McCreevy resigns from bank board after ethics committee finding

He3

Well-known member
Joined
Oct 1, 2008
Messages
17,077
Not just a county in England.

Former European commissioner Charlie McCreevy has resigned from the board of a new banking firm after an EU ethics committee found a conflict of interest with his work as commissioner in charge of financial regulation.

Mr McCreevy stepped down from the board NBNK Investments last night on foot of a negative opinion from the committee, which was established by the Commission to assess his employment by the firm.

This is first time that a former member of the EU executive has had to resign a directorship since it introduced the current system for overseeing the work of retired commissioners in 2003.

NBNK Investments was set up during the summer by former Lloyds chairman Lord Levine to pursue acquisition opportunities in the British banking sector. As institutions seek to recover from the financial crash, some large players are selling assets to comply with EU competition rulings.



McCreevy steps down from bank board over conflict - The Irish Times - Thu, Oct 07, 2010

Occasional p.ie poster Nessa Childers MEP had made her views plain:

Labour MEP Nessa Childers had complained that NBNK was “feeding off the financial crisis” fanned by Mr McCreevy’s “light-touch” approach to financial regulation. This “bitter irony”, she said, and would not be lost on people who lost their jobs due the financial crisis.
 


Asparagus

Well-known member
Joined
Apr 7, 2010
Messages
4,823
I wonder if NBNK find upon mature reflection that actually they didn't need a director at all but maybe a kildare based consultancy firm?
 

Biffomania

Well-known member
Joined
May 7, 2010
Messages
788
Well, at least we have one growth area in the overseas markets - FF's home grown lack of ethics. They just can't help themselves, can they?
 

SlabMurphy

Well-known member
Joined
Mar 14, 2009
Messages
1,684
Website
www.dublin.ie
Not just a county in England.

Former European commissioner Charlie McCreevy has resigned from the board of a new banking firm after an EU ethics committee found a conflict of interest with his work as commissioner in charge of financial regulation.

Mr McCreevy stepped down from the board NBNK Investments last night on foot of a negative opinion from the committee, which was established by the Commission to assess his employment by the firm.

This is first time that a former member of the EU executive has had to resign a directorship since it introduced the current system for overseeing the work of retired commissioners in 2003.

NBNK Investments was set up during the summer by former Lloyds chairman Lord Levine to pursue acquisition opportunities in the British banking sector. As institutions seek to recover from the financial crash, some large players are selling assets to comply with EU competition rulings.



McCreevy steps down from bank board over conflict - The Irish Times - Thu, Oct 07, 2010

Occasional p.ie poster Nessa Childers MEP had made her views plain:

Labour MEP Nessa Childers had complained that NBNK was “feeding off the financial crisis” fanned by Mr McCreevy’s “light-touch” approach to financial regulation. This “bitter irony”, she said, and would not be lost on people who lost their jobs due the financial crisis.
Well now their's another first for our great wee country, doubtless FF gressroots will be angered at the mistretament of one of our finest economic genius's of the 20th century :rolleyes:. And what does this mean for future FF jobs for the boys in Europe.

Well I know I'm giving stick to my enemies to beat me with, but loss of economic sovernity to the EU for a decade or two to clear up the mess that is the country and a new political system/constitution imposed on us after the mess is cleared before/if they give us our economic soverignity must be the only way this corrupt, cronyist, incompetent state can ever be reformed.

Just goes to show what world opinion thinks of us now. The more kicks up the butt this state gets the better.
 

Anorakphobia

Well-known member
Joined
Apr 13, 2007
Messages
911
Well done to Nessa Childers.

As I predicted here last week, Mc Creevy conned gombeen acolytes in Ireland for 30 years but he was clocked within months of his arrival in Brussels for what he is, a short cutting, lazy spoofer.
A classic FF'er whose resume will include, horse racing, golf, more horse racing, free loading, grinning, odd wise crack and sidling up to powerful business connections?
Who needs innovation, integrity, intelligence or hard work when you can have a gap toothed grin and a wink.
Once the appropriatness of his appointment was left to the EU to decide, then he was always going to be toast.

In a week when Cashel decided to run National disgrace Ahern out of town, this Mc Creevy climb down is further good news for those who are looking for signs this country is prepared to say no to spivs, failed incompetents and crooks.
Or at very least make it as difficult as possible for such people to thrive.
 
Last edited:

Biffomania

Well-known member
Joined
May 7, 2010
Messages
788
Well done to Nessa Childers.

In a week when Cashel decided to run National disgrace Ahern out of town, this Mc Creevy climb down is further good news for those who are looking for signs this country is prepared to say no to spivs, failed incompetents and crooks.
Or at very least make it as difficult as possible for such people to thrive.
That's an outrageous comparison to make - kindly apologise immediately to all spivs, failed incompetents and crooks.
 

Ulster-Lad

Well-known member
Joined
Oct 26, 2006
Messages
9,989

MPB

Well-known member
Joined
Nov 27, 2009
Messages
4,455
A pity we do not apply the same standards here. Then we might have found Tom Parlons appointment as Chairman of the Construction Industry Federation after being a Minister with responsibility for the Office of Public works, a little odd.
 

oceanclub

Well-known member
Joined
May 17, 2006
Messages
1,300
Website
oceanclub.blogspot.com
It's actually amazing to see "Fianna Failer" and "resign" in the same sentence, but of course it's only because it didn't happen here.

P.
 

Tomas Mor

Well-known member
Joined
Feb 22, 2010
Messages
10,351
Well, at least we have one growth area in the overseas markets - FF's home grown lack of ethics. They just can't help themselves, can they?

What is it about those FFers and ethics. Liam Lalor was appointed chairman of ethics committee here by De Bert.
 

Pauli

Well-known member
Joined
Sep 22, 2006
Messages
1,181
This must have been something of shock for him. Having to resign over something he never heard of before.
 

hellsbells

Well-known member
Joined
Mar 8, 2009
Messages
2,012
Could he not have hidden behind one of the famous chinnese walls.
 

justme1

Well-known member
Joined
Oct 4, 2010
Messages
595

He3

Well-known member
Joined
Oct 1, 2008
Messages
17,077
God never shuts one door but he opens another...

News of the World is always looking for the right calibre of person to join its kitchen cabinet.
 

bokonon

Well-known member
Joined
May 29, 2007
Messages
417
Speaking of conflicts of interest, let's revisit the night of September 29 2008 and the bank guarantee:
independent said:
However, even more intriguing is the confirmation this weekend that former Irish finance minister and now EU Commissioner Charlie McCreevy played a role in the formulation of the plan.

The initiative announced last Tuesday morning bears the hallmarks of a Charlie McCreevy masterstroke -- and it is no coincidence that he was confirmed to have played some part in its development.

Amid the backdrop of the mounting financial crisis, Lenihan met McCreevy in Nice during last month's gathering of Europe's finance ministers and the pair had a "long discussion" about the various contingency plans that were being explored by the Government.

According to senior government sources, McCreevy was also in regular contact with his former cabinet colleagues during the process, and was the first EU Commissioner to be told of the Irish decision to go ahead with the guarantee plan.
[05/10/2008] http://www.politics.ie/europe/139929-mccreevy-resigns-bank-board-after-ethics-committee-finding.html
McCreevy, we recall, had substantial business with one of the nationalised banks:
independent said:
IRISH Nationwide chief executive Michael Fingleton fasttracked millions of euro of loans to leading politicians, it was claimed last night.

These included a €1.6m loan to former finance minister Charlie McCreevy, who was buying a property that was only worth €1.5m at the time, an RTE investigation found. The loan was granted by Mr Fingleton even though the building society’s guidelines did not allow it to grant 100pc mortgages.
[22/12/2009] Financial hurricane that put the wind in Brian Lenihan's sails - National News, Frontpage - Independent.ie
Charlie and NBNK Investments will be as disappointed as each other by this unfortunate resignation, considering the unexpected opportunites presented by the banking strategy:
namawinelake said:
The Independent today reports that controversial former Irish Minister for Finance, Charlie McCreevy, is involved in a bid to acquire AIB’s (that’s Allied Irish Banks PLC for foreign readers, NOT Anglo) operations in the UK. McCreevy is a non-executive director of investment group NBNK which is said to be interested in acquiring AIB’s UK operations which includes €3.2bn of what were NAMA-bound loans. The Independent reports that McCreevy’s fees will double “if NBNK completes a major acquisition”.
[19/09/2010] https://namawinelake.wordpress.com/2010/09/19/former-minister-for-finance-mccreevy-in-bid-to-acquire-aib’s-nama-loans-in-the-uk/
 
Last edited:

SlabMurphy

Well-known member
Joined
Mar 14, 2009
Messages
1,684
Website
www.dublin.ie
Well done to Nessa Childers.

As I predicted here last week, Mc Creevy conned gombeen acolytes in Ireland for 30 years but he was clocked within months of his arrival in Brussels for what he is, a short cutting, lazy spoofer.
A classic FF'er whose resume will include, horse racing, golf, more horse racing, free loading, grinning, odd wise crack and sidling up to powerful business connections?
Who needs innovation, integrity, intelligence or hard work when you can have a gap toothed grin and a wink.
Once the appropriatness of his appointment was left to the EU to decide, then he was always going to be toast.

In a week when Cashel decided to run National disgrace Ahern out of town, this Mc Creevy climb down is further good news for those who are looking for signs this country is prepared to say no to spivs, failed incompetents and crooks.
Or at very least make it as difficult as possible for such people to thrive.
While I totally agree with your sentiments, and some of us in this country are looking for signs this country is prepared to say no to spivs, failed incompetents and crooks - he'll still be a hero back in Kildare to many. Just like Flynn in Mayo, Lowry in Tipp etc

But welcome news all the same. Maybe the scumbags in FF will now start thinking they'll have to clean up their act if the are going to beg for more from Brussels.
 
Last edited:

Mushroom

Well-known member
Joined
Nov 27, 2009
Messages
15,474
It's actually amazing to see "Fianna Failer" and "resign" in the same sentence, but of course it's only because it didn't happen here.

P.
Aren't you forgetting about that other FF beacon of principled, ethical conduct Saint Willie O'Die of Moyross who had no difficulty whatsoever in falling on his sword a few short hours after Loonie Eamon Ryan had described his conduct as being fully acceptable to the Green Party?
 
Last edited:


New Threads

Popular Threads

Most Replies

Top