Kathleen Barrington SBP 12/9/10

jpc

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Anyone care to comment on her article.
The curious tale of Anglo Irish Bank and its Austrian deposits.
Anglo sell off a bank with 600 million Euro deposits at the same time they are going under in sept2008.
Give the purchaser a loan to buy it.
It is a very curious tale.
 


jpc

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Is it me or is there a lot of implications about who put what into this bank before it was sold off in a hurry?
 

SlabMurphy

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Corruption, dodgy deals, lies, more corruuption, more lies, more dodgy deals......does it ever end ? :mad:
 

stanley

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Is it me or is there a lot of implications about who put what into this bank before it was sold off in a hurry?

There are implications before, after, during and now, but the Keystones have gone in and commandeered the records, somewhere in there will be a list of depositors at this Anglo branch and even they should be able to piece together what is what against the loan book, with particular reference on back to back loans.
 

DCon

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Sean FitzPatrick’s decision to offload an Austrian private banking subsidiary in 2008 means the identities of its customers remain shrouded in secrecy
 

oceanclub

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Slugger has more here:

Anglo’s Austrian branch used to launder Mafia money? Slugger O'Toole

Looks like things just got a little more complicated at the end of a very complicated week for the troubled government owned Anglo Irish Bank:

Banks in Austria were used to launder about 2 billion euros ($A3 billion) for the Italian mafia between 2005 and 2007, the Austrian weekly profil reports, citing Rome prosecutors
Probe into Italy mafia money laundering

Banks in Austria were used to launder about 2 billion euros ($A3 billion) for the Italian mafia between 2005 and 2007, the Austrian weekly profil reports, citing Rome prosecutors.

According to prosecution documents, the money was laundered through 14 accounts at Raiffeisen Zentralbank, Bank Austria - which now belongs to Italy's UniCredit Group - and the Austrian branch of Anglo Irish Bank, profil said on Sunday.
 

cyberianpan

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I know that Kathleen Barrington is a sister of our resident lunatic (KevBar)... but I thought she was the respectable one:

Sunday Business Post | Irish Business News
Anyone who watched the RTE documentary Freefall last week was left in no doubt that Sean FitzPatrick’s Anglo Irish Bank was insolvent by September 29, 2008 due to a lack of access to bank funding and a flight of depositors.
The bit she describes in bold is illiquid... not insolvent

Also she doesn't even have a hint of a story here - it is depressing that someone as underable as this is allowed to waste column space

cYp
 

paxtime

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Is it possible that the customers are the developers and other FF cronies who borrowed tons of cash which has now evaporated? Nah,The cash of course couldn't be in the accounts held by the Austrian bank. I mean we're talking about self-declared honourable people here. The funds for their lives abroad wouldn't be drawn from hidden stashes of cash. Heavens no.
 

DCon

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Is it possible that the customers are the developers and other FF cronies who borrowed tons of cash which has now evaporated? Nah,The cash of course couldn't be in the accounts held by the Austrian bank. I mean we're talking about self-declared honourable people here. The funds for their lives abroad wouldn't be drawn from hidden stashes of cash. Heavens no.
Could never happen.

NAMA is going to pursue them to the "ends of the Earth"
 

patslatt

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Secrecy would be upheld even if Anglo kept it

Anyone care to comment on her article.
The curious tale of Anglo Irish Bank and its Austrian deposits.
Anglo sell off a bank with 600 million Euro deposits at the same time they are going under in sept2008.
Give the purchaser a loan to buy it.
It is a very curious tale.
There seems to be an implication in the SBP article that Anglo's sale of the bank may have prevented embarrassing disclosures about secret Austrian accounts. But if bank secrecy laws in Austria and Switzerland under secrecy exemptions allowed by the EU are as strong as the SBP says,presumably it wouldn't be possible even for Anglo's management in Ireland to obtain details of those secret accounts for Irish authorities.
 

onthefence

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I too read this article on Sunday and have since reread it twice. All I can say is that it is curious. I think the Mafia stuff is a red herring.

I thought it would get a lot of comment but that story may have knocked it off the headlines.

On a not related point: I stand to be corrected but didnt Ms Barrington have something to do with the production of "Freefall"
 

He3

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Is it possible that the customers are the developers and other FF cronies who borrowed tons of cash which has now evaporated? Nah,The cash of course couldn't be in the accounts held by the Austrian bank. I mean we're talking about self-declared honourable people here. The funds for their lives abroad wouldn't be drawn from hidden stashes of cash. Heavens no.
Ah no Ted sure they'd never think of doing that would they?
 

incredulous101

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Kathleeen Barrington has another piece in the Sunday Business Post yesterday regarding the sale of Anglo Irish's Austrian subsidiary (with 600 million in deposits) at the time when it was thrashing around seeking government deposits to address "liquidity" problems.

Its goes over the ground covered in the article mentioned in this thread already - with the addition of a Joan Burton question in the Dail on the matter and Lenihan's rather perfunctory response.

If memory serves me correctly didn't the German government some years ago offer a reward for information on depositors in a bank in one of those little countries with the secret banking systems? And didn't they get information?

Anyone got any comments on whether a future Irish government might put up a similar reward for information on Irish connected depositors in this now Swiss owned bank? Anglo actually lent 24 million euro to Valartis to part fund the purchase.
 
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Boy M5

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As a sidebar on Austrian banking:

One of the larger Austrian banks was involved in nefarious activities:

These links are to 2 separate stories (the 2nd one is an update)

Nachrichten Heute

Nachrichten Heute
 

Boy M5

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If memory serves me correctly didn't the German government some years ago offer a reward for information on depositors in a bank in one of those little countries with the secret banking systems? And didn't they get information?
All of the big German banks have Luxembourg operations for wealthy customers' "tax efficiency" - Luxembourg's their equivalent of the Grand Cayman, Channel Islands & Isle of Man.


Ever so often Der Polizei will turn up at the HQ of a German bank with cop cars with flashing lights, an armoured car is often taking up the rear & parks outside the HQ (I kid you not) & raid them for info on how tax efficient various citizens are.
 


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