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IL+P/Anglo deposit was approved by regulator and Central Bank

Digout

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According to Newstalk, a statement issued by IL+P strongly hints that the above transaction was approved by the central bank and regulator before it happened.

Statement - http://www.newstalk.ie/Irishlife.pdf

It was said that they were responding to a call "To wear the green jersey and move the money to Anglo following a call from the regulator". So, it was a partiotic act?

So, as I have asked before, did this plan originate in government buildings on the night of the guarantee?
 
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Leftfemme22

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According to Newstalk, a statement issued by IL+P strongly hints that the above transaction was approved by the central bank and regulator before it happened.

I cant find the statement online, when I find it I'll post it.

So, as I have asked before, did this plan originate in government buildings on the night of the guarantee?
Wouldn't surprise me in the slightest.

Given who owns most of the debt and how beholden FF are to them, is it any surprise that the Government would permit such a transaction?
 

Leftfemme22

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If this is true, the government will fall.
What are the legal ramifications of this? I was under the impression that despite the optics being extensibly bad there is nothing technically illegal about the deposit or its approval.
 

Outlander

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What are the legal ramifications of this? I was under the impression that despite the optics being extensibly bad there is nothing technically illegal about the deposit or its approval.
Fek the legal ramifications - What are the implications for Ireland's international banking reputation? All Irish government debt would be seen as toxic.
 

LeftOfCentre

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If it was even 1 % true . . . a certain former regulator will find it really difficult to spend 160k pa from a jail cell.

the execs that resigned should be in Garda custody RIGHT NOW ! .... So should Fitzpatrick.

Banana Republic is a compliment !
 

Digout

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From the statement

It was noted that the Financial Regulator had communicated to the Non
Executive Directors of the Board in person last May that it was a policy
objective of both the Central Bank and the Financial Regulator that Irish
financial institutions would work to support each other in the face of an
unprecedented threat to the stability of the Irish financial system arising from
the international credit crisis.
 

Digout

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Its simply not credible that this was not discussed during the formulation of the guarantee scheme.
 

Outlander

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Should we begin to question the Government's Books - is Ireland Inc in the B&B business?
 

Leftfemme22

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Fek the legal ramifications - What are the implications for Ireland's international banking reputation? All Irish government debt would be seen as toxic.
Actually, having those responsible arrested in front to the eyes of the world would go some way in restoring what little reputation Ireland has left. Accountability should be a driving force in this especially if the law was broken.

At this stage it would require Lenihan being walked out in handcuffs but I'd settle for the FR for now.
 

LeftOfCentre

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I agree ! . . . The meeting that lasted until 4 in the morning before the guarantee. . . . At best , this was the golden Circle menbers scratching eachothers back. . . . at worst the regulator and departmen were involved . . . . This is rotten.

Either way - Heads rolling will not be enough ... we need a full criminal investigations.
 

Digout

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Look at the sequence of events, Anglo went to IL+P looking for money on the 29th

On the 29th September, IL&P was contacted by Anglo on three separate
occasions requesting further advances which were declined as further
collateral was unavailable from Anglo to support such deposits.
There was a run on Anglo and with its report due to be announced it would have collapsed.

So, they went to government buildings and hey presto, a plan is made to facilitate the transaction.

On 30th September, following the introduction of the Government Guarantee
Scheme, and again at the request of Anglo, IL&P, through its subsidiary ILA,
agreed to place a total of €4 billion on deposit overnight with Anglo on receipt
of €4 billion into Permanent TSB which was offered as collateral in respect of
these deposits. This transaction occurred in four tranches.
Coincidence?
 

Leftfemme22

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Has FG manifestly expressed a reversal of the Anglo nationalisation plan if elected?

Of thats the case they have my vote.
 

LeftOfCentre

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Joan Buron hit the Nail on the Head , , , , , Enron . .

The IL&P Execs that resigned, did they resign with a Golden Parachute/pension?

If Denis Casey is still in IL&P by 2 pm /// i'll eat my hat!
 

Digout

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Is it credible that this was not discussed with the minister for finance who was up all night in government buildings sorting out the guarantee with the banks?
 
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they are still lieing
time for the fraud squad to use the new garde bugging powers
all the board rooms and their houses
o forgot
the rich have bought the law
its only you pleaseants who are account able
 

Digout

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Anglo " Hey Lenihan, we are in trouble"

Lenihan " Please explain"

Anglo "We dont have enough deposits and our end of year is tomorrow"

Lenihan "How much are ye short?"

Anglo "About 7 billion"

Lenihan "Jaysus, thats a lot, can anything be done about it? Can ye not get a loan from the markets?"

Anglo "No, the word on the street is we are toast, but, IL+P are willing to give us cash, but they are worried about getting it back due to the current conditions"

Lenihan "If the government guarantees the loan, will that make it easier?"

Anglo "I guess so"
 


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