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Thread: Department of Finance refusal to publish report into INBS-Update-Central Bank investigation continues

  1. #16
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    Default Re: Department of Finance refusing to publish report into INBS

    Quote Originally Posted by C. Flower View Post
    Conclusion: there is not and never has been a Public Enquiry or investigation into what happened at INBS, and Michael Martin knows this quite well.
    Question: Why the hell not?
    Politics is the gentle art of getting votes from the poor and campaign funds from the rich, by promising to protect each from the other. ~Oscar Ameringer

  2. #17
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    Default Re: Department of Finance refusing to publish report into INBS

    Quote Originally Posted by ang View Post
    Michael wants it published :-
    Must be some names mentioned other than the usual FFers.

    Regards...jmcc

  3. #18
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    Default Re: Department of Finance refusing to publish report into INBS

    Quote Originally Posted by jmcc View Post
    Must be some names mentioned other than the usual FFers.

    Regards...jmcc
    Michael knows quite well, I suspect, that it cannot be published.

    Was it commissioned by INBS under the FF regime?

  4. #19
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    Default Re: Department of Finance refusing to publish report into INBS

    But don't worry, Alan Shatter will "advance" things.

  5. #20
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    Default Re: Department of Finance refusing to publish report into INBS

    Quote Originally Posted by C. Flower View Post
    Why would the public want to know what went on ?
    That's the Irish civil service for you... making sure, Paddy doesn't get to know.
    Thus all which you call Sin, Destruction—in brief, Evil—that is my true element.

  6. #21
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    Default Re: Department of Finance refusing to publish report into INBS

    Quote Originally Posted by TotalMayhem View Post
    That's the Irish civil service for you... making sure, Paddy doesn't get to know.
    A voice from the grave - Lenihan, on the Nyberg Report -

    http://www.irishtimes.com/newspaper/...295160058.html

    THE NYBERG report was damning of the Financial Regulator and the Central Bank, Fianna Fáil finance spokesman Brian Lenihan said. It concluded that they were aware of the problems in Anglo and in Irish Nationwide in particular, he added.

    “The dependence on foreign funding and the concentration of lending in the property sector was clear from their balance sheets and the governance issue at the Irish Nationwide Building Society appeared to be well-known by the relevant authorities,’’ said Mr Lenihan.

    He added that there was sufficient information available to the regulator to take decisive action in the case of both institutions.

    Lending, said Mr Lenihan, had not been scrutinised and there was an unwillingness to engage in any detail, or what was possibly perceived to be intrusive verification, to establish if the banks were behaving in a prudent manner.

    A preliminary assessment that the position was drifting into a crisis was never made in the first place, he added.

    Mr Lenihan said the report did not accept that lack of resources or powers was a reason for the failure of the regulator to intervene. He added that while the Department of Finance had identified various risks to the economy, no single comprehensive analysis, integrating those risks and assessing their implications for the economy, was carried out.
    Is the problem here that it is the Regulator's role to investigate Building Societies, and their own actions are under question ?

    I'm not familiar with the law as it applies to Building Societies.

    http://www.irishtimes.com/newspaper/...295160065.html

    Noonan's statement on Nyberg was all fudge - nothing about how the law would be applied to people who had broken it during the boom.
    Last edited by C. Flower; 14-12-2011 at 01:44 PM.

  7. #22
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    Default Re: Department of Finance refusing to publish report into INBS

    Noonan is just as corrupt as Lenihan in that he has vested interests to protect and it is now becoming obvious. The Fianna Fail v Fine Gael/Labour labels are just bread and circuses for the dummies.

    Noonan had a meeting with a Whistleblower on the Irish banking sector and from reports of that it is clear that Noonan does not want to told of criminality and wants only to continue the cover up of white-collar crime Ireland built into the establishment and that includes senior civil & public servants. Neither he nor his department have taken any action on recorded breaches of the law in the Irish financial sector and clearly don't intend ever to act upon sold information provided.

    This so-called Republic isn't just a failed state but it is a corrupt oligarchy who are best represented in it and the sooner the fake 'Republic' is killed off the better in favour of a real Republic- the one that was announced and then aborted by gombeen men after 1916.
    Think National. Act Local. Oh- and superstition is just the dark matter of human history.

  8. #23
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    Default Re: Department of Finance refusing to publish report into INBS

    These reports have been sent to the Gardai, according to Tom Lyons:
    Reports into the questionable lending practices and corporate governance failings of Irish Nationwide, the toxic building society that cost the taxpayer €5.4bn, have been passed on to the gardai.

    Minister for Finance Michael Noonan revealed for the first time last week that two reports by McCann FitzGerald, the law firm, and Ernst & Young, the accountants, into the society had been sent not only to the Central Bank but also to the gardai.
    http://www.independent.ie/business/i...i-3031848.html

  9. #24
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    Default Re: Department of Finance refusing to publish report into INBS

    Passed on to the Gardaí, yeah sure....when every single Garda in the country with a bit of ambition depends on political patronage to advance past a certain rank.

    Rotten stupid primitive mucksavage corrupt gombeen statelet. There's probably backwaters in Africa or South/Central America that have better governance than Ireland.

  10. #25
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    Default Re: Department of Finance refusing to publish report into INBS

    Ah now ... sure to the ringing of a sombre bell on a rainy day in May there may be an enclosed carriage seen being pulled by a pair of black horses wearing midnight silk plumes ... an urchin will pull at the sleeve of his mammy and ask, "mammy what's that?"

    "It is one of these files being sent to the DPP, Mickey. Make sure you cross yourself now when it passes as it is very bad luck in Ireland not to take note of files being sent to the DPP. Offer up a short prayer to St Governata of the Saintly Island, patron saint of Making Sure Something Is Seen To Be Done and turn around three times."

    "Jayze, Ma. Why don't they use a taxi though?"

    "Because the files are so full of ***** it won't make any difference if the horses add theirs, son. Now give us a hand ripping up these cobble stones."
    Last edited by Captain Con O'Sullivan; 26-02-2012 at 12:52 PM.
    Think National. Act Local. Oh- and superstition is just the dark matter of human history.

  11. #26
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    Default Re: Department of Finance refusing to publish report into INBS

    An update on INBS in the IT today from Simon Carswell.
    THE CENTRAL Bank has taken witness statements from former staff of Irish Nationwide as part of its investigation into reckless lending by the former building society during the tenure of chief executive Michael Fingleton.
    The Central Bank investigation, led by the regulator’s enforcement division, is looking in particular at lending by the building society at the height of the property boom, 2004-2008, when most of the building society’s losses, which have led to a €5.4 billion Government bailout, were incurred.

    The Central Bank said the investigation was being conducted under its “administrative sanctions procedures into historic lending practices at INBS”.
    http://www.irishtimes.com/newspaper/...322497651.html
    Mr Noonan said in February the reports had also been passed to the Garda and they could not be published before the conclusion of the Central Bank’s investigation, any Garda investigation and civil legal proceedings taken by the former Anglo Irish Bank, which is winding down Irish Nationwide.
    So several decades after hell freezes over, then?
    Meanwhile former Anglo, IRBC, "issued legal proceedings against Mr Fingleton and other former directors of the building society at the end of March over breach of contractual obligations"
    The Office of Corporate Enforcement's remit does not allow it to investigate INBS.
    Why its remit has not been changed to allow it to investigate INBS could make for an interesting story.
    Last edited by PaddyJoe; 20-08-2012 at 01:00 AM.

  12. #27
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    Default Re: Department of Finance refusal to publish report into INBS-Update-Central Bank investigation continues

    This report will feature in Richard Curran's documentary tonight.
    he report, by consultants Ernst & Young and solicitors McCann Fitzgerald, was commissioned by the chief executive who replaced former boss Michael Fingleton.
    The document highlighted poor loan performance, poor lending practices and inadequate credit risk management records.
    The report has been uncovered by the makers of documentary ‘Inside Irish Nationwide’, which airs on RTÉ One at 9.40pm.
    The report found that €6.6m was paid into a trust company based in Jersey for which no documentation existed.
    It said €10m was used to settle a legal dispute but there was no paperwork regarding the litigation.
    It said there were €2m of invoices which the building society paid twice.
    This issue went unchallenged and was not followed up.
    The report said there was €435,000 paid to a company but when it was checked by Ernst & Young it emerged the firm did not exist at the address which had been specified.
    http://www.rte.ie/news/business/2013...onwide-report/

  13. #28
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    Default Re: Department of Finance refusal to publish report into INBS-Update-Central Bank investigation continues

    Quote Originally Posted by PaddyJoe View Post
    This report will feature in Richard Curran's documentary tonight.

    http://www.rte.ie/news/business/2013...onwide-report/
    Role of the Central Bank needs to be questioned. They knew in 2000 and in 2005 again that there were serious irregularities with Fingers operations and did nothing.

    http://www.publicinquiry.eu/
    “ We cannot withdraw our cards from the game. Were we as silent and mute as stones, our very passivity would be an act. ”
    — Jean-Paul Sartre

  14. #29
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    Default Re: Department of Finance refusal to publish report into INBS-Update-Central Bank investigation continues

    RTE on this now.
    “ We cannot withdraw our cards from the game. Were we as silent and mute as stones, our very passivity would be an act. ”
    — Jean-Paul Sartre

  15. #30
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    Default Re: Department of Finance refusal to publish report into INBS-Update-Central Bank investigation continues

    Fingleton was "happy to give journalists loans to buy their first homes"
    “ We cannot withdraw our cards from the game. Were we as silent and mute as stones, our very passivity would be an act. ”
    — Jean-Paul Sartre

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