkasse Allgäu, Manfred Hegedus is glad that it has finally come to a decision. "A tendency, in what direction the negotiations would go was not previously identify," he told our newspaper. Disappointed the head of the Allgäu Sparkasse is not. "The aim of the action was to clarify the legal situation. The we have now. We are satisfied." Now it is at the Federal, implement the decision.

For clients of the Austrian savings banks branch changes, regardless of the final decision of the Federal, but nothing. After 2012 occurred anyway an agreement between Germany and Austria for the mutual exchange of information in force.

[google translate]


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