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 Post subject: Re: Liquidator’s IBRC report in progress
PostPosted: Sun Jun 14, 2015 9:53 am 
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Anglo Overcharging Saga: Ganley Affidavit of 2013 - Constantin Gurdgiev -> http://www.trueeconomics.blogspot.co.uk ... anley.html
Friday, June 12, 2015

Quote:
Here are some select quotes from the Affidavit, filed by Mr. Declan Ganley on August 12, 2013 with respect to his knowledge about the share interest rate rigging practices at the Anglo Irish Bank as covered in my earlier posts here:
http://trueeconomics.blogspot.ie/2015/0 ... anglo.html
http://trueeconomics.blogspot.ie/2015/0 ... -ibrc.html
and implications of which are discussed here: http://trueeconomics.blogspot.ie/2015/0 ... still.html

Per Mr. Ganley's Affidavit: he met Mr. R.K. - former executive in Anglo Irish Bank in October 2010 and during the course of his discussion with Mr. R.K., Mr. R.K. "told me that one of several areas that should be pursued should be the opportunistic over charging of interest rates targeting multiple customers of Anglo. He said that it wasn't a great secret within Anglo and that it had been standard practice for many years. He said that the skim on these loans was jokingly known as "TIBOR" after a Mr. Tiarnan O'Mahoney, who he said oversaw this practice at the bank. He explained that TIBOR was the fake rate that Anglo would apply, pretending that it was the daily DIBOR rate. He said that it would be easy to check, by just looking into what the actual DIBOR rate was on a given day and then checking what Anglo had reported it to be to various customers. The resulting mark up would go to Anglo's coffers."

there is more


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 Post subject: Re: Liquidator’s IBRC report in progress
PostPosted: Sun Jun 14, 2015 10:21 am 
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So is the taxpayer now on the hock for possible/probable compensation ?


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 Post subject: Re: Liquidator’s IBRC report in progress
PostPosted: Sun Jun 14, 2015 11:34 am 
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If there is fraud by one party in the performance of a contract, the other can apply to Court to have that contract rescinded. Consider that in the context of a loan agreement where a bank has fraudulently manipulated the Libor / Euribor rate. It would mean, subject to the Judge's discretion, that the borrower would not have to discharge the interest due under the facility. The borrower still has to pay back the capital sum advanced of course, but in many instances would have already paid back the capital sum. They would not be liable for further interest payments and could recover interest payments already made due to the voidability of the loan agreement. The implications of this for any bank involved in interest rigging are potentially massive.


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 Post subject: Re: Liquidator’s IBRC report in progress
PostPosted: Mon Jun 15, 2015 12:07 am 
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Not forgetting Peter Mathews was expelled for resisting the Fine Gael party whip back on the 2nd of July according to wiki.

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 Post subject: Re: Liquidator’s IBRC report in progress
PostPosted: Mon Jun 15, 2015 12:19 am 
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Roymcfaldo wrote:
If there is fraud by one party in the performance of a contract, the other can apply to Court to have that contract rescinded. Consider that in the context of a loan agreement where a bank has fraudulently manipulated the Libor / Euribor rate. It would mean, subject to the Judge's discretion, that the borrower would not have to discharge the interest due under the facility. The borrower still has to pay back the capital sum advanced of course, but in many instances would have already paid back the capital sum. They would not be liable for further interest payments and could recover interest payments already made due to the voidability of the loan agreement. The implications of this for any bank involved in interest rigging are potentially massive.



How many are going to blame the overcharging on a business failing ?


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 Post subject: Re: Liquidator’s IBRC report in progress
PostPosted: Mon Jun 15, 2015 12:36 am 
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Open Window wrote:
Not forgetting Peter Mathews was expelled for resisting the Fine Gael party whip back on the 2nd of July according to wiki.



The case Mathews was referencing (John Morrissey) related not to fraud or anything nefarious, but to incorrect application of the day count convention (or what seems more accurate, a failure on Anglo's behalf to update their terms & conditions to reflect how they should calculate interest).

When debts were re-denominated in Euro on the change over from the Punt, the reference rate for the majority of commercial loans moved from DIBOR to Euribor. DIBOR (similar to LIBOR) was 365/365 but Euirbor is actual/360 (i.e. 365/360).

Anglo it seems, correctly changed the denominator to a 360 day year. However, they didn't reflect this in their loan agreement terms & conditions. Morrissey who owed a ton of debt (30mm+ property related) to Anglo was seeking to have his debt set aside. The judge, decided this was nonsense, and simply recalculated the interest per the loan agreement T&C's (which reflectied an "overcharge" of approx 140k) and subtracted the overcharge from the judgement amount Anglo was seeking again Morrissey.

Mathew's hasn't put anything into the public domain which suggests fraudulent behavior. His references to "TIBOR" overcharging are unsupported by anything published.

Conspiracy Gurdiev has obviously picked up on this and is using it to further his populist, anti-establishment doomsday narrative.


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 Post subject: Re: Liquidator’s IBRC report in progress
PostPosted: Mon Jun 15, 2015 1:19 am 
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Namawinelake and Who_shot_the _tiger discussing this topic back in 2011.

And it first appeared on Guido Fawkes in 2010

Mike Aynsley hoped the bill would be about €30 million back in 2010, but so far at least €500 million has been paid out (by the taxpayer) and this has a long way to run still.


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 Post subject: Re: Liquidator’s IBRC report in progress
PostPosted: Mon Jun 15, 2015 2:14 am 
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Coles2 wrote:
Mike Aynsley hoped the bill would be about €30 million back in 2010, but so far at least €500 million has been paid out (by the taxpayer) and this has a long way to run still.


This is the bit I don't understand.
Surely such an emergency takeover by the government would come with the basic clause that the taxpayer isn't liable for any illegal activity by the previous bank administration ?


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 Post subject: Re: Liquidator’s IBRC report in progress
PostPosted: Mon Jun 15, 2015 2:58 am 
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Does someone have a link to the 500m figure? (Paid out to date).


I would've thought these would've been unsecured creditors.


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 Post subject: Re: Liquidator’s IBRC report in progress
PostPosted: Mon Jun 15, 2015 7:31 am 
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Andy wrote:
Does someone have a link to the 500m figure? (Paid out to date).


I would've thought these would've been unsecured creditors.
I can't find the reference to the figure now. It could be wrong.

Are you suggesting that borrowers won't have to be reimbursed for fraudulent interest overcharging?


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