A Question On Anglo That Will Not Go Away

[ang]

Fintan asks Brian Lenihan three questions on Anglo:-


Can I therefore ask Brian Lenihan three questions.
Where, exactly (with page and paragraph references), does Honohan express support for a blanket guarantee for Anglo?

Where, exactly, do Merrill Lynch support such a guarantee?

And, back to the original question: how much money for Anglo is too much?

http://www.irishtimes.com/newspaper/opinion/2010/0810/1224276469748.html

Fintan has again asked the question how much is too much for Anglo, he asked this question in a previous article and got a public response from Brian Lenihan.

He is not happy with that response.

[PaddyJoe]

That's the perfectly calibrated response to Lenihan's letter. The minister gets away far too often with the carefully phrased misdirection techniques that cost a fortune to learn in the King's Inns.
I'm still surprised that he bothered to reply to O'Toole's orignal article and made a bigger issue of it than it would have been otherwise.
He must have been stung by the reference to the blood transfusion scandal in the original article.

[ang]

The department also sent a response to Peter Mathews letter in the Times stating yet again that PH thought the guarantee was a good idea.

They specifically left out some of the paragraph they were quoting from to make it look that way.

If they are going to continue with this sort of manipulative spin then it is only fair that they continue to be questioned on same.

[PaddyJoe]

Namawinelake asks if Brian Lenihan is going to anounce another injection of public money into Anglo even before any EU approval of the restructuring plan.

And yesterday the Sunday Business Post reported that Brian Lenihan might be about to give Anglo another commitment. Has Minister Lenihan sought approval from the EU? Plainly nothing formal has been announced by the EU and indeed the apparent delay in approving the Anglo restructuring plan doesn’t augur well. So the question now is is the Minister about to, for the third time in less than a year, break the law on State-aid and sign a commitment to Anglo for further State-support even though the EU has not given its approval? And is any commitment (which may be for upto €8bn if the “upper limit” of €22bn injection to NAMA is still valid) going to be given without any democratic oversight, debate or examination of alternatives?
http://namawinelake.wordpress.com/2010/08/09/is-brian-lenihan-about-to-break-state-aid-law-for-the-third-time-in-less-than-a-year/

[DCon]

Namawinelake asks if Brian Lenihan is going to anounce another injection of public money into Anglo even before any EU approval of the restructuring plan.

http://namawinelake.wordpress.com/2010/08/09/is-brian-lenihan-about-to-break-state-aid-law-for-the-third-time-in-less-than-a-year/

More than 10 BN, S&P say..


RATINGS agency Standard & Poor's has warned that Anglo Irish Bank's need for further state cash may exceed the €10bn mooted by the Department of Finance.

The commentary comes amid growing concern about the mounting costs of Anglo's state bailout. Finance Minister Brian Lenihan is poised to announce another multi-billion euro transfer to the bank shortly.

At the end of March, Mr Lenihan said the amount needed by the bank "could be in the order of a further €10bn".

Anglo has already been bailed out to the tune of €14bn.

Noting Mr Lenihan's March comments, Standard & Poor's (S&P) yesterday described the further €10bn as "an amount which we consider may be exceeded".

http://www.independent.ie/business/irish/further-aid-to-anglo-may-exceed-euro10bn-warns-sp-2290567.html

Although, somewhat ironically, Anglo are trying to sue another bank for fraud.


ANGLO Irish Bank has filed a fraud claim against a German bank claiming the bank's incompetence led to higher losses than necessary.

The lawsuit pits a bank belonging to the Irish taxpayer against a bank belonging to the German taxpayer.

Anglo has joined an Israeli and an Arab bank in a lawsuit against WestLB to seek damages of more than $490m (€370m) after the German bank's investments in the US housing market led to billions in losses.

The banks filed the claims in New York and have accused the German regional bank of "fraud and other wrongdoings".

WestLB said yesterday that it regards the action as completely baseless. An attempt by the bank to have the case dismissed in June failed.

The case centres of two funds called Harrier and Kestrel, which were run by WestLB and in which Anglo invested during the early part of the decade.


http://www.independent.ie/business/irish/now-bank-sues-westlb-for-fraud-and-wrongdoing-2290566.html

[ang]

Pot.... Kettle......

Angela will I am sure be very happy about this Brian may even get a call.............