Enda launches new IFSC strategy, yay!

[Captain Con O'Sullivan]

That is an excellent article indeed. Look at this quote from within it;

'Other movers and shakers are Aidan Brady, chief executive of Citigroup , Mike Ryan, of Merrill Lynch Capital Markets Bank, Giovanni Lombardo of Pioneer, Gerhard Bruckermann, of Depfa, Henning Ludolphs of Hannover, Rick Hodgdon of Transamerica, Frank Monks of Nexgen, Rachel Panagiodis of Hansard, Michael Brady of XL, and John Gilsenan of Porsche, straddling both treasury and insurance.'

Bloody Pioneer- the 'wealth management arm' of Unicredito. And of course Depfa in there as well.

The IFSC is running the Irish Government. No wonder Inda got 'European of the year'. He is a corporate employee.

[Greengoddess]

That is an excellent article indeed. Look at this quote from within it;

'Other movers and shakers are Aidan Brady, chief executive of Citigroup , Mike Ryan, of Merrill Lynch Capital Markets Bank, Giovanni Lombardo of Pioneer, Gerhard Bruckermann, of Depfa, Henning Ludolphs of Hannover, Rick Hodgdon of Transamerica, Frank Monks of Nexgen, Rachel Panagiodis of Hansard, Michael Brady of XL, and John Gilsenan of Porsche, straddling both treasury and insurance.'

Bloody Pioneer- the 'wealth management arm' of Unicredito. And of course Depfa in there as well.

The IFSC is running the Irish Government. No wonder Inda got 'European of the year'. He is a corporate employee.

Shocking stuff. Worse then my worst imaginings.

[Captain Con O'Sullivan]

I don't know how long you've been following the forum GG but Depfa and Pioneer are familiar names at this point to some of us.

Unicredito were the bank at which a whistleblower who is still largely being ignored by Michael Noonan's department pointed out were regularly exceeding liquidity regulations- as have Bank of Ireland since, also without comment from the authorities in Ireland it appears.

I could say a fair bit more about Pioneer and that Unicredito bank but I have to watch the legal position in comments here.

[Apjp]

Shocking stuff. Worse then my worst imaginings.

Who did you think ran the country? Labour??? Frankfurts way indeed. Gilmore is no doubt complicit here somewhere, or else just turns a blind eye to it as our man Enda gets all the gongs.

[disability student]

Unicredit adverts were regularly seen on Champ league football pitches. Irish division was run by Paddy Hillery's son ... another FF connection.

IFSC was the brainchild of Dermot Desmond a close friend of Haughey as i wonder does he get royalty payments re IFSC since it's inception??

Irish govt were bloody lucky when Depfa went bust bringing down a Germany company who had bought them a year before. If they hadn't bought it, all the debts re bust would be soaked by our taxpayers.

[Frankie Lee]

Irish govt were bloody lucky when Depfa went bust bringing down a Germany company who had bought them a year before. If they hadn't bought it, all the debts re bust would be soaked by our taxpayers.

They would have had a more awkward job explaining how Depfa was of "systemic importance" to the Irish economy.

[Dr. FIVE]

Irish govt were bloody lucky

insofar as it would easily have been designated 'our' responsibility if the German and ecb thought they could have got away with it.
Fear of attracting the wrong kind of questions probably got us off the hook.

German press and possibly the ECB were still had it on our balance sheet in 2010.
Duel accounting and propaganda motives no doubt

[DCon]

They would have had a more awkward job explaining how Depfa was of "systemic importance" to the Irish economy.

I would love to know hw much of Deutsche Banks massively leveraged book is being run through an Irish company

[Dr. FIVE]

+1

[Dr. FIVE]

Golem has three excellent posts on bank bailouts recently for anyone who missed.

Good in this thread as anywhere else I suppose

http://www.golemxiv.co.uk/

[Greengoddess]

In the Dail today. Answer to questions on the Clearing House Group:

*
An Taoiseach*: In line with the Government’s focus on increasing the transparency and openness of government, a number of measures are being taken with regard to the IFSC Clearing House Group to ensure transparency and accountability in its work. First, the minutes of meetings of the group which have taken place since my election as Taoiseach to the end of September this year will shortly be published on my Department's website and www.merrionstreet.ie. Second, a report on the work of the group during this period will also be published on the websites. Third, I have asked the Secretary General of my Department who is chairman of the group to write to the Chairman of the Oireachtas Joint Committee on Finance and the Public Service offering to brief it on the work of the group. These initiatives will ensure increased awareness of the continued importance of the international financial services sector to the economy and highlight the progress being made by the private and public sectors working together in creating and protecting jobs for Ireland, a priority which is shared by all parties in the House.
*

[Dr. FIVE]

http://www.irishtimes.com/newspaper/...326839464.html

This year 21 changes were made to the Finance Act at the behest of the industry, which provided draft legislation for some of its proposals.

A tax break for school fees for children of IFSC executives who had moved to Ireland was opposed by the Revenue but included in the final legislation after further representations were made by the industry through the Clearing House Group mechanism.

The group also worked in concert with Government in opposing European Commission plans for a financial transaction tax.

[Dr. FIVE]

A look at the International Financial Services Centre (IFSC) in Dublin and explore issues around tax, regulation and democratic oversight. Guests include Shane Brett, Harry McGee and Professor Jim Stewart.


https://www.youtube.com/watchv=dfRA_BBqb5w

[Dr. FIVE]

Here is the report mentioned and written by Jim Stewart

http://visar.csustan.edu/aaba/JimStewart2006.pdf

This paper examines aspects of a specialist financial firm known as a Treasury Management Firm. These firms are of interest for a variety of reasons as they are central to the organisation of global financial flows within an MNC. However in addition because of recent judgements by the European court of Justice relating to two Treasury Management Firms operating at the IFSC in Ireland, the nature of such firms have become central to the legally recognised location of a firm within the EU and to issues relating to tax competition between different member States.

Such issues are of great interest to non EU countries because of their implications for the use of tax havens and international tax competition. Treasury management firms exist as a wholly owned subsidiary of many MNCs and are large in terms of assets but they often have zero employees.

[PaddyJoe]

Interesting:

http://www.independent.ie/business/i...s-3166654.html

Domhnal Slattery taking legal action against Friends First:

Businessman Dómhnal Slattery has sued Friends First Life Assurance Company over allegedly threatening to pursue him for almost $10 million under an alleged guarantee over funds issued to buy a hotel in the United States.

The case relates to a $14.05 million loan advanced by Friends First to Claret Capital in March 2008 via a promissory note to fund the purchase of the St Regis Hotel in Washington DC.

He claimed the July 2009 deed provides Friends First with limited recourse to him arising from his alleged guarantee of March 2008.

This related to a promissory note via which Friends First advanced about $9.5 million to Claret Capital Holdings LLC, a Delaware company, towards the purchase of the St Regis Hotel.

He wants a number of declarations, including that he is not personally indebted to Friends First for $9.9 million plus interest and that Friends First’s recourse is strictly limited to the value of 256 shares in a company called Jetbird Ltd, an aviation firm launched by Mr Slattery.

http://www.irishtimes.com/newspaper/...327508631.html