What is truth?

Posts tagged ‘Irish nationwide building society’

ANGLO Irish Bank could be wound up in three or four years

By Laura Noonan

Monday August 29 2011

ANGLO Irish Bank‘s management believe the nationalised lender could be wound
up in as little as three or four years, the Irish Independent has learnt.

The news comes days after its chief executive, Mike Aynsley, revealed that up
to €4bn in capital could be handed back to the State when Anglo pulls the
shutters down for the final time.

The collapsed lender is due to be wound down over a 10-year period, but
management now believe that the final phase of Anglo’s life could be
significantly shorter.

Successful bidders have been identified for
Anglo’s $9.5bn (€6.5bn) US loan book and newswire Bloomberg reports that Wells Fargo, JP Morgan and Lone Star Funds will buy the loans for
80pc of their face value by the end
of October.

That will leave Anglo with just €16bn of its own loans, plus about €2bn of
loans from Irish Nationwide, meaning the bank is no longer “systemically
important”.

source:http://www.independent.ie/business/irish/anglo-could-be-wound-up-within-three-or-four-years-2860185.html

Comment :

What the people of Ireland want to know is how soon we can
expect to see the gangsters who destroyed our country be brought to trial. Why
are we still employing over 1000 people at the ridiculous salaries they were
getting in the so called boom years. Why are we still paying pensions to the
same directors and top managers who are refusing to help the Gardai with their
enquires??

Allied Irish Banks delisting from NYSE

Allied Irish Banks (NYSE:AIB), Ireland’s second largest bank, reported on Friday its American Depositary Shares (ADS) have now ceased trading on the New York Stock Exchange.

The Irish bank said its ADS shares, each representing ten ordinary shares, have been “deemed to be delisted”. Affected shareholders will be contacted with further information, the company said in statement.

Allied’s board made the decision to delist in light of the increase in the Irish government‘s shareholding, completed with the help of the National Pension Reserve Fund Commission, which is required to make investments in credit institutions, as directed by the Ministry of Finance, to stabilize the economy and to prevent potential serious damage to the financial system in the state.

At the end of July, the government bought EUR5 billion (US$7 billion) of new shares in the bank for 1 euro cent each, boosting its stake to near 100%.

The bank received a 3.5 billion euro (US$5 billion) bailout from the Irish government in 2009 to rescue Ireland’s banking system, as its bad loans soared after the collapse of a decade-long real-estate bubble.

AIB joins Anglo Irish Bank, EBS and Irish Nationwide as the fourth financial institution to be nationalized.

Following the delisting, the bank will terminate the ADS facility by ending its ADS deposit agreement between AIB and the Bank of New York Mellon as depositary.

Prior to the termination of its deposit agreement, and following delisting, AIB’s ADS will trade over the counter in the United States. The bank also plans to deregister its securities and terminate its obligations under the U.S. Securities Exchange Act of 1934, it said.

The Irish commercial bank’s ordinary shares will still continue to trade on the Enterprise Securities Market of the Irish Stock Exchange

source:http://beforeitsnews.com/story/1011/423/Allied_Irish_Banks_announces_delisting_from_NYSE.html

Comment:

What a sorry end for this Irish bank. The gangsters who are responsible are now grazing on lush pastures for the rest of their lives while the ordinary shareholders and taxpayers of Ireland have been raped, hoodwinked, and made fools of .

Not one of these gangsters will ever see the inside of a jail and their bought off political contacts are still intact, ready to protect them if need be!

see https://machholz.files.wordpress.com/2009/11/111709_1028_aibbroke1.jpg

Spend ! Spend ! Spend !

Yesterday again the Sunday papers were just the pits and
just as depressing .then this morning I finds this. I can still hear Michael Noonan
calling on the Irish public to go out and spend. ( http://www.thejournal.ie/spend-spend-spend-and-boost-irelands-recovery-162513-Jun2011/)

Well I can only speak for myself ,I certainly will not spend
,spend ,spend Mr. Noonan  as I am one of
the approximately 76 thousand previous self employed suckers who did everything
right ,saved up ,some of my hard earned money into a pension so I would not be
a burden on the State in my “Golden Years”, ,had Bank shares (blue-chip????)
and of course bought a home for me and the family .Today I feel like a
fool  as the pension ‘s value has plummeted
and wouldn’t buy the dog his dinner now ,the so called fund managers have disappeared
or have been promoted and some 23 year old now tell me to ring some 1890 number
to be told by another 20 something he doesn’t  know and he is only jobbing for a few months
so he can get enough money together to skip off to Australia. The Family home
is now been attacked by Noonan with more taxes on top of the last three years
since I became unemployed of no support from the state, no FAS courses no help
of any kind because I was stupid enough to become self employed, create employment,
and pay huge taxes to the state more than I would have had to pay if I remained
employed by someone else. Having paid there taxes on my home in the form of stamp
duty, I have in fact paid stamp duty on 4 properties in all. So I think I have
paid enough taxes on properties MR. Noonan. Since I do not qualify for any dole
or any other State help, I am living on my savings and in the last three years
they have been severely depleted .I am constantly looking for business start up
opportunities but there is no sign  of
any life out there in the business world .Credit is nonexistent ,and even if
you do come up with a business ideas you get so bogged down with red tape and
Health and safety regulations it soon becomes a nightmare, in costs and time
consumption  projects lose their business
sense.

We have a country that is infested with civil servants busy
keeping themselves in a job. The notion of public service is totally foreign to
them. Instead of trying to help would be entrepreneurs the trip to the local
county council offices is like paying a visit to the lunatic asylum. Nobody really
knows and everybody has their own niche areas they jealously guard and when
everything else fails’ to stop you out comes the killer stroke Health and Safety.
This stops you dead in your tracks! Another day wasted and you still have no
income and no business but the legions of public office holders and the armies
of civil servants who enforces their off the wall regulations go home secure in
the knowledge that they have a guaranteed job and salary. No ,I will not be
going out spending I do not have it to spend and I am fully conscious of the
fact that the self same Mr.Noonan who collects  4,000 euros every week is busy preparing yet
another budget that will again strip me of my hard earned savings by way of new
taxes ,(stealth or otherwise)all because he hasn’t got the balls to stand up to
the real gangsters in the banks and the EU .I am been saddled with the gambling
debts of others and millions of my fellow citizens will suffer losses in public
services in the coming years and all Noonan can say is the go out and spend . A Greek tragedy?  No my friends we are immersed in the mother of
all tragedy‘s National self delusion.
With another 4billion or more been taken out of the economy there will be no growth
and a lot of pain and all this coming from people who promised change

From where I stand there is no change as the small vulnerable
groupings of citizens ,those with no political clout are been squeezed of every
penny to keep the real leaches of our society  (TD’s in the Dail ) in their plumb jobs and
the vested interests who help keep the status quo going (Media, Union bosses,
Newspapers editors , and most of the so called journalists who pick up salaries
for not asking the important questions ! let’s not forget the top boys in the civil
service who are blackmailing all of us.  Don’t
get me started on NAMA  that will be
another post  I will tackle.

Just one other point, I picked up yesterday .If
anybody was in any doubt this government or the last betrayed the constitution and
thus every citizen ,for the first time is Irish history we have an admission
from a serving Irish minster  that we
have indeed lost our sovereignty  .This
is an extraordinary admission from a government minster and all it gets jus a
small corner in a Sunday paper .

This marks the official death of the Irish republic.

How much additional state funding will Anglo need?

By Namawinelake

Alan Dukes, the chairman of Anglo Irish Bank (“Anglo”) has gone very quiet of late. It seems only yesterday that the former finance minister and former leader of the Fine Gael party couldn’t contain himself with proclaiming his projections of Irish banks generally needing an additional €50bn of capital to cover losses and to provide a normalised banking service; this at a time when governor of the Central Bank of Ireland (CBI), Patrick Honohan was claiming €10bn was the more likely sum. That was only back in February of this year, so we shouldn’t have forgotten it all just yet. Back in February, Alan’s estimate was that Anglo should be okay with the €29-34bn estimated in late 2010 which was a relief because only a few months earlier there had been talk of losses of nearly €40bn. And subsequently the claim from Anglo’s CEO, Mike Aynsley in April 2011 was that the zombie Anglo wouldn’t need more than the €29.3bn already provided. But is that still the case?

full article at source here: http://namawinelake.wordpress.com/2011/07/19/how-much-additional-state-funding-will-anglo-need/

“The job isn’t even half done yet”

uploading image of Irish Govt buildings. My im...

Image via Wikipedia

By Namawinelake

Yesterday, Minister for Finance, Michael Noonan was probably the first senior minister to broach the truth. Speaking to RTE following the publication of the June 2011 Exchequer Statement, he indicated that the adjustment needed in 2012 would be in the order of €4bn, up from €3.6bn “The job isn’t even half done yet. Next year, even though the overall figures are about two-thirds of this year’s adjustment, it may be more difficult to achieve … A lot of the low hanging fruit has been picked.” He apparently didn’t provide a reason for the greater austerity, but the most likely reason is a downward revision to economic growth in 2012 which will mean less taxes,more unemployment, more welfare.

full article at sourcehere: http://namawinelake.wordpress.com/2011/07/05/%e2%80%9cthe-job-isnt-even-half-done-yet%e2%80%9d-%e2%80%93-minister-noonan-prepares-the-ground-for-2012-austerity/

Comment:

The axe will fall and fall hard why we should believe a
single word these politicians say they seem to be stricken by some mystery disease
that is making them forget what they have said only a few weeks ago .We are not
fools and we know that the books (such as they are) are full of holes and there
is no way these gombeens are going to balance these books with empty promises
they will have to face reality soon enough and I expect that they are busy
creating the relevant spin they will have to announce to us the people of Ireland
.Of course they will raise taxes and cut public services and they will also
look after their friends .Has it ever been any different ?

State owns 99.8pc of AIB

AIB Bank Centre, Dublin 4, Ireland

Image via Wikipedia

By Laura Noonan and Donal O’Donovan

Saturday July 02 2011

THE State’s stake in AIB is set to rise to 99.8pc
by the end of the month, it emerged last night, as the financial markets
absorbed an unprecedented number of announcements about Ireland‘s radical
bank restructuring.

The revelations about AIB’s shareholding were revealed in a document
describing the Government’s plans to spend €5bn on new shares at 1c a piece and
pony up any extra money through a “capital contribution”.

The extra money will be the difference between AIB’s €14.8bn capital demand,
less a €1.6bn government loan and whatever money AIB is able to make from doing
deals with bondholders.

The capital contribution won’t dilute down existing shareholders, who would
have seen their collective stake fall to less than 0.01pc if the Government had
put in all the cash via new sales.

AIB also completed its merger with EBS yesterday, and revealed that the
building society’s chief executive Fergus Murphy will be joining the bank’s
newly revamped executive team while four senior AIB directors will join EBS’s
board.

AIB and EBS will remain as separate brands and businesses, but some EBS
departments will have reporting lines into AIB, a statement confirmed. Customers
will be unaffected by the merger.

Yesterday also saw AIB get the green-light to proceed with attempts to buy
back debt from bondholders after a legal challenge by an investor was
settled.

Aurelius Capital had blocked two of AIB’s 18 debt buybacks last month, but
yesterday agreed to abandon its protest after reaching an undisclosed settlement
with the Department of Finance.

A source at AIB said it now expects to move ahead with an offer to buy back
the bonds at a steep discount using a so-called subordinated liabilities order
(SLO) sanctioned by the High Court.

The SLO gives the government sweeping powers to change the terms of AIB’s
subordinated bonds, making buyback offers at any price difficult to resist.

Yesterday’s also saw Anglo Irish
Bank
and Irish Nationwide officially merged into a new entity dubbed IBRC,
or Irish Bank Resolution Corporation, so the duo’s assets can be wound down over
the next decade.

Meanwhile, Irish Life & Permanent yesterday announced that most of its
junior bondholders have taken up an offer to sell back their debt at a discount.
The buyback of one €54m bond was not approved and remains outstanding.

– Laura Noonan and Donal O’Donovan

Irish Independent

source : http://www.independent.ie/business/irish/state-owns-998pc-of-aib-as-banks-revamped-2811522.html

Comment:

All we have here is an attempt to sell the notion that we have completely new banks and all the rot has been taken care of but this is so far from the truth. What about the banks hopeless loss making derivative positions that are still been hidden. These losses run into the billions and are perhaps been kept in “off shore branch’s” in the IFSC the mother of all hot money clearing houses in the world .If you’re a despot dictator of thieving politician this is where you are most likely to be hiding your ill-gotten gains and if you’re are a drug king pin your sure to be hiding your loot here .The Mexican drug lords are sure to be hiding their drug money here as well! The upstanding Irish citizens working in the financial services in the IFSC in the “Funds management business” are
helping drug lords and despot politician from around the world hide their stolen funds and drug money.

Back to AIB .This is still a toxic pig in new clothing
nothing has changed the same gangsters are in charge and are still doing business.
Almost 3 years on not one of them is in front of a judge .But as an ordinary
citizen if you don’t pay your TV licence you will end up in an Irish Jail.

Bring these crooks to justice or else, we the people will
get justice for ourselves!

 

€12m Anglo senior unsecured unguaranteed bond paid in full today

That’s more than the cost of the Jobs Initiative for one week.

By namawinelake

The cost of Minister Noonan’s inaction on Anglo Irish Bank (“Anglo”) and Irish Nationwide Building Society (INBS) is highlighted today as Anglo repays a €12m senior unsecured unguaranteed bond at par, that is without any haircut or discount. The bonds (ISIN ref: XS0306086157, SEDOL ref: B1ZBPV0) were issued in June 2007 – Sinn Fein finance spokesperson Pearse Doherty yesterday described the bonds as “unguaranteed unsecured” and there is no reason to doubt him. Historical prices appear to be unavailable at the Irish Stock Exchange this morning, but last month Anglo redeemed senior bonds which yielded 30% annualized returns to investors who had bought last December 2010. Our recently announced Jobs Initiative costs €470m per annum, so in a single transaction today we are spending more than the proceeds of one week’s raid on private pensions.

full article at source here : http://wp.me/pNlCf-1yL

Comment:

This amount could have paid the dole for one year to 1200 of the over 2900
(http://www.irishtimes.com/newspaper/breaking/2011/0629/breaking27.html)
people who now find themselves on the dole since the last numbers came out .Mr Noonan’s
incompetence is fast catching up with his predecessors levels and that was grim
to say the least.

Losing money and paying money men is the order of the day closing
down hospitals and essential health services is seems to be the way forward for
this Minster

Michael Noonan Spin and more spin !

Finance Minster, Michael Noonan before he got into
government said that the bail bailout was a bad deal for Ireland.”It’s been
priced too high”. The money that was been borrowed was been borrowed at 2.8%
and we’re paying 5.8%.

“3% of an add-on handling charge is extravagant and the
previous government should not have agreed to those conditions”. Mr Noonan they and you should not have
agreed to this obvious rip-off of the Irish taxpayers .The fact remains that
these debts are private debts that the private banks operating in this state
are fully responsible for these debts, you and the previous government did not
have the right to foist this odious debt on to the shoulders of the people of
Ireland .It is not a case of the interest is too high or the conditions are too
harsh it is simply a case of fraud.

Mr. Noonan and his band of overpaid political leaches are no
better that the international bondholders he seem to be bending over backwards
to reimburse by stealing the resources of our country. Plunging the nation into
a state of permanent financial slavery of its citizens is not going to help
anybody except his pals in Europe .Burden sharing with the unguaranteed senior
bondholders is just a side show and a blatant attempt by Mr. Noonan to position
himself and his government into a better light in view that his policy seems to
be “sit and watch” and let Europe make all the decisions he and the government
will then implement on their behalf.

The answer is simple the bondholders have given all this
money to the banks and they are now the legal owners of these banks, so these
banks should be handed over to the bondholders (All of them)

A debt for equity swap .they lent to the banks on the
strength of the banks collateral ,there was no guarantee given to these
bondholders that the Irish state would back up these loans in case of a bank
default .

The people of Ireland have been rightly screwed and they seemed
to be content with this situation if the latest polls are to be believed. It is
a s if the media are oblivious to the scale of fraud that is been perpetrated on
the Irish nation because every time a politician comes on to our TV screens
they do not get grilled on the real issues, there is no serious grilling of
these masters of spin about previous promises to the nation. The media and their
pampered talentless overpaid personalities are part of the status quo .

Bailout changes won’t hasten Ireland’s return to the bond markets

Source: http://www.independent.ie/business/european/bailout-changes-wont-hasten-irelands-return-to-the-bond-markets-or-alter-the-interest-rate-were-paying-2801180.html

By   Irish Independent

Q: What exactly has the EU agreed?

A: Yesterday, EU finance ministers agreed that
when the European Stability Mechanism, the renamed EU/IMF
bailout fund, comes into force in two years’ time, it will not have preferred
creditor status in the case of countries such as Ireland, Portugal
and Greece, which are already receiving bailouts.

Q: Why does this matter so much?

A: If the ESM had preferred creditor status for countries, including Ireland,
that are already receiving bailouts it would be virtually impossible for them to
re-enter the bond markets as investors would be afraid that, if they got in
trouble again, the ESM would be able to jump the queue and get its money back
first, leaving little for bondholders.

Q: Does this mean that Ireland will be able to return to the bond markets as
scheduled in late 2012?

A: Not so fast, hang on there a minute.
Yesterday, 10-year Irish government bonds were trading at less than two-thirds
of their face value and
yielding more than 11pc. This makes an Irish return to the bond markets any time
soon extremely unlikely. The best that we can possible hope for is to raise a
token amount in late 2012 or late 2013, but the grim reality is that we will be
dependent on the EU/IMF for the foreseeable future.

Q: How does yesterday’s agreement affect Finance
Minister Michael
Noonan
‘s proposals to “burn” the senior bondholders of Anglo Irish and Irish
Nationwide?

A: Mr Noonan’s statement, made in Washington last week, that he was proposing
to “burn” the Anglo and Irish Nationwide senior, or secured, bondholders, caused
outrage at the ECB. Yesterday in Brussels, Mr Noonan seems to have maintained a
discreet silence on the subject.

Q: What does yesterday’s agreement mean for the interest rate we are paying
on our bailout?

A: Absolutely nothing. With French President Nicolas
Sarkozy
apparently still dead-set against any reduction in the penal 5.8pc
interest rate Ireland is paying on the EU portion of its bailout, Mr Noonan’s
efforts to cut the bailout interest rate are hitting a brick wall.

Q: What does the IMF make of all this?

A: From comments made yesterday by its acting
managing director John Lipsky, it
is clear that the IMF is growing increasingly exasperated at the EU’s continuing
failure to sort out the Greek mess.

Irish Independent

Comment:

The pronouncements from ECB and elsewhere in Europe are really
not going to make any difference to the Irish taxpayers. A one percent discount
on the interest rate on the bailout funds from the EU doesn’t amount to a hill
of beans. All of this drama is only given opportunity to the various incompetent
politicians to perform on the European stage for the benefit of their own
citizens .It gives them a boost at home because they believe they are talking
though but the reality is so much more different .They are deluding themselves
as they ignore the elephant in the room Their hopeless attempts to shore up the
flawed Euro dream is now obvious to the world financial markets. You might
point out the Euro is gaining strength against the dollar, temporally yes!

As the dollar is in so much more in the s*** as it is  in a death spiral all of its own, but with “reserve
currency” status it still has the ability to cloak itself with some notion of
value as long as this status is maintained .

Back to dear old Ireland on Sunday we learned that the
budget deficit for 20110 will be 30billion and nobody has come out and stated
how the government is going to balance the finances of the country .Either we
are going to grow our tax recipes (more taxes) or we are going to have to cut
our expenditure drastically and I mean drastically. (Loosing  100,000 civil services jobs and a 35% cut in
pay for any remaining staff) for starters. These are the types of cuts that
will be coming down the line! 30 Billion Is a lot of money and we will need
another 30 Billion next year and the year after!

Any more taxes heaped on to the shoulders of the taxpayers
will only destroy any remaining domestic consumer demand, which is by the way
on the floor. Edna Kenny’s declaration that there will be no new taxes is
laughable and downright insulting! Does he really think the citizens of this country
are so stupid? News Flash the Irish people know full well that we as a country
are well and truly in the manure! A default is on the cards and no European
soap is going to fool the bamboozled taxpayers of our sold out country. After
three years you would think the politicians would now come out and tell the truth.
You cannot deny the maths, the math tell the truth and no amount of
grandstanding at home or in Europe can change the math, and the maths say we
are broke and cannot pay, we just do not have the earning capacity to meet the interest
on the outrageous private debts forced on to the taxpayers of this country be self-serving
parish pump gombeen politicians.

Judge Kelly on Anglo and the ODCE

By Gavin Sheridan

 I couldn’t let this pass without putting it in full here (emphasis mine):
JUDGMENT of Mr. Justice Kelly delivered on the 10th day of May, 2011
Introduction
The collapse of Anglo Irish Bank Corporation Limited (Anglo) has had profound and serious consequences for the economic wellbeing of this State and its’ citizens. It has caused much hardship to many small shareholders who invested in it in good faith. It played no small part in seriously damaging Ireland’s business reputation throughout the world.
In such circumstances, one could reasonably expect that the relevant authorities in the State would carry out a comprehensive investigation so as to ascertain whether any breach or breaches of the criminal law might have occurred in respect of the activities of Anglo and those who were responsible for it.
The applicant (the Director) has indeed been carrying out an investigation together with the Garda Bureau of Fraud Investigation and it is that investigation which gives rise to the current application.
The application concerns the treatment of material which was obtained on foot of warrants granted by the District Court to the Director in February, March and September 2009. This involved the use of what is statutorily described as an “extended power of seizure”.
In this application, the Director seeks orders pursuant to s. 20(2G)(a) of the Companies Act 1990 as inserted by s. 5 of the Companies (Amendment) Act 2009 to extend the period specified under s. 20(2I)(a)(i) to deal with such material for a further period of six months from the date specified in a similar order which I made on 9th November, 2010. A second order is sought in the same terms in respect of potentially legally privileged material.
This is the sixth time on which the Director has applied for orders of this type. The first occasion was in October 2009.
The Application
The statutory provision relied upon by the Director provides that an application may be made to the court by the Director or any person affected by the exercise of an extended power of seizure. An extended power of seizure was exercised in the present case and that is not in contest. In such circumstances, the Act provides that the court “may, if it thinks fit and having had regard, in particular, to any submissions made on behalf of the Director with regard to the progress of any investigation being carried on by the Director for the purpose of which the powers under this section had been exercised, give one or more” directions (my emphasis). The direction which is sought here is a further extension for a period of six months within which to deal with the material which has been the subject of the extended power of seizure.
At earlier hearings, I directed that if further extensions of time were to be sought, the court would have to be apprised of the progress being made in the various investigations which are being carried on.
The Investigation
Five issues have been identified which are the subject of investigation by the Director and the Garda Bureau of Fraud Investigation.
They concern:-
(i) the provision of financial assistance by Anglo to a number of persons in 2008 to enable the purchase of Anglo’s shares in circumstances which may have contravened s. 60 of the Companies Act 1963;
(ii) the provision of loans by Anglo to its former directors and the regular “warehousing” in Irish Nationwide Building Society of certain loans made available by Anglo to some former directors at the end of Anglo’s financial year thereby misleading the auditors in circumstances which may be contrary to provisions of the Companies Acts 1963 – 1990;
(iii) a “back-to-back” deposit arrangement undertaken with Irish Life and Permanent Group for the benefit of Anglo at the end of Anglo’s financial year in September 2008;
(iv) the provision of a loan to a director of Anglo in circumstances which may be contrary to common law and s. 297 of the Companies Act 1963; and
(v) the communication of possible false or misleading information in certain Anglo public statements in 2008 which may constitute breaches of the Transparency (Directive 2004/109/EC) Regulations 2007 and the European Communities (Admission to Listing and Miscellaneous Provisions) Regulations 2007.
I will consider each of these issues in turn.
Issue (i)
In sworn testimony which was put before me in November 2010, I was informed that insofar as this issue was concerned “substantial progress has been made, and the Director expects that the investigation of this item will be substantially completed at the end of the year”. That was the Directors own time estimate and not one in any way imposed by the court.
In an affidavit dated 19th April, 2011, in support of this application, I was told that a report relating to certain aspects of this issue was forwarded to the D.P.P. on 24th December, 2010 and that a file was sent to the same officer on 14th March, 2011, following what was described as “the substantial completion of this investigation”. The file was seventeen volumes in size and consisted of some eight thousand pages.
I am informed that the investigation file with the D.P.P. is about 90% complete. Despite the “substantial completion” of the investigation, there are a number of important interviews which have yet to be concluded and some other unspecified work which remains outstanding. Only when this is done will the Director be submitting this additional evidence to the D.P.P.
In December 2010, the Garda Bureau of Fraud Investigation furnished an investigation file in respect of market abuse matters in relation to this issue to the D.P.P. It is under consideration by that officer. I am not given any information as to what has happened to this since December 2010.
However, I am informed that further documentation is required to complete this investigation and this involves documents in respect of which the provisions of the Bankers’ Books Evidence Acts will have to called in aid. In addition, the investigation continues to involve the use of mutual assistance procedures in the United Kingdom in order to obtain evidence and statements from a number of persons.
I confess that when the affidavit evidence of last November was put before me and I was told that this investigation would be “substantially completed” by the end of 2010, I took that to mean that papers in final form would be placed before the Director of Public Prosecutions for his decisions at that juncture. That clearly is not the case.
Issue (ii)
In November 2010, I was told under oath concerning this issue that “substantial progress has been made and the Director envisages that the investigation of this item will be substantially completed by the end of March 2011”.
In an affidavit dated 19th April, 2011, I am told that the position concerning this issue is that:-
“Further analysis of documents will be required and a significant number of witnesses (approximately fifty) remain to be interviewed. The ODCE investigation is progressing well and every effort is being made for its completion by the end of 2011”.
This is remarkably different to what I was told last November. Instead of the investigation being “substantially completed by the end of March 2011” there is now no more than an assertion that every effort will be made for its completion by the end of 2011.
I am at a loss to know how the original time estimate could have been given, as even now, in May 2011, fifty witnesses have yet to be interviewed.
Issue (iii)
In November of last year, I was told that it was anticipated that this investigation would be substantially completed at the end of that year. A file was indeed furnished to the D.P.P. on this topic in December 2010. However, I have been given no information as to what has occurred since then. I do not know whether the D.P.P. is still considering the matter, whether he has issued directions or has made any decision at all on the topic.
Issue (iv)
In this case a file was also sent to the D.P.P. at Christmas 2010. No further information has been furnished as to what has been happening since then.
Issue (v)
I am told that a report was furnished to the D.P.P. on this matter in December 2010. However, as the investigation is largely interconnected with the events which are the subject of the issues at (i) – (iv) above, this investigation apparently cannot be completed until those investigations are at an end.
Discussion
I accept, as I have done before, that the task of conducting these investigations is a difficult one. It involves consideration of large numbers of documents both in hardcopy and electronic form. The electronic documentation has to be processed and that is complicated and time consuming. Some people have been uncooperative in making statements. Others have made commitments to give statements but have not yet done so. Other individuals have simply refused to cooperate at all. I also accept matters may arise during an investigation which put time estimates out of kilter.
Very considerable resources have been made available with a view to making progress on these inquiries.
Notwithstanding all of this, however, it has to be borne in mind that the genesis for this application was the execution of search warrants issued by the District Court as far back as 23rd February, 2009.
Now, more than two years after that event, the investigation is still continuing and I have been unable to obtain anything like a firm estimate as to when it is going to be brought to an end.
The self-selected estimates of time which were the subject of the testimony given to me in November of last year have proven to be inaccurate to a substantial degree. For example, I simply do not understand how in relation to Issue (ii), I was told that the investigation would be substantially completed by the end of March 2011 when now in May 2011, fifty witnesses remain to be interviewed. The best that I can be told by way of estimate is that every effort is being made for the completion of the investigation of this issue by the end of 2011.
This case may be unique as to its complexity and the volume of material that has to be assimilated but it is certainly not unique in its speed, or rather lack of it. Over the last few years, I have sent papers for consideration by the relevant investigation and prosecution authorities in a number of Commercial Court cases where judgments for many millions and indeed tens of millions of euros were given against individuals where there was prima facie evidence of criminal wrongdoing on their part. In some such cases admissions of wrongdoing were made. Despite the fact that years have passed since the papers were referred to the authorities, no prosecutions have ensued and little appears to have been done. I am not alone in my sense of disquiet in this regard. In his judgment of 13th April, 2011, in Kelly v. Byrne, Clarke J. said in respect of the defendant in that case:-
“It is of some relevance to note that Mr. Byrne made full and frank admissions in the witness box as to the practices in which he was engaged and his acceptance that those practices were unlawful under many headings. I do have to comment that, in the light of those admissions, it is very surprising indeed that no further action against Mr. Byrne seems, as yet, to have been taken.”
This is not a desirable state of affairs. An apparent failure to investigate thoroughly yet efficiently and expeditiously possible criminal wrongdoing in the commercial/ corporate sector does nothing to instil confidence in the criminal justice system as applicable to that sector.
Conclusion
I acknowledge again the huge volume of material that has to be considered in the present case and I do not underestimate the complexities involved. Despite that, in excess of two years investigation without any appreciable result is not at all satisfactory.
I am prepared to exercise the discretion which is vested in me under the statutory provisions in favour of the Director on this occasion. I am not, however, prepared to grant an extension of six further months as sought. I will grant an extension until Thursday, 28th July, 2011. On that occasion, I expect much progress to have been achieved. If a further extension is to be sought, I expect to be furnished with much more detailed information as to the progress of the investigation of these various issues. In particular, I will require to know what progress has been made in respect of the material sent to the D.P.P. in December 2010. I will also expect more accurate estimates of time as to the completion of these investigations than have been furnished to date.

source:http://thestory.ie/

Comment:

Almost 3 years have passed and we still haven’t even begun criminal proceedings against the Directors of Anglo, All of the Culprits that were conspiring to defraud their own shareholders by their fraudulent support of the Anglo Irish Bank Stock. Insider trading that resulted is wholesale fraud and the collapse of the confidence and good name of Irish Life and permanent whose Directors were responsible in the dubious attempts to support Anglo Irish Banks stock.  All of the Directors of the Various Banks have questions to answer s but as this is Ireland none of them will ever see the inside of a court room except if they bring a libel case brought against me because of this comment .This state of affairs clearly shows that the well connected in this Ba-NAMA- Republic are been protected from prosecution and the means is to slowly drag out this process for as long as possible and eventually have all investigations dropped! Why? Because the rot goes all the way to the top

Brian Lenihan , Brian Clown and Berti Ahern are ultimately responsible for this disaster and they should all be in Jail !

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