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Thread: Anglo Irish Bank and Subsidiaries - The History

  1. #1
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    Default Anglo Irish Bank and Subsidiaries - The History

    Nipper reminded us yesterday that the Anglo Irish Bank took over the notorious Ansbacher Bank in 1990.

    I also notice that Anglo Irish has a Swiss operation - Anglo Irish (Suisse).

    The impression could be got from current comment that Anglo Irish had a squeaky clean and uniformly successful past, and that all had suddenly and unexpectedly gone wrong in the last couple of years.

    Taking a look at the past of Anglo Irish undoubtedly will shed some light on the present and future.

    The wikipedia entry here is a good start.

    http://en.wikipedia.org/wiki/Anglo_Irish_Bank

    All contributions of information on Anglo Irish's history up to 2006 will be welcome on this thread.
    Last edited by C. Flower; 16-01-2011 at 02:11 PM.

  2. #2
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    Default Re: Anglo Irish Bank - The History

    A short Irish Times history of the bank -

    http://webcache.googleusercontent.co...&ct=clnk&gl=ie


    1977 Anglo has deposits of £2 million, cash and government securities of £1.2 million and net assets of £100,000.
    1978 Anglo was acquired by City of Dublin Bank, through its Irish Bank of Commerce subsidiary, in a £100,000 all-cash deal. An Irish Times report on the purchase stated that the Central Bank of Ireland “was worried about the financial position of Anglo ” as between 1972 and 1976, it had built up losses of £300,000.
    1980 Bank turns a profit of £100,000 and primarily provides instalment credit.
    1986 City of Dublin Bank is renamed Anglo irish Banking Corporation. Seán FitzPatrick, who had been general manager of Anglo Irish, becomes chief executive of the enlarged group.
    1987 Establishes Isle of Man operations to support growing sterling loan book. Deposits swell to almost £125 million.
    1988 Profit grows by 54 per cent to £2.2 million. Chairman Gerry Murphy boasts that the oldest senior executive is 42.
    1992 Anglo Irish director and 15 per cent shareholder John Clegg is forced to resign following British newspaper reports that he may have been involved in money-laundering for the IRA.
    1993 Anglo claims to be taking deposits of £1 million a day during the currency crisis but Murphy reassures shareholders that “Anglo" does not, has not and will not speculate”. Annual profits reach £7.3 million. In July the “Clegg holding” of 18 million shares is finally sold.
    1995 Bought Royal Trust Bank (Austria), a subsidiary of Bank of Canada, which has no loan book but deposits of £235 million providing “a cheap source of funding for future lending”, says director Tiernan O’Mahoney. FitzPatrick says Anglo’s target market is asset backed loans averaging £400,000. Deposits exceed £1.4 billion.
    1998 Anglo establishes a US operation in Boston and purchases units of Credit Lyonnais Bank in Austria for £10.1 million. Profits rise 49 per cent to £45.1 million.
    1999 Buys Smurfit Paribas Bank for £30 million cash.
    2001 46 per cent rise in pre-tax profits to €194.8 million, about a third of which is generated overseas. FitzPatrick says Anglo aims to increase lending at 15-18 per cent each year. Defending the levels of directors’ remuneration, he says the bank has “a policy that rewards success”.
    2004 David Drumm (37) is appointed chief executive as FitzPatrick steps down after 22 years at the helm. He earned €2.3 million in his last year in the job.
    No mention of Ansbacher here - Isle of Man and Manchester-based operations though.

    Wikipedia Time Line

    History
      • 1964 – Anglo Irish Bank was established in Dublin.
      • 1971 – Anglo Irish listed on the stock exchange.
      • 1988 – Anglo Irish acquired Irish Bank of Commerce.
      • 1995 – Anglo Irish acquired Royal Trust Bank (Austria), a bank with a 100 year history, from Royal Bank of Canada and renamed it Anglo Irish Bank (Austria). Anglo Irish also acquired a loan portfolio from Allied Dunbar.
      • 1996 – Anglo Irish acquired Ansbacher Bankers, which was established in Dublin in 1950.
      • 1998 – Anglo Irish acquired Crédit Lyonnais (Austria) and combined it with its existing Austrian operations.
      • 1999 – Anglo Irish acquired Smurfit Paribas Bank, a joint-venture that Banque Paribas had helped establish in Dublin in 1983. Anglo – Irish also bought a loan portfolio from Bayerische Hypo- und Vereinsbank.
      • 2001 – Anglo Irish acquired Banque Marcuard Cook & Cie. in Geneva, Switzerland, and renamed it Anglo Irish Bank (Suisse).
      • 2005 – Chief Executive Seán FitzPatrick stepped down to assume the role of chairman. David Drumm replaced him as CEO.
      • 2007 – In January, it was reported that Seán Quinn bought a 5% stake of Anglo Irish Bank for $750 million. In July 2008 Quinn converted investments in the bank to ordinary shares, increasing his family's stake to 15%.
      • 2008 – In December, both FitzPatrick, the Chairman, and Drumm, the CEO, resigned (see below).
      • 2009 – The Irish Government nationalised Anglo Irish Bank at which point the Irish Stock Exchange and the London Stock Exchange delisted the bank. On 19 January the Board of Directors resigned to allow the Government to appoint a new board.
      • 2010 – Alan Dukes appointed chairman
    Last edited by C. Flower; 22-12-2010 at 10:04 AM.

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    Default Re: Anglo Irish Bank - The History

    didn't they sell Ansbacher to the Arabs in 2005 or so?
    Thus all which you call Sin, Destruction—in brief, Evil—that is my true element.

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    Default Re: Anglo Irish Bank - The History

    Quote Originally Posted by TotalMayhem View Post
    didn't they sell Ansbacher to the Arabs in 2005 or so?
    Did they ?
    http://news.bbc.co.uk/2/hi/uk_news/n...nd/2104230.stm

    Here we go

    The Ansbacher Group is made up of two main operations: the London-based merchant bank Henry Ansbacher; and an offshore operation with branches in the Channel Islands, Cayman Islands and other locations. Not included in the sale are Ansbacher's fund management businesses.
    Both operations up for sale have been at the centre of controversies. The former head of Henry Ansbacher's corporate finance operation, Lord Spens, was charged with various offences related to the illegal share-support operation at Guinness when it bid for Distillers in the 1980s. The case against him was dropped when co-defendant Roger Seelig was deemed unfit to face trial.
    Ansbacher (Cayman) was at the centre of a tax evasion scandal in Ireland which came to the fore earlier this year in a detailed report by investigators. This referred to events in the early 1980s - before Ansbacher bought the business from rival bank Guinness Mahon. As a result of the report, the Irish tax authorities are suing Ansbacher for €3.6m (£2.5m) to cover the costs of the inquiry.
    Last edited by C. Flower; 09-08-2010 at 05:03 PM.

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    Default Re: Anglo Irish Bank - The History

    Quote Originally Posted by C. Flower View Post
    Ha! Back in the days when Mary H had a concience many many moons ago................ wonder did they get paid for the report lol

    below list of their clients, from Irish Times, 6 July 2002,

    "Caveat: It is important to bear in mind that a finding that any particular individual is a client of Ansbacher, is not a finding that that person evaded tax. Persons who have been identified as clients did not necessarily have deposits with Ansbacher. Some such persons simply borrowed money from Ansbacher in the ordinary course of business, a trasaction giving rise to no tax liability whatsoever. Others again established trusts to which they never transferred any assets."

    http://www.irishtimes.com/newspaper/...ames/index.htm
    Last edited by wickedfairy; 09-08-2010 at 05:17 PM.
    "There are two ways to conquer and enslave a nation. One is by sword. The other is by debt." -- John Adams

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    Default Re: Anglo Irish Bank - The History

    Quote Originally Posted by wickedfairy View Post
    ha ha! Back in the days when Mary H had a concience, many many moons ago
    "Mary Harney Says the Public Had The Right to Know What Went On"




    The names of 200 account holders in Ansbacher Bank were published - but the bondholders and the Golden 10 are anonymous.

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    Default Re: Anglo Irish Bank - The History

    Quote Originally Posted by C. Flower View Post
    "Mary Harney Says the Public Had The Right to Know What Went On"




    The names of 200 account holders in Ansbacher Bank were published - but the bondholders and the Golden 10 are anonymous.

    http://www.gavinsblog.com/2009/05/03...port-complete/

    gavinsblog has the complete report here if you have the stomach for it................
    "There are two ways to conquer and enslave a nation. One is by sword. The other is by debt." -- John Adams

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    Default Re: Anglo Irish Bank - The History

    Quote Originally Posted by wickedfairy View Post
    http://www.gavinsblog.com/2009/05/03...port-complete/

    gavinsblog has the complete report here if you have the stomach for it................
    Thanks very much, wicked fairy. The names are there I see.

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    Default Re: Anglo Irish Bank - The History

    Branches/subsidiaries
    Anglo-Irish has operations in Austria, Switzerland, the United Kingdom, the United States, and the Isle of Man. (ref Wikipedia), Royal Trust Bank (Canada), Smurfit Pariba (Paris)

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    Default Re: Anglo Irish Bank - The History

    Germany:-

    After several years of successfully offering Corporate Treasury services to clients from its HQ in Dublin, Anglo Irish Bank decided to establish a presence in the German market. In July 2008, the Anglo Irish Bank Branch in Düsseldorf was officially opened for business.
    http://www.irishbusinessnetwork.de/?p=405
    Last edited by C. Flower; 26-10-2010 at 01:13 PM.

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    Default Re: Anglo Irish Bank - The History

    Quote Originally Posted by ang View Post
    So, while they don't have a branch network in Ireland, they seem to have a pretty extensive international network.

    I would like to know if this whole network is what we have nationalised and is beng investigated.

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    Default Re: Anglo Irish Bank - The History

    http://www.independent.ie/national-n...an-386659.html



    "The tribunal heard also of the stg£100,000 payment made to Charles Haughey in September 1994. It was transferred on September 20 and involved a payment by Anesia Etablissement, Banque Scandinave, Geneva. It was in favour of Henry Ansbacher and Company for further credit to Cayman International Bank Trust Company and to the Royal Bank of Scotland in London.
    Another payment of stg£25,000 was also made for the benefit of Mr Haughey on October 28, 1996 being paid through the Anglo Irish Bank Corporation in the Isle of Man to the Royal Bank of Scotland in Jersey for the account of AIB (Channel Islands).
    Mr Desmond has stated that he had only two dealings with Des Traynor which related to Mr Haughey. One was in or about November 1987 when he was asked if he would participate in a five or six person syndicate to advance funds to repay ``our friend's borrowings''.
    In a memo to the tribunal, the former NCB chairman has said he understood this to refer to Mr Haughey but he declined this approach. Sometime in or about 1988 Mr Traynor asked him to move private accounts from Guinness and Mahon to NCB. Desmond admitted that the risk factor surrounding the loan to Conor Haughey for repair of Celtic Mist was not of concern to him."
    Last edited by C. Flower; 26-10-2010 at 01:15 PM.

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    Default Re: Anglo Irish Bank - The History

    Quote Originally Posted by C. Flower View Post
    So, while they don't have a branch network in Ireland, they seem to have a pretty extensive international network.

    I would like to know if this whole network is what we have nationalised and is beng investigated.
    For example the German branch would have to be investigated by the German FR now that a branch is actually open there.

    July 2008 seemed very late in the day to be opening a branch considering the precarious financial situation was in at that time.

    The German branch is subject to inspection by the German Federal Financial Supervisory Authority
    Maybe time that Irish Citizens launche a complaint in other countries.

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    Default Re: Anglo Irish Bank - The History

    Quote Originally Posted by Nipper View Post
    http://www.independent.ie/national-n...an-386659.html

    "The tribunal heard also of the stg£100,000 payment made to Charles Haughey in September 1994. It was transferred on September 20 and involved a payment by Anesia Etablissement, Banque Scandinave, Geneva. It was in favour of Henry Ansbacher and Company for further credit to Cayman International Bank Trust Company and to the Royal Bank of Scotland in London.
    Another payment of stg£25,000 was also made for the benefit of Mr Haughey on October 28, 1996 being paid through the Anglo Irish Bank Corporation in the Isle of Man to the Royal Bank of Scotland in Jersey for the account of AIB (Channel Islands).
    Mr Desmond has stated that he had only two dealings with Des Traynor which related to Mr Haughey. One was in or about November 1987 when he was asked if he would participate in a five or six person syndicate to advance funds to repay ``our friend's borrowings''.
    In a memo to the tribunal, the former NCB chairman has said he understood this to refer to Mr Haughey but he declined this approach. Sometime in or about 1988 Mr Traynor asked him to move private accounts from Guinness and Mahon to NCB. Desmond admitted that the risk factor surrounding the loan to Conor Haughey for repair of Celtic Mist was not of concern to him."
    Anglo Irish bought the Ansbacher Bank in 1996 - I'm not sure of the date.

  15. #15
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    Default Re: Anglo Irish Bank - The History

    Date here but also throws up further questions:-

    This acquisition was completed in March 1996. Ansbacher (not connected with Henry Ansbacher, London) was established in Ireland in 1950 and provided a full range of banking and investment services. At the time of its acquisition Ansbacher had total assets of EUR 241 million, a deposit portfolio of EUR 222 million and a loan book of EUR 98 million.

    I find that odd. There certainly was an Ansbacher and Co (85 Merrion Square; 52 Lower Lesson St) in Ireland in the 1950s, and it was acquired in 1996 by Anglo Irish Bank (later approved in 2000 by Charlie McCreevy). But does that mean that by the mid 1980s there were, for some time at least, two banks operating in Ireland, one called Ansbacher Limited, and the other called Ansbacher Bankers Limited?

    The address of Ansbacher Bankers is now listed as the same address as Anglo Irish Bank, according to the CRO.
    http://www.gavinsblog.com/category/i...n/anglo-irish/

    This complete page of Gavinsblog throws up some interesting info on Anglo.

    http://www.independent.ie/national-n...an-386659.html



    "The tribunal heard also of the stg£100,000 payment made to Charles Haughey in September 1994. It was transferred on September 20 and involved a payment by Anesia Etablissement, Banque Scandinave, Geneva. It was in favour of Henry Ansbacher and Company for further credit to Cayman International Bank Trust Company and to the Royal Bank of Scotland in London.
    Another payment of stg£25,000 was also made for the benefit of Mr Haughey on October 28, 1996 being paid through the Anglo Irish Bank Corporation in the Isle of Man to the Royal Bank of Scotland in Jersey for the account of AIB (Channel Islands).
    Mr Desmond has stated that he had only two dealings with Des Traynor which related to Mr Haughey. One was in or about November 1987 when he was asked if he would participate in a five or six person syndicate to advance funds to repay ``our friend's borrowings''.
    In a memo to the tribunal, the former NCB chairman has said he understood this to refer to Mr Haughey but he declined this approach. Sometime in or about 1988 Mr Traynor asked him to move private accounts from Guinness and Mahon to NCB. Desmond admitted that the risk factor surrounding the loan to Conor Haughey for repair of Celtic Mist was not of concern to him."
    Last edited by C. Flower; 26-10-2010 at 01:15 PM.

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