Charlie McCreevy admits allowing Spanish banks to violate accounting rules

[C. Flower]

More than Shanganagh, Deansgrange and Glasnevin combined, I suspect.

McCreevy seems to be to euro finance what the dynamic flea/rat partnership were to the Black Death.

Well, at least we're not entirely responsible for Goldman Sachs or the Greek debacle....are we???

Peter Sutherland.

[PaddyJoe]

Charlie is the only former EU commissioner that has been forced to leave a job since the EU introduced new rules on the employment of former commissioners seven years ago.
November 2010:

FORMER MINISTER FOR FINANCE Charlie McCreevy has been forced to step down from the board of a British investment firm seeking to create a new retail bank – after an EU ethics committee said it was a conflict of interest for him to do so.
McCreevy had sat on the board of NBNK Investments, a firm which seeks to create new bank by acquiring other faltering banks for knock-down prices and then consolidating their activity.
As a former EU Commissioner for Internal Market and Services, however, McCreevy played an active part in introducing new legislation which created a new pan-European banking regulation system, approved by MEPs two weeks ago.

http://www.thejournal.ie/mccreevy-qu...32383-Oct2010/

[morticia]

Peter Sutherland.

Auugghhhh

[Dr. FIVE]

Broadsheet running this now

http://www.broadsheet.ie/2012/06/18/on-his-watch/

[Greengoddess]

I really do wonder about that connection between Sutherland, Goldman Sachs and Charlie McCreevy at the Finance Commission slot.

I followed along via the Europarl website through the consultation process on the proposed updating of the European Market Abuse Directive and other proposals to tighten regulation over the European financial sector and McCreevy I can say for sure actually went through a two year consultation with banks and then when it came to the end of that process simply pressed the button to start the consultation process all over again. With what we know now that looks deeply suspicious- quite apart from the fact that McCreevy was booted under a cloud of suspicion elsewhere which extended into the European Parliament itself.

McCreevy was also Ahern's sidekick on promoting the IFSC and was also the man behind the 'Performance Review Board' made up of close friends of Fianna Fail which effectively bribed the SGs and Deputy SG's of each civil service department between 2001 and 2008 when Cardiff hurriedly hid that quango away.

If I had a choice between pulling in Ahern on an investigation into planned corruption or McCreevy I'd have McCreevy in first.

In my own travels across the corruption associated with the deliberately inflated bubble in Ireland and the bribery of regulatory and statutory 'independent' institutions I keep finding McCreevy at the bottom of every significant rock.

I am hugely concerned about these influences STILL. Remember that there are people whose interests do not lie in us, for instance, getting our debts reduced who, for all we know, can influence our own government. Others have more circumscribed issues. John Bruton in out here at the moment with the IFSC. I once again asked for real evidence that an FTT would do damage to our own industry and once again got no answer. Because there isn't any. Tonight I will encounter this group again ( paying for my own dinner!) . I think COS knows more about the technicalities of these things then I do. But I have a bad feeling.

[disability student]

FTT is where UK have opposed tooth and nail. London is the place for tax haven not the only one but also IFSC as well.

It's bit unreal when Neary said that his oversight was on Irish companies not foreign companies in the IFSC. Ruane of ERSI was non excutive director there as part of DEPFRA (Irish arm of Depfra).

Most companies are mix & match of fund accountants, who deals with hedge monies, place to launder monies which there is no internal or external controls to monitor them especially foreign companies.

[antiestablishmentarian]

Others here may be better qualified than I on such things but surely McCreevey had a duty of care he needed to fulfil as part of the terms of his contract of service?

[PaddyJoe]

McCreevy has questions to answer:

Issued : Thursday 19 July, 2012

Nessa Childers MEP today said former Commissioner Charlie McCreevy must answer for his role in the Spanish banking collapse.

"Former EU Commissioner Charlie McCreevy was respondsible for enforcing of EU financial rules from Nov 2004 to Feb 2010. However he knew Spanish banks were ignoring EU accounting rules and he did nothing to stop them. He admitted to this fact at a meeting of the International Accounting Standards Board in 2009.

"Spanish banks used a accounting practice called 'dynamic provisioning', which helped them mask the true extent of their losses. This practice is against International Financial Reporting Standards, which under EU law should have be adopted by all publically listed companies since January 1st 2005.

"As a result of Charlie McCreevy's failure to enforce EU law, the seriousness of the debt problem in Spanish banks was not fully detected until their collapse this year and resulting multi-billion euro bailout.

"Former Commissioner McCreevy must answer the serious questions around his role in this issue, and why he did not enforce EU law in this case."

http://www.labour.ie/press/listing/1...792538135.html