The Daily Mail is front-paging a story today about Cowen knowledge into the woes of Anglo Irish Bank. It claims
Eamon Gilmore asked Mr Cowen in September 2008 was he aware that Anglo was facing insolvency. Cowen said 'No, he did not'. The former director who attended the private dinner in April 2008 along with Mr Cowen saidBrian Cowen was 'acutely aware' of a threat to Anglo Irish Bank months earlier than he has admitted, a former director has sensationally claimed.
He also alleges that Sean Fitzpatrick was brought into the Taoiseach's inner circle as early as 2007, a full year before the infamous bank bailout. And the disgraced chairman even sat in on 'kitchen cabinet' meetings as Mr Cowen plotted for power. And Mr Cowen 'intervened with the National Treasury Management Agency to get them to deposit with Anglo Irish - but they didn't.
The former Anglo director insisted that, at the time Mr Fitzpatrick joined Mr Cowen's kitchen cabinet in late 2007, the 'writing was on the wall' for the bank. Mr Cowen has always denied knowing that Anglo's position was seriously jeopardised until September 2008.
Regarding the Quinn Share issue it statesHe was acutely aware of our problems. The conversation at that dinner was interesting. The big man has been less than truthful about it'. The conversation had been 'openly' focused on Anglo's financial difficulties.
It says that Seanie was overheard at a party openly talking about the risky Quinn Investments and this got back to the boardroom at the Central Bank.The Anglo Irish board first realised that the bank was massively threatened by Quinn's gambling on its share price, on September 11 2007, the insider claims. The board met that very night to assess its own 9/11. And by this stage Mr Fitzpatrick was a confidant of the Taoiseach, our informant insists.
On Cowen intervention with the NTMA it readsWe were told to tell him to shut his mouth. If it got out there could be a run on the system.
However, the former board member alleges that there is 'no question' but that Fianna Fail protected Dean Quinn. "There has never been a question in my mind that Quinn was protected. Quinn is still protected... Corporate gambling. Really, he got away with it"
In September 2010, Brendan McDonagh (now CEO of NTMA) said that they stopped placing deposits with Anglo three years ago becauseBut possibly the most explosive allegation is that Mr Cowen promised to intervene with the NTMA in order to get the Independent Guardians of the nations’ cash to resume putting deposits with Anglo.
Many of the allegation are also contained in the Indo's article today.”they didn't understand the business model of Anglo.” When asked whether the decision and reasons were then communicated to the Government, Mr McDonagh said such reporting was a matter for Dr Somers. But Dr Somers has subsequently declared 'I didn't know enough to say anything to anybody, and if I had, they would have said "Would you ever go and mind your own business? This is a very successful institution, what are you on about". It would not have mattered if I had said something to Cowen. What could he have done'