Revealed: the internal Anglo report that wasn't published - Tribune

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  • Anglo believed Department of Finance endorsed share deal
  • Regulator told banker, 'Fair play to you,' over accounts
THE Department of Finance raised no concerns when told about the controversial transfer of billions of euro from Irish Life & Permanent to Anglo Irish Bank in a bid to dress up the books of both banks, claims a secret internal report compiled by Anglo and seen by the Sunday Tribune.

EXCLUSIVE: Revealed: the internal Anglo report that wasn't published
 


imokyrok

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No big surprise but well done to the Tribune for getting it out into the open. Maybe not all our media are cowardly feckers afterall.
 

thecretinhop

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Extract from tribune article:

Anglo has entered into "reciprocal arrangements" to bolster balance sheets with a range of international financial institutions in the past, including Royal Bank of Scotland, AIG and Hypo Real Estate.



* Anglo received requests in the last six months for "balance sheet management" transactions from Lehman Brothers, ABN and
West LB.



* AIB and Bank of Ireland provided Anglo Irish with €6bn of funding on 23 January at the "behest" of the Central Bank.

:eek:
 

cyberianpan

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My gut feeling on this:

Dept of Finance thought deposits were legitimate version of the "green jersey"

I.e. not a circular loan arrangement from Anglo to itself

And this article just shows how easy it is to fool our senior civil servants

cYp
 

blucey

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My gut feeling on this:

Dept of Finance thought deposits were legitimate version of the "green jersey"

I.e. not a circular loan arrangement from Anglo to itself

And this article just shows how easy it is to fool our senior civil servants

cYp
much comment on this a the labour party economic thinkin yesterday
 

Dreaded_Estate

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These phone extracts prove that the Department of Finance and the Financial Regulator were complicit in the largest case of fraud in Irish corportate history.

This is damning stuff. What possible excuse can the government give for this behaviour?
 

myk

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Well the Tribune certainly know how to add drama to their writing :shock:

It is a good story to break, and well done to the Tribune on their investigative journalism. But with their hyperbole and the conclusions they draw, I think they have over egged this story. It doesn't sound like there is anything in here that the department can't defend themselves on. AFAIK, Anglo have claimed that they got clearance on these issues and the Dept/Financial Regulator already claimed that what they gave clearance for was something much more benign. It sounds just like the Golden Circle loans to me.

On a completely random note, do the waist/knees up photos of their columnist/journalists impress anyone? I just think it looks silly; another attempt at dramatic effect. They are heading down the Sindo direction IMHO, though thankfully they are not nearly as bad yet!

THE Department of Finance raised no concerns when told about the controversial transfer of billions of euro from Irish Life & Permanent to Anglo Irish Bank in a bid to dress up the books of both banks, claims a secret internal report compiled by Anglo and seen by the Sunday Tribune.


In a set of astonishing new revelations and claims, drawn from legal memos, transcripts of phone calls and audit material, Anglo claim that a senior finance civil servant, who works closely with minister Brian Lenihan, assured IL&P he understood why it was necessary to carry out the transactions and there was no need for concern over the arrangements.


....

The Sunday Tribune has seen a copy of the audit report and transcripts of the phone calls between Anglo Irish and the Financial Regulator concerning the arrangements. The explosive contents are likely to heap pressure on the government to immediately reform and restructure the Financial Regulator and to give a detailed account of whether Department of Finance officials provided approval, even in retrospect, for the transfers.
 

Conor

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cyberianpan

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Or to fool Anglo's internal auditors.
Well this story applies to the civil servants

Though I'd certainly agree the external auditors were fools

The internal auditors ... I'm curious about

Also I'm curious as to how much of the foolishness was intentional



cYp
 

peadarmc

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surely Lenihan must go? Whether he knew or not, he must take ultimate responsibility for his own department!
 

Digout

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And this article just shows how easy it is to fool our senior civil servants

cYp
Seeing as only 10% of them have any qualification in finance what else would ya expect?

They might have been under orders from above, "in the national interest".
 

Digout

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surely Lenihan must go? Whether he knew or not, he must take ultimate responsibility for his own department!
In proper countries he would be gone long ago. In FF it takes a hell of a lot to force a resignation.
 

peadarmc

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In proper countries he would be gone long ago. In FF it takes a hell of a lot to force a resignation.
oh i agree completely - but surely this is the nail in the coffin? or are FF THAT brazen?!!! Im afraid i already think i know the answer!
 

Digout

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Oliver was on Marian/Rachael explaining this story. The thought occured how he got his hands on these transcripts he was talking about. Cui bono? Is it an attempt to load all blame on civil servants?
That would be suicide. Those lads will cause havoc if they are rubbed up the wrong way.
 

Digout

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oh i agree completely - but surely this is the nail in the coffin? or are FF THAT brazen?!!! Im afraid i already think i know the answer!
Oh they are a very brazen bunch. My guess is that if the TD's name is revealed they will still try and get away it saying "sure he is only a bankbencher".
 

Outlander

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Two other reports in the Trib are worthy of note

US funds may hit State over Anglo

US institutional investors will be looking for their money back...

Experts say the big US investment groups will be obliged to investigate the circumstances of the 10% contracts for difference (CFD) transaction in July. A spokesman for Invesco in Atlanta said the investment group, which has about €400bn in assets under management around the world, was watching the Anglo revelations.


"I am confident that our managers would have been very closely monitoring it," he said.
Government forced to raise dollar and sterling funds for Anglo

Anglo unable to raise funds
The government faces having to raise billions of new funding, including bonds in sterling and dollars, on behalf of Anglo Irish Bank in the next year after the bank admitted it was finding it difficult to raise money in the capital markets due to "reputational damage".


It is increasingly likely that the government – already stretched by its own fiscal problems – will have to add to its own borrowings to lend directly to Anglo as debt investors and depositors shun the bank. Borrowings could include bond issues in dollars and sterling, market sources told the Sunday Tribune.


"There is real danger lurking there," one Dublin stock analyst said, after examining its annual report on Friday.


Anglo has €3.9bn in debt – as well as £460m and $229m in foreign currency bonds – due this year alone which it will have to redeem or refinance. The bank will also need to support its liquidity with deposits and other financial instruments to stay afloat.
So we may have to borrow monies on what's left of the state's good name to prop up Anglo deposits.

This combined with the reported €10B run last week could be very very bad...
 

myk

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Oliver was on Marian/Rachael explaining this story. The thought occured how he got his hands on these transcripts he was talking about. Cui bono? Is it an attempt to load all blame on civil servants?
I would have thought it was obvious...someone in Anglo leaked it in order to spread the blame around. "we're innocent, the government said it was ok!"
 

peadarmc

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Oh they are a very brazen bunch. My guess is that if the TD's name is revealed they will still try and get away it saying "sure he is only a bankbencher".
Is there def a FF TD on it? Coz sean ardagh was on radio today asking for them all to be named!
 


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