Fascinating story in the press across the water today which involves a Labour Peer, the UK banking regulator, two Bank of Ireland whistleblowers and a 'close friend' of Michael Noonan:
http://www.thisismoney.co.uk/news/ar...#ixzz1Mjno6SfPThe claims emerged after the Daily Mail published a letter from Lord Ahmed of Rotherham to Chancellor George Osborne, calling for an urgent inquiry into the independence of Bank of Ireland UK. The Labour peer quoted a 'senior' whistleblower, who claims the bank's UK division is controlled from Ireland, casting into question the Financial Services Authority's decision to grant a British banking licence.
The unnamed executive, who says he was moved to air his grievances after the bank tried to silence him, told the Mail that he was due to meet with the FSA to discuss the claims.
http://www.thisismoney.co.uk/news/ar...moretopstoriesThe row over Bank of Ireland UK's independence has intensified, after a second whistleblower claimed the division was controlled from Dublin.The source, who still works at the Bank of Ireland, said staff recently discovered that they were technically contracted to Dublin after a disciplinary issue involving a colleague.The company did not respond when asked about contracts.
The source also claims that the chief executive of Bank of Ireland UK, David McGowan, has been sidelined, with directions handed down by another executive located across the Irish Sea.
http://www.dailymail.co.uk/money/art...#ixzz1MjprPCSqGeorge Osborne has been urged to investigate whether Bank of Ireland’s UK arm, which manages billions of pounds of savings for the Post Office, is a ‘sham’ bank covertly run from Dublin.
The startling concerns are laid out in a letter from Lord Ahmed of Rotherham to the Chancellor, in which he raises fears that Bank of Ireland hoodwinked British regulators into awarding it a UK banking licence.
The licence means that if the bank went under, the British government would be required to bail out its UK savers at the Post Office, up to a maximum of £85,000 per customer.
The issue of who controls the London and Belfast operations is critical, as the Bank of Ireland could soon be nationalised by the Dublin government, due to its escalating losses on property loans.
The letter warns that the non- Irish businesses are ‘covertly’ run from Dublin by an Irish executive who is a close friend of Dublin finance minister Michael Noonan and is also said to have the ear of Prime Minister Enda Kenny.