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Thread: Allied Irish Bank Advanced and guaranteed 400 million loans to RC Church to pay US abuse victims

  1. #1
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    Default Allied Irish Bank Advanced and guaranteed 400 million loans to RC Church to pay US abuse victims

    http://www.dailymail.co.uk/news/arti...#ixzz1Veul3Kgm

    Just when I thought it couldn't get worse.

    More than $400m of compensation to American victims of sexual abuse by Catholic priests was paid with loans and guarantees from Allied Irish Bank, it has ben revealed.
    The funds, in the form of loans, guarantees and lines of credit, were given specifically to pay clerical abuse victims, and led to AIB being dubbed the 'Vatican's banking arm' in U.S. legal circles.
    The revelation that a comparatively small Irish bank based on another continent was used to pay off victims will raise questions about AIB's links to the church.
    Read more: http://www.dailymail.co.uk/news/arti...#ixzz1Vfo5URwW

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    Default Re: Allied Irish Bank Advanced and guaranteed 400 million loans to RC Church to pay US abuse victims

    Okay- so who is the Opus Dei muppet at senior level within AIB? Will the next revelation be that the loans were on a 'non-recourse' basis which would effectively mean the Irish taxpayer is propping up a bank that is paying off US abuse victims on behalf of the US catholic church?

    Something criminally wrong here- no way should AIB or any of its subsidiaries have been lending the US catholic church or its dioceses hundreds of millions of dollars in 2007 when the bank was scrabbling for funds.

    I think questions should be asked in the Dail about this when it resumes and we need to know what collateral the church put up.

    Those dioceses in the US are a bad credit risk because they've been filing for Chapter 11 bankruptcy protection in the states and those loans would be very high risk.

    I've a horrible feeling there's no collateral to speak of. That question needs to be asked and if no collateral was sought or the loans turn out to be 'non-recourse' then the demands should start for a possible fraud investigation.

    The Irish taxpayer is now on the hook for those loans if they become impaired. AIB shareholders should be asking the same questions.
    Think National. Act Local. Oh- and superstition is just the dark matter of human history.

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    Default Re: Allied Irish Bank Advanced and guaranteed 400 million loans to RC Church to pay US abuse victims

    I wonder was it the only bank involved. And if any politicians were aware of this.

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    Default Re: Allied Irish Bank Advanced and guaranteed 400 million loans to RC Church to pay US abuse victims

    Any risk of non-repayment?? Are the church a safe bet re loans?

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    Default Re: Allied Irish Bank Advanced and guaranteed 400 million loans to RC Church to pay US abuse victims

    Considering US dioceses are going bust it would appear to be very high risk.
    Think National. Act Local. Oh- and superstition is just the dark matter of human history.

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    Default Re: Allied Irish Bank Advanced and guaranteed 400 million loans to RC Church to pay US abuse victims

    Quote Originally Posted by Captain Con O'Sullivan View Post
    Considering US dioceses are going bust it would appear to be very high risk.
    I'm trying to think when did I ever hear of a bank giving a loan and also guaranteeing it....

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    Default Re: Allied Irish Bank Advanced and guaranteed 400 million loans to RC Church to pay US abuse victims

    The crucial thing for me is whether any collateral was sought. If not it would be time for a criminal investigation because there is no way any bank in its right mind would lend the catholic church, particularly in the US,money to pay abuse compensation.

    This $400million could very easily end up being chalked up to AIB. And guess who owns AIB?
    Think National. Act Local. Oh- and superstition is just the dark matter of human history.

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    Default Re: Allied Irish Bank Advanced and guaranteed 400 million loans to RC Church to pay US abuse victims

    Quote Originally Posted by Captain Con O'Sullivan View Post

    This $400million could very easily end up being chalked up to AIB. And guess who owns AIB?
    Could the Vatican not be held accountable?? Oh, boy.

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    Default Re: Allied Irish Bank Advanced and guaranteed 400 million loans to RC Church to pay US abuse victims

    I would be willing to bet that AIB was the only bank 'stupid' enough to underwrite the US Catholic Church. It also means that their insurers were no longer paying out- presumably they can't get insurance for such a high risk.

    And up pops AIB- 'sure we'll lend ya the money'. If they can't get insurers to pay out how come one single bank is $400million in the hole?

    Anyone want a bet there's no collateral either? This stinks of an Irish taxpayer stitchup to pay for the childbummers in the church again. Only nation with a track record of being stupid enough to do so.

    They got insurance in 2000/2001 against such payoffs in the states. Funny how the insurance business won't touch 'em but a state-owned IRISH bank will. There's an Opus Dei muppet in AIB responsible for this. I can smell it.

    Obviously AIB were the only ones in the market for this business if the bank gained a reputation as the Vatican's banking arm. Why wouldn't the Office of Public Works in the Vatican do the business? Too high a risk.

    Let the Irish taxpayers pay. They love that sort of thing. There is criminality behind this because this was not business that any other bank would touch.
    Think National. Act Local. Oh- and superstition is just the dark matter of human history.

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    Default Re: Allied Irish Bank Advanced and guaranteed 400 million loans to RC Church to pay US abuse victims

    OK. Toothgrinding in order. Smoke coming out of ears.

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    Default Re: Allied Irish Bank Advanced and guaranteed 400 million loans to RC Church to pay US abuse victims

    And I thought the Vatican has its own bank?

    But then, Don Corleone would have probably objected to his thoroughly laundered funds being used to compensate clerical child abuse victims. Instead, the Irish taxpayers made 'em an offer they couldn't refuse.
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    Default Re: Allied Irish Bank Advanced and guaranteed 400 million loans to RC Church to pay US abuse victims

    [QUOTE=Spectabilis;175161]http://www.rte.ie/news/2011/0821/thisweek.html


    I have posted this on the Thread on Painful Happening in Dublin Diocese opened by Andrew 49. Sorry I can't link directly.
    In answer to posts above, it would appear that a bailout from other dioceses or from the Vatican is not going to happen. So that would be us again? As to collateral, I guess indulgences are not collateral anymore.

    'Michael Kelly, Deputy Editor of The Irish Catholic is interviewed on this story here on RTE's This Week.

    Among other things he tells us that the diocese held substantial investments in bank shares. Their value has fallen from €7m to a mere €30k.

    They need €67m to meet their liabilities. There will be, he says no bailout from other dioceses or from the Vatican

    The parish levy is expected to raise €3 to €12 per Catholic family. There are 1 million registered Catholics in the diocese, so that won't balance the books.

    (What is a registered Catholic?)'

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    Default Re: Allied Irish Bank Advanced and guaranteed 400 million loans to RC Church to pay US abuse victims

    Anyone who ticked 'catholic' on the census? Its called the 'Herod' file on the Archbishop's home computer.

    Watch as a load of farmin' families suddenly switch allegiance to Islam.
    Think National. Act Local. Oh- and superstition is just the dark matter of human history.

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    Default Re: Allied Irish Bank Advanced and guaranteed 400 million loans to RC Church to pay US abuse victims

    That's 67 million euro a year yes ?

    And its all voluntary contributions ?

    We still really are a religious state, aren't we ?

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    Default Re: Allied Irish Bank Advanced and guaranteed 400 million loans to RC Church to pay US abuse victims

    Quote Originally Posted by Captain Con O'Sullivan View Post

    Watch as a load of farmin' families suddenly switch allegiance to Islam.
    hilarious....

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