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NTMA alleges fraud by State Street Bank


kellboy

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Jun 10, 2010
Messages
198
How can this be?
there's a group in the ifsc writing gov policy

IFSC lobby group powerful in shaping policy - The Irish Times - Mon, Oct 08, 2012

"The group is chaired by Martin Fraser, the secretary general of Government. The main body and its subcommittees meet in Government Buildings. Civil servants and representatives from State agencies such as the IDA and Enterprise Ireland sit on it. The rest are made up of a who’s who of banking, financial and legal giants: JP Morgan, Citi, State Street, IBF, Barclays, Bank of Ireland, KPMG, Bank of America, Deloitte, AIB, William Fry, Ernst and Young and PWC."


so why again no tackling banking pensions?
 


Ribeye

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Joined
Jul 12, 2011
Messages
26,304
Originally Posted by Ribeye
Oh, I dunno, an investigation maybe, a few charges perhaps,





Actually, in my world view... a bank's relation with its clients in such matters as this should be something on a higher plane than something merely contractual... something akin to a fiduciary relationship... utmost good faith. Something above your normal professionalism. To have a multiple of the agreed fee disappearing and simply to lose your job... with figures like this?
Not only is this dodge city.... impunity seems to be part of the perks.
Oh! ups, did that two million belong to you. OOoooooh! scuse me.
"Helloooo Mr Noonan saaaaahhhh,

I'm calling from yur bank saaaaahhhh,

There has been a little problem with de monies"
 

He3

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Oct 1, 2008
Messages
17,094
there's a group in the ifsc writing gov policy

IFSC lobby group powerful in shaping policy - The Irish Times - Mon, Oct 08, 2012

"The group is chaired by Martin Fraser, the secretary general of Government. The main body and its subcommittees meet in Government Buildings. Civil servants and representatives from State agencies such as the IDA and Enterprise Ireland sit on it. The rest are made up of a who’s who of banking, financial and legal giants: JP Morgan, Citi, State Street, IBF, Barclays, Bank of Ireland, KPMG, Bank of America, Deloitte, AIB, William Fry, Ernst and Young and PWC."


so why again no tackling banking pensions?
Ah.
 

Bren Boru

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Messages
1,461
"Helloooo Mr Noonan saaaaahhhh,

I'm calling from yur bank saaaaahhhh,

There has been a little problem with de monies"
This is practically identical to a post of yours on another thread a few weeks ago.
And it still reeks of racism.
 

Ribeye

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Jul 12, 2011
Messages
26,304
This is practically identical to a post of yours on another thread a few weeks ago.
And it still reeks of racism.
Bren, I'm copying a character from a very popular and award winning channel 4 comedy show,

The fact that you see racism in it says more about you than it does about me!
 

He3

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17,094
Some very provocative comments from John Corrigan at the PAC today.

NTMA alleges State Street fraud - The Irish Times - Thu, Nov 22, 2012


"The National Treasury Management Agency (NTMA) engaged the services of State Street to sell €4.7 billion worth of assets held by the National Pension Reserve Fund (NPRF).

According to the Comptroller and Auditor General’s report, the agreed fixed rate for hiring State Street’s services was €698,000.

However, State Street took commission of €2.6 million which was not agreed and a further €600,000 in profits from the disposal of NPRF’s holding in an index firm.

NTMA chief executive John Corrigan told PAC today that as far as his organisation was concerned State Street had engaged in fraudulent activity and other investment funds had suffered a similar fate.

State Street is now being investigated by the UK’s Financial Service Authority (FSA) following the discovery that it took unauthorised payments for disposing of €4.7 billion of Irish assets."


This could get very interesting.
Any news on when NTMA made a complaint to the Guards?
 

Captain Willard

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Feb 13, 2009
Messages
405
Pascal Donoghue went on TV3 with VB to debate whether Ireland was a Tax Haven. He made comments regarding State Street that were remarkably inane....... well sure, not remarkably, just openly.

This Tax Haven question can be answered with a second question:

If Ireland is not a Tax Haven why in heaven would Maples Calder- a Cayman Islands law firm- determine (accurately) that they might set up an office in Dublin and thrive?
 

Captain Willard

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Feb 13, 2009
Messages
405
WE need to take a short moment to consider why we require the UK FSA to investigate the facts in relation to this question.

Does it denote, perhaps, that we need a branch of the Serious Fraud Squad on Sir John Rogerson's Quay???
 

He3

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How is the investigation into the NTMA complaint coming along?
 

He3

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17,094
More:

"A spokesman for the National Treasury Management Agency said it had advised the gardai and the regulator in Britain regarding an issue that arose some time in 2011 involving State Street's UK transition management business and what it calls "unauthorised commissions" to the value of €3.2m, which were levied on the National Pension Reserve Fund in respect of a piece of work undertaken by State Street for the fund."

State Street investigated for alleged overcharging - Independent.ie

"The National Treasury Management Agency said it was awaiting the outcome of an investigation into the matter by the British authorities and that it would participate in that inquiry if asked to."
 
Last edited:

He3

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17,094
Some very provocative comments from John Corrigan at the PAC today.

NTMA alleges State Street fraud - The Irish Times - Thu, Nov 22, 2012


"The National Treasury Management Agency (NTMA) engaged the services of State Street to sell €4.7 billion worth of assets held by the National Pension Reserve Fund (NPRF).

According to the Comptroller and Auditor General’s report, the agreed fixed rate for hiring State Street’s services was €698,000.

However, State Street took commission of €2.6 million which was not agreed and a further €600,000 in profits from the disposal of NPRF’s holding in an index firm.

NTMA chief executive John Corrigan told PAC today that as far as his organisation was concerned State Street had engaged in fraudulent activity and other investment funds had suffered a similar fate.

State Street is now being investigated by the UK’s Financial Service Authority (FSA) following the discovery that it took unauthorised payments for disposing of €4.7 billion of Irish assets."


This could get very interesting.
That was over a year ago.

Anyone prosecuted?
 

He3

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There's that group and the 2,000 or so employees of State Street in Ireland

That said I await the FSA report, as alone State Street can expect fines

cYp

"Britain’s financial watchdog fined State Street £22.9 million for deliberately overcharging its clients, and said the custody bank acted with “complete disregard” for the interests of its customers.

The six clients affected by the overcharging included Ireland’s National Treasury Management Agency, the Kuwait Investment Authority and the Royal Mail and Sainsbury pension funds.

The fine is one of the largest imposed by the watchdog in recent years, and the latest where financial firms have been found to put profit before the interest of their customers.

Between June 2010 and September 2011, State Street UK , a unit of the world’s second-largest standalone custody bank State Street, overcharged six clients a total of $20.2 million, the Financial Conduct Authority (FCA) said."
 

He3

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“The NTMA stated some time ago that it would await the outcome of the FCA investigation to decide what further action it might take with State Street. The NTMA is studying the final notice published by the FCA and will report to the NPRF Commission very shortly,” the agency said last night.

State Street Global Advisors Ireland Ltd (SSgA) is one of two index managers used by the NPRF for its passive equity portfolio. This work dates back to the time of Bank of Ireland Asset Management, which was acquired by SSgA in 2011.

It remains to be seen if this relationship will continue in light of the findings by the FCA.

The NTMA has already reported the overcharging matter to the Garda."

Pension reserve fund commission to consider State Street action - Financial Services News | Business News | The Irish Times - Sat, Feb 01, 2014
 

He3

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Fraud confirmed.

Guilty plea tendered by former executive facing charges over actions that rooked our Pension Reserve Fund, among others.

SS say they 'accept responsibility' but they are out the gap long ago, the NTMA having accepted money to settle.

'A former executive at State Street has agreed to pleaded guilty to being involved in the fraudulent overcharging of customers including the National Pension Reserve Fund (NPRF) as it helped the Irish agency sell off €10 billion of assets during the financial crisis.

Edward Pennings, a former senior managing director with State Street in London, faces up to five years in prison and a fine of $250,000 after agreeing to plead guilty to conspiring to commit wire fraud and securities fraud, according a filing from the US Justice Department to federal court in Boston this week.'

Former State Street manager pleads guilty to overcharging Irish State fund

'The trial of another former State Street executive, Ross McLellan, who was indicted alongside Mr Pennings in April last year, is set to go ahead in October. On Tuesday, prosecutors charged another one-time senior Europe-based executive with the group, Richard Boomgaardt, in a related case.

State Street was hired in 2010 to help the NPRF, a unit of the National Treasury Management Agency, to liquidate €10 billion of bonds, shares and other assets, which the Government had committed to doing as part of its Troika international bailout programme.

State Street paid the National Treasury Management Agency €852,000 in compensation in 2014 as a final settlement for the controversial overcharging of the NPRF.'
 

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