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Thread: Anglo Irish Bank and Subsidiaries - The History

  1. #31
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    I just noticed the State Street names there

    From wikipedia

    "In 2003, State Street purchased Deutsche Bank's securities services division for $1.5 billion. This deal made State Street the largest security services firm, surpassing JP Morgan Chase and The Bank of New York Mellon."

    " In 2004, Paul McNaughton left Deutsche Bank having led the sale of Deutsche’s mutual funds business to State Street Bank for Euro 1.4 billion. McNaughton now acts as an independent advisor and non-executive director for a number of IFSC financial entities and fund companies."

    "In May 2008, McNaughton was appointed manager of the Irish Rugby team where he will be reunited with Declan Kidney. Paul will hold the position until after the 2011 World Cup."

  2. #32
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    State Street has bought Bank of Ireland asset management

    http://www.irishtimes.com/newspaper/...reaking32.html

  3. #33
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    Default Re: Anglo Irish Bank and Subsidiaries - The History

    Kathleen Barrington strikes again:

    €600m Anglo deposits that got away
    16 January 2011 By Kathleen Barrington

    Brian Cowen should explain why Anglo Irish Bank was allowed to sell a €600 million Austrian deposit book to a Swiss bank, at a time in 2008 when he knew that Anglo Irish Bank was in dire need of deposits.

    This question is all the more pressing in the light of revelations in The FitzPatrick Tapes, the excellent new book by Tom Lyons and Brian Carey.

    While much of the focus has been on the book’s revelations of two new contacts between Cowen and former Anglo Irish Bank chairman Sean FitzPatrick - notably a March 2008 telephone conversation and a July 2008 round of golf - the book also gives details of what was discussed at a previously disclosed dinner which Cowen attended with the directors of Anglo in April 2008.

    That dinner took place just five weeks after the St Patrick’s Day Massacre, when Anglo Irish Bank suffered a massive fall in its share price on international markets and a subsequent serious flight of deposits.

    According to the book, the Anglo directors told Cowen over dinner that the property market had crashed because of the credit crunch. Former chief executive David Drumm repeatedly voiced concerns to Cowen about how difficult it was to hold on to deposits and raise new funding in the crisis.

    Anglo was so desperate for deposits that it was pleading with Cowen to ask the National Treasury Management Agency to put taxpayers’ money on deposit with the bank.

    ‘‘David did ask about the NTMA,” FitzPatrick told Lyons. ‘‘Anglo wanted Cowen to have a word about it [the NTMA] placing some of its money on deposit with the bank. He said he’d look into it.”

    A month later, Department of Finance officials met with Michael Somers, chief executive of the NTMA. The meeting recorded that the NTMA had placed €300 million in deposits with the main banks.

    However, it appears from remarks given by Somers in later media interviews that the NTMA intervention was not particularly useful to Anglo, as the NTMA was hesitant about placing more than €40 million with FitzPatrick’s bank.

    That same summer, Drumm, still spooked by the spring-time run on Anglo’s deposits, held two meetings with Rabo Ireland - a deposit-rich bank - to discuss merging the two entities. Such a merger would have helped resolve Anglo’s deposit problem at a stroke.

    Not surprisingly, Rabo, which would have been aware of Anglo’s high-risk property lending, turned Drumm down.

    Such was the scale of the problem, that Anglo sought artificially to boost the deposits on its balance sheet in both its half-year and end-of-year accounts.

    The crucial customer deposits figure was artificially boosted by €7.2 billion at the year end using funds that controversially came from Irish Life & Permanent. The move gave investors in Anglo shares false assurance that the bank was retaining its deposits, even though the bank was by then losing them by the bucketload.

    The book says that Drumm and other Anglo officers met with Con Horan, the prudential director of the Financial Regulator on September 20, 2008. Anglo told Horan it was facing an appalling funding situation: the bank had lost €5 billion in deposits over the previous week.

    We also know from the Freefall documentary last September, that Anglo’s funding problem was so critical that FitzPatrick and Drumm on September 29 p l e ad e d with Bank of Ireland to buy Anglo - to no avail.

    The book does not report on the curious fact that Anglo Irish Bank had earlier that month announced that it had agreed to sell its deposit-rich Austrian private banking subsidiary to listed Swiss banking group Valartis - an issue first highlighted in The Sunday Business Post last September.

    The sale of Anglo’s Austrian deposit business was technically completed the day after FitzPatrick resigned as chairman of Anglo in December 2008 after his concealment of his massive Anglo loans became public.

    The €600 million deposits are now hidden in Austria, which is famous for its tough bank secrecy laws, effectively ensuring that it would be very difficult for the authorities to identify the depositors.

    It is strange that neither Cowen nor the Regulator appears to have stood in the way of the sale of a €600 million deposit, when FitzPatrick and Drumm had Been moaning to them for months about the flight of depositors, and pleading for public and private funds to plug the gap.

    The apparent official indolence on this matter is surprising, especially when you consider that in 2002,Maurice O’Connell, the former governor of the Central Bank of Ireland, was happy to state publicly, at a dinner held in FitzPatrick’s honour, that he recalled meeting FitzPatrick to discuss his original acquisitions of banks in Vienna and Geneva.

    ‘‘I now began to realise that little Anglo Irish Bank wasn’t so little anymore,” O’Connell said on a commemorative DVD which FitzPatrick showed to Lyons.

    ‘‘And then they acquired a box in Croke Park and I said, from now on, I must be nice to these people!” Successive regulators appear to have been so nice to Anglo that they didn’t bother asking any hard questions about why it was flogging a €600 million deposit book when it was so badly in need of deposits.

    Indeed, cash-strapped Anglo was so keen to get rid of the deposit book that it actually lent Valartis €24 million to part-fund the acquisition.

    Last September, when Labour’s finance spokesman Joan Burton asked whether the matter was being investigated, Minister for Finance Brian Lenihan played down the matter.

    Lenihan said in response to Burton’s query: ‘‘The bank has advised that the particular private banking business was not a core activity of the bank, was not particularly profitable and that there was a significant operational risk running the operation at a distance.

    The bank feels it important to point out that it did keep a branch in Austria. I am informed that there is nothing in the records of the bank or the nature or timing of the transaction to suggest that the sale of the subsidiary was other than the normal course of business.”

    But surely the biggest operational risk facing the bank at the time was its liquidity problem.

    Surely the timing of the deal when the bank was effectively on the brink of insolvency was highly abnormal.

    And finally, surely the taxpayers bailing out Anglo deserve a more detailed explanation of why this €600 million got away.

    http://www.thepost.ie/post/pages/p/w...n=1-qqqx=1.asp

  4. #34
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    Default Re: Anglo Irish Bank and Subsidiaries - The History

    Lenihan ... from Barrington's article;

    ‘‘The bank has advised that the particular private banking business was not a core activity of the bank, was not particularly profitable and that there was a significant operational risk running the operation at a distance.

    "The bank feels it important to point out that it did keep a branch in Austria. I am informed that there is nothing in the records of the bank or the nature or timing of the transaction to suggest that the sale of the subsidiary was other than the normal course of business.”

    This is a barrister's way of implying there was nothing wrong by pointing out that someone with a conflict of interest in the matter has said there is no evidence for wrongdoing.

    Problem here is to accept that statement you need to know the person is credible. And to use Lenihan's favourite phrase I don't accept that.

    'There is nothing in the records of the bank to indicate..' is not the same as saying we've checked and there was no problem.

    Lenihan bending the English language there very carefully which we know damn well is a technique of his.
    Think National. Act Local. Oh- and superstition is just the dark matter of human history.

  5. #35
    Kev Bar Guest

    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.
    If they actually have good deposit books, we can bet they are not within the 'nationalised' remit.

  6. #36
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    Default Re: Anglo Irish Bank and Subsidiaries - The History

    Conor Brophy covered the story of the sale of Anglo's Austrian subsidiary on RTE's Drivetime today including an interview with Kathleen Barrington. There wasn't anything new that hasn't been discussed here or on Kathleen Barrington's blog but it is interesting to see that the story is finally being covered on RTE.
    It was broadcast around 5.50pm and should be on the podcast when it goes up.
    http://www.rte.ie/radio1/drivetime/

  7. #37
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    Default Re: Anglo Irish Bank and Subsidiaries - The History

    And Kathleen Barrington strikes yet again

    Lenihan silent on issue of Anglo’s Austrian depositors
    23 January 2011 By Kathleen Barrington

    Minister for Finance Brian Lenihan has refused to provide assurances that none of the owners of €600 million-worth of deposits held in Anglo Irish Bank’s former Austrian subsidiary owes money to the nationalised bank.

    Lenihan said a bank could not disclose information about its customers, as this data was protected by client confidentiality. Anglo Irish Bank announced the sale of its Austrian subsidiary to Swiss bank Valartis on September 5, 2008.

    The announcement did not disclose that the deposit book contained €600 million of deposits, a matter which was subsequently disclosed in a little noticed note in Anglo’s 2009 accounts.

    It has since emerged that Anglo was pleading with Taoiseach Brian Cowen as far back as April 2008 that it was in dire need of deposits.

    The bank also sought to artificially boost its balance sheet at its 2008 yearend to give the impression it was retaining deposits, even though it is now known that deposits were by then haemorrhaging out of the bank.

    In a statement issued in response to questions from this newspaper, Lenihan said last week that it was ‘‘normal course of business for a bank to dispose of their non-core assets, especially where there is the potential to make a profit - the disposal of non-core assets is part of the approach that has been adopted since then by the European Commission, in relation to the restructuring of various institutions across Europe."

    Anglo’s 2009 accounts stated that it realised a profit of €49 million from the sale of its Austrian private bank to Valartis.

    The accounts also revealed that Anglo provided Valartis with a €24 million loan to part-fund the purchase price of €141 million.

    Last week, Anglo declined to provide assurances that none of the owners of the deposits owed the bank money. The bank cited client confidentiality.

    http://www.thepost.ie/themarket/leni...ors-54050.html

  8. #38
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    Default Re: Anglo Irish Bank and Subsidiaries - The History

    Bank screaming for deposits allows 600million to go and makes a profit of 49million. Then again maybe the reason for the sale was to lock off the books of that subsidiary from any potential Irish investigation.

    'The-the bank in question is now owned by another company that is in a Galaxy called 'abroad' far, far, away and everyone knows Gardai shrink if they touch water. Ireland is an island so its too difficult to look at the books now.'

    A bank subsidiary that is known to have handled Calabrian mafia money as well.
    Think National. Act Local. Oh- and superstition is just the dark matter of human history.

  9. #39
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    Default Re: Anglo Irish Bank and Subsidiaries - The History

    Quote Originally Posted by SeanD6 View Post
    And Kathleen Barrington strikes yet again

    Like a dog with a bone... I would give her a prize for journalism, as one of the very few in Ireland who has done her own independent research and followed lines of investigation being ignored by others.

    It doesn't matter whether it is in general "normal" to dispose of non-core assets - the timing is so suspect that is should be investigated fully.

  10. #40
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    Default Re: Anglo Irish Bank and Subsidiaries - The History

    More Anglo history - the complex dealings of the Cleggs, in the 1990s.


    http://www.tribune.ie/archive/articl...in-the-family/
    The UK Department of Trade & Industry has just completed a near decade-long investigation into the affairs of the Clegg family and their suspicious share dealings. The probe took the two inspectors, Anthony Robertshaw and Christopher Mayhew, from Dublin to Chicago, from South Africa to North London as they unraveled a web of complex financial transactions.

    The London Stock Exchange began to investigate share dealings in a struggling engineering firm, Wace Holdings, in 1990. Details of an alleged insiderdealing ring had been uncovered by the exchange's surveillance section and passed on to other enforcement and security agencies. At the time, it was suspected that the dealings were some sort of financing operation for the IRA.

    This was not the case, although evidence uncovered led to the appointment of two DTI inspectors to carry out a fullscale inquiry into the Cleggs' dealings.

    The report reveals that the various share transactions involved names "scattered through an extensive family tree". However, the story is simple: "It is one of share dealing for profit and attempts to gain control of the management of public companies".

    The inspectors believe that the principal participants were initially the elderly Albert Clegg, also known as Albert Conroy, and his twin brother John Henry Clegg. However, from about 1983 onwards, they believe that "Mr John Michael Clegg (John Henry's son) knew, encouraged, benefited and actively participated in these operations".

    John Michael Clegg is a former nonexecutive director of Anglo Irish Bank.

    At one point, the Clegg family were the largest shareholders in the Dublin bank.

    Their share dealings included a 4.7% stake bought through Irish stockbroking firm Porter & Irvine in UK specialist printing firm Tinsley Robor under the name of Harold Staniforth in March 1990.

    In November 1989, some 2.5% of Wace's rival, Parkway, was acquired.

    The shares were registered at a Clegg address. The company was later taken over by Wace. However, a series of unfortunate fires at the house destroyed some of the Cleggs' records.
    Last edited by C. Flower; 25-01-2011 at 12:49 PM.

  11. #41
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    Default Re: Anglo Irish Bank and Subsidiaries - The History

    Fairly exuberant family the Cleggs/Rileys/Dunnes. Here is a littel snippet of conversation from a Sheffield forum relating some anecdotes of interest..

    http://www.sheffieldforum.co.uk/show....php?p=3143845
    Think National. Act Local. Oh- and superstition is just the dark matter of human history.

  12. #42
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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."
    Lest we forget, Ansbacher Bank was subsumed into Anglo Irish in 1996.
    “ 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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