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Anglo bail out of directors. Thank you Mr Cowen


hammer

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"The figures show a total of just over €155m in loans to former directors of the bank was outstanding at the end of last year, but the bank has set aside almost €109m to cover the failure or possible failure to re-pay these loans.

Former chairman Sean FitzPatrick personally owed the bank more than €85m at the end of last year. But the bank's accounts show that it anticipates that almost €68m of this may not be re-paid.

The figure for former chief executive David Drumm was just over €8.3m, with the bank setting aside €6.7m for possible non-repayment. Most of this is linked to a loan given to Mr Drumm to buy shares in the bank. It is currently the subject of legal action by the bank.

Former finance director William McAteer owed the bank €8.5m, of which more than €7.6m is not expected to be re-paid. This €7.6m figures also relates a loan given to buy shares in the bank.

The figures also show that almost €13.9m was jointly lent to Mr FiztPatrick and former director Lar Bradshaw to facilitate an investment in oil exploration. The bank has set aside €11m to account for possible non-repayment of this. €3.1m was also lent to Mr FitzPatrick to fund a hotel investment.

Anglo has made provision in its accounts for the possible non-repayment of almost €22m of the €27.3m in loans to Mr Bradshaw."

Read it and weep.

Seanie €68,000,000 write off.

Thank you Mr Cowen :)
 


hammer

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Oil exploration investment €13.9 million. Likely repayment €2.9 million.

I thought Seanie was an investment guru ?
 

DCon

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Oil exploration investment €13.9 million. Likely repayment €2.9 million.

I thought Seanie was an investment guru ?
He is. He invested loads of his employers cash and if it came off he made money. If it didn't, we pay.

That is a genius.
 

hammer

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I seem to remember Lendahand saying they would pay every cent and that they would be chased to the ends of the earth :) :)

What a spoofer.
 

DCon

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I seem to remember Lendahand saying they would pay every cent and that they would be chased to the ends of the earth :) :)

What a spoofer.
Lenny meant the ends of Dublin. They cannot find him once he crosses the border.
 

Anorakphobia

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[nomedia="http://www.youtube.com/watch?v=7GSXbgfKFWg"]YouTube- Dumb & Dumber -- Empty Suitcase of Money[/nomedia]
 

bormotello

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Why not to jail them and call it investment in future?
Next generation of bankers will know what will happen with them if they will not pay in ful to state
 

sparkey321

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The bank (every bank) have to look at every loan and write down the book value of loans that they do not expect to get paid in full.

The fact that they didn't do this in the first place resulted in the mess we are now in.

All the write down does not mean that the loan is written off, far from it.

There us a huge difference.
 

Own Arris

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Why not to jail them and call it investment in future?
Next generation of bankers will know what will happen with them if they will not pay in ful to state
How about we seal them in formaldehyde and put them on display a la Damian Hirst? I'm sure the Daily Star would pay for the procedure. A space could be found between the Dublin Dockland Authority, The Famine Monument and the Financial Services Centre!
 

hammer

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All these loans should be investigated further as to share support. The directors most likely borrowed money to but Anglo shares with non-recourse loans. That is why the new directors are keen to provide for non-payment.
 

An Gilladaker

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All these loans should be investigated further as to share support. The directors most likely borrowed money to but Anglo shares with non-recourse loans. That is why the new directors are keen to provide for non-payment.
It would be interesting to know how much tax the directors paid in the last 10 years
 

hammer

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If I get a loan from my company and dont repay it, it is taxable in my hands as income after it is grossed up.

No such luck with Anglo directors as Anglo not a close company. Law needs to be changed and backdated.
 

hammer

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Came across this searching for something else.

Have all the directors loans now been repaid and have the Revenue investigated the write offs ?
 

YouKnowWhatIMeanLike

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Came across this searching for something else.

Have all the directors loans now been repaid and have the Revenue investigated the write offs ?
After careful consideration Mr Appleby and the authorities at the DPP come to the conclusion that the damage to the state in regards to the publication of the level of bare-face and obvious corruption at Anglo Irish Bank, and actually AIB and BoI as well, would be to severe to sustain the economic recovery.

Instead the government opts for an alternative plan and will from now on handle all former bank executives as national heroes and considers to treat them with due respect. Give them their bonuses, fat cat state-pensions and return the mansions to their rightful owners etc. All newspapers and books of the last 10 years will be revised and edited to reflect the "official" story and reason for the economic decline: children, the elderly and health care.

A monument will be erected in front of the GPO on O'Connell Street with the inscription: "Patriotism Is The Last Refuge Of The Scoundrel" with a picture of Sean FitzPatrick projected with laser-guns into the night sky, every night except for Xmas when it will display the two Brians instead in full glory.

 
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