- Anglo believed Department of Finance endorsed share deal
- Regulator told banker, 'Fair play to you,' over accounts
EXCLUSIVE: Revealed: the internal Anglo report that wasn't published
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much comment on this a the labour party economic thinkin yesterdayMy 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
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.
That would be suicide. Those lads will cause havoc if they are rubbed up the wrong way.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?
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".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!
Government forced to raise dollar and sterling funds for AngloExperts 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.
So we may have to borrow monies on what's left of the state's good name to prop up Anglo deposits.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.
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!"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?