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Anglo Irish Bank.......a nest of vipers!

Oldira1

Well-known member
Joined
Oct 2, 2008
Messages
1,466
The following statements is from Anglos Irish Banks Annual Report in 2006.


Wealth Management
The Bank’s Wealth Management Division provides high net
worth clients
with a variety of services including private banking,
fund management and retirement planning. Many of these clients
are also customers of our Business Lending Division.
Wealth Management operates as a single integrated division,
drawing in skills and resources as required from a variety
of areas across the Group. The Division’s primary aim is to
develop tailored investment solutions for high net worth clients,
with an emphasis on creating and preserving wealth. Services
are provided from offices in Ireland, the Isle of Man, the UK,
Austria, Switzerland and most recently, Portugal. Anglo Irish
Assurance Company, a subsidiary of the Bank, provides a range
of investment and retirement solutions as part of an integrated
service for our wealth management clients.

Risk Management
The rigour of our risk management standards – and the
effectiveness with which they are applied across the Group
– are clearly demonstrated by the consistently low level of
impaired loans. Impaired loans amounted to C263 million
representing just 0.5% of total Group lending. Our total
provisions at year end stood at C270 million.
The credit environment currently remains benign. However,
even if conditions change markedly in the future, we have
confidence that the Bank’s stringent risk management policies
will continue to maintain a high quality asset base.


Below are the EXECUTIVE officers of this bank. That could

Matt Moran
David Drumm .
Peter Fitzgerald
John Bowe
William McAteer
Tony Campbell j
Tom Browne
Declan Quilligan
Pat Whelan
Peter Butler
Bernard Daly

A/ Does anyone believe that the developers with €28 billon of impaired loans have not availed of the banks 'wealth management' division to protect themselves? .


B/ Why are the people named above not in jail for producing a statement on their risk management as detailed above. Does anyone know how many of these brigands still work for the bank. The actual impaired loans are 100 times what the bank claimed in 2006. 100 times.

Why are Ernest and Young still in existance?.
 


Louth Planner

Member
Joined
Jan 14, 2008
Messages
98
The following statements is from Anglos Irish Banks Annual Report in 2006.


Wealth Management
The Bank’s Wealth Management Division provides high net
worth clients
with a variety of services including private banking,
fund management and retirement planning. Many of these clients
are also customers of our Business Lending Division.
Wealth Management operates as a single integrated division,
drawing in skills and resources as required from a variety
of areas across the Group. The Division’s primary aim is to
develop tailored investment solutions for high net worth clients,
with an emphasis on creating and preserving wealth. Services
are provided from offices in Ireland, the Isle of Man, the UK,
Austria, Switzerland and most recently, Portugal. Anglo Irish
Assurance Company, a subsidiary of the Bank, provides a range
of investment and retirement solutions as part of an integrated
service for our wealth management clients.

Risk Management
The rigour of our risk management standards – and the
effectiveness with which they are applied across the Group
– are clearly demonstrated by the consistently low level of
impaired loans. Impaired loans amounted to C263 million
representing just 0.5% of total Group lending. Our total
provisions at year end stood at C270 million.
The credit environment currently remains benign. However,
even if conditions change markedly in the future, we have
confidence that the Bank’s stringent risk management policies
will continue to maintain a high quality asset base.


Below are the EXECUTIVE officers of this bank. That could

Matt Moran
David Drumm .
Peter Fitzgerald
John Bowe
William McAteer
Tony Campbell j
Tom Browne
Declan Quilligan
Pat Whelan
Peter Butler
Bernard Daly

A/ Does anyone believe that the developers with €28 billon of impaired loans have not availed of the banks 'wealth management' division to protect themselves? .


B/ Why are the people named above not in jail for producing a statement on their risk management as detailed above. Does anyone know how many of these brigands still work for the bank. The actual impaired loans are 100 times what the bank claimed in 2006. 100 times.

Why are Ernest and Young still in existance?.
2 words - Fianna Fail.
 

Propforward

Active member
Joined
Nov 7, 2007
Messages
149
Why are Ernest and Young still in existance?.
Management consultants are professional scapegoats - as long as a government or semi state bodies need someone to point the finger at their will be an Ernst and Young (or a Cap gemini or a sogeti as they are sometimes known)

They are filled with academically successful graduates with no real world experience - excellent at telling you whats wrong but clueless when coming up with practical solutions.
 

Louth Planner

Member
Joined
Jan 14, 2008
Messages
98
Management consultants are professional scapegoats - as long as a government or semi state bodies need someone to point the finger at their will be an Ernst and Young (or a Cap gemini or a sogeti as they are sometimes known)

They are filled with academically successful graduates with no real world experience - excellent at telling you whats wrong but clueless when coming up with practical solutions.
I think he was talking about E&Y as auditors, not consultants.
 

meriwether2

Active member
Joined
Nov 15, 2008
Messages
140
The following statements is from Anglos Irish Banks Annual Report in 2006.


Wealth Management
The Bank’s Wealth Management Division provides high net
worth clients
with a variety of services including private banking,
fund management and retirement planning. Many of these clients
are also customers of our Business Lending Division.
Wealth Management operates as a single integrated division,
drawing in skills and resources as required from a variety
of areas across the Group. The Division’s primary aim is to
develop tailored investment solutions for high net worth clients,
with an emphasis on creating and preserving wealth. Services
are provided from offices in Ireland, the Isle of Man, the UK,
Austria, Switzerland and most recently, Portugal. Anglo Irish
Assurance Company, a subsidiary of the Bank, provides a range
of investment and retirement solutions as part of an integrated
service for our wealth management clients.

Risk Management
The rigour of our risk management standards – and the
effectiveness with which they are applied across the Group
– are clearly demonstrated by the consistently low level of
impaired loans. Impaired loans amounted to C263 million
representing just 0.5% of total Group lending. Our total
provisions at year end stood at C270 million.
The credit environment currently remains benign. However,
even if conditions change markedly in the future, we have
confidence that the Bank’s stringent risk management policies
will continue to maintain a high quality asset base.


Below are the EXECUTIVE officers of this bank. That could

Matt Moran
David Drumm .
Peter Fitzgerald
John Bowe
William McAteer
Tony Campbell j
Tom Browne
Declan Quilligan
Pat Whelan
Peter Butler
Bernard Daly

A/ Does anyone believe that the developers with €28 billon of impaired loans have not availed of the banks 'wealth management' division to protect themselves? .


B/ Why are the people named above not in jail for producing a statement on their risk management as detailed above. Does anyone know how many of these brigands still work for the bank. The actual impaired loans are 100 times what the bank claimed in 2006. 100 times.

Why are Ernest and Young still in existance?.
In what context?
 

Oldira1

Well-known member
Joined
Oct 2, 2008
Messages
1,466
They signed off on accounts that were seriously wrong. VERY SERIOUSLY. Not to mention the Seanie loans.

Auditors are unlimited. Surely the state can sue for damages (not to mention shareholders) for negligent. They can and should be bankrupted.
 

meriwether2

Active member
Joined
Nov 15, 2008
Messages
140
They signed off on accounts that were seriously wrong. VERY SERIOUSLY. Not to mention the Seanie loans.

Auditors are unlimited. Surely the state can sue for damages (not to mention shareholders) for negligent. They can and should be bankrupted.
Wrong how?
 

Louth Planner

Member
Joined
Jan 14, 2008
Messages
98
They signed off on accounts that were seriously wrong. VERY SERIOUSLY. Not to mention the Seanie loans.

Auditors are unlimited. Surely the state can sue for damages (not to mention shareholders) for negligent. They can and should be bankrupted.
I dont thinik you can get them on the Seannie loans because Seannie used the legislation. The legislation for banks is unless the loands are on the books at year end, there is no disclosure requirement. In Seannie's case was this wrong, yes, was it illegal - no, unfortunately.
 

zakalwe1

Well-known member
Joined
Oct 3, 2008
Messages
5,241
I dont thinik you can get them on the Seannie loans because Seannie used the legislation. The legislation for banks is unless the loands are on the books at year end, there is no disclosure requirement. In Seannie's case was this wrong, yes, was it illegal - no, unfortunately.

a simple cut-off test would establish the convenient window-dressing that those loans clearly were.

anyway, the returns to the regulator would have disclosed the loans on a quarterly basis, had the auditors and regulator bothered to read them.

and the provision has complete fiction...we all laughed at how anglo had a lower provision than BOI and AIB!!!!
 

Oldira1

Well-known member
Joined
Oct 2, 2008
Messages
1,466
Wrong how?

Read the extract on risk management.


Seanies non disclosure of his loans was illegal.

The auditors claimed that the accounts gave a TRUE and FAIR view ..and that proper books of account had been kept.

A loan of this size coming in and out within a few days could NOT have been missed. Not a chance.
 

Oldira1

Well-known member
Joined
Oct 2, 2008
Messages
1,466
Anyway my point is not really about Seanie but about the hoodlums of the executive board. Do people not smell a rat with their Wealth Management task force?
 

Gadfly

Well-known member
Joined
Nov 14, 2007
Messages
354
“If you look at financial crises, the standard playbook is to let the fourth or fifth largest bank go under and you save everybody else,”

Economics focus: What if? | The Economist

Garret is still remembered for trying to tax children's shoes, and Earnest Blythe for taking a penny off the old age pension.

But this pales into comparison beside Brian Lenihan's achievement.

Lenihan, whatever he has done in his career to now or will do in the future, will forever be known as the one who let Anglo into the state guarantee.

Taxes on shoes and pennies off pensions won't even begin to cover the damage.
 

stanley

Well-known member
Joined
Jun 20, 2007
Messages
9,484
“If you look at financial crises, the standard playbook is to let the fourth or fifth largest bank go under and you save everybody else,”

Economics focus: What if? | The Economist

Garret is still remembered for trying to tax children's shoes, and Earnest Blythe for taking a penny off the old age pension.

But this pales into comparison beside Brian Lenihan's achievement.

Lenihan, whatever he has done in his career to now or will do in the future, will forever be known as the one who let Anglo into the state guarantee.

Taxes on shoes and pennies off pensions won't even begin to cover the damage.


Lenny the man who doubled the National Debt with a stroke of his pen.
 

cactusflower

Well-known member
Joined
Oct 1, 2008
Messages
1,278
The following statements is from Anglos Irish Banks Annual Report in 2006.


Wealth Management
The Bank’s Wealth Management Division provides high net
worth clients
with a variety of services including private banking,
fund management and retirement planning. Many of these clients
are also customers of our Business Lending Division.
Wealth Management operates as a single integrated division,
drawing in skills and resources as required from a variety
of areas across the Group. The Division’s primary aim is to
develop tailored investment solutions for high net worth clients,
with an emphasis on creating and preserving wealth. Services
are provided from offices in Ireland, the Isle of Man, the UK,
Austria, Switzerland and most recently, Portugal. Anglo Irish
Assurance Company, a subsidiary of the Bank, provides a range
of investment and retirement solutions as part of an integrated
service for our wealth management clients.

Risk Management
The rigour of our risk management standards – and the
effectiveness with which they are applied across the Group
– are clearly demonstrated by the consistently low level of
impaired loans. Impaired loans amounted to C263 million
representing just 0.5% of total Group lending. Our total
provisions at year end stood at C270 million.
The credit environment currently remains benign. However,
even if conditions change markedly in the future, we have
confidence that the Bank’s stringent risk management policies
will continue to maintain a high quality asset base.


Below are the EXECUTIVE officers of this bank. That could

Matt Moran
David Drumm .
Peter Fitzgerald
John Bowe
William McAteer
Tony Campbell j
Tom Browne
Declan Quilligan
Pat Whelan
Peter Butler
Bernard Daly

A/ Does anyone believe that the developers with €28 billon of impaired loans have not availed of the banks 'wealth management' division to protect themselves? .


B/ Why are the people named above not in jail for producing a statement on their risk management as detailed above. Does anyone know how many of these brigands still work for the bank. The actual impaired loans are 100 times what the bank claimed in 2006. 100 times.

Why are Ernest and Young still in existance?.
This 28 billion is more than half of what NAMA is proposing to take on.
It is a tiny little bank operating a slush fund for a cabal.

So why did Lenihan take it on and hang it around our necks ?
 


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