The curious tale of Anglo Irish Bank and its Austrian deposits

JCR

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Bob Woodward is between books
I wonder where he would start? He might start with the Quinn Group and how it grew to mega wealth over the same time frame as the bubble grew and blew up the same time as it burst in tandem with Anglo. He might look into Quinns financial background before the bubble also. He might hear some funny rumours there.That and Bertie's political leanings in his earlier years regarding the north in which he would have a lot in common with Quinn. He might wonder why the new state regulator started with Quinn to try and sort out the rot and why Quinn thought all he had to do was make some political sounding noises to get the regulator off his back. A few interesting chapters there...
 


He3

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Would you have a go yourself JCR?
 

Ghost Hunter

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"A clause relating to the withdrawal of money by customers who owe a lot of money and have more than €20m on deposit is being dropped".
I have to say I totally missed that at the time. What in the name of God was the reason FF gave for withdrawing the clause?

This completely criminal stuff. It just gets worse and worse.

And to think some people think if we just have Lenihan as Taoiseach instead of Cowan we'll be grand!
 

DCon

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Have they ever even been asked by our media why they dropped that clause (after revising it from 5 million to 20 million) ?
I don't think it was ever dropped, technically.. The 5 ,and later 20 million, clauses were suggested amendments to the Act. Suggested by the Opposition. Laughed at by Lenihan.

Sure, why would they Nationalise Anglo and then introduce a clause that made the whole point of Nationalisation mute??
 

DCon

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I wonder where he would start? He might start with the Quinn Group and how it grew to mega wealth over the same time frame as the bubble grew and blew up the same time as it burst in tandem with Anglo. He might look into Quinns financial background before the bubble also. He might hear some funny rumours there.That and Bertie's political leanings in his earlier years regarding the north in which he would have a lot in common with Quinn. He might wonder why the new state regulator started with Quinn to try and sort out the rot and why Quinn thought all he had to do was make some political sounding noises to get the regulator off his back. A few interesting chapters there...
I would like to know if the Quinn Group bought Anglo bonds. And if Anglo loaned the Bond proceeds back to Quinn. And if Quinn placed the proceeds from the loan on Deposit with Anglo.

Just saying like
 

He3

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I would like to know if the Quinn Group bought Anglo bonds. And if Anglo loaned the Bond proceeds back to Quinn. And if Quinn placed the proceeds from the loan on Deposit with Anglo.

Just saying like
Who might know that and be willing to say?
 

JCR

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Would you have a go yourself JCR?
I'll have a go at finding out as much as I can. Just as an aside - from what I've read about Woodward and how the Watergate story broke I think he was handpicked to break the story as much as anything else. Its as interesting as the story itself in many ways. Very difficult to get something like this out there otherwise, hence, in my opinion why you have articles like Barringtons then a stone wall of silence. If you cross reference a lot of stuff from Woodward breaking the Watergate story you'll find for instance Kissinger's finger prints all over it. Woodward had an in with the FBI for years with Mark Felt, somebody decided to get the story out from within. You posted the question 'who might be willing to say?' I have no doubt plenty of people 'know' - it depends I think on the willing to say part and who would have a reason to say it. But we don't all have Dail previlage on claims of economic treason and so on..
 

He3

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I'll have a go at finding out as much as I can. Just as an aside - from what I've read about Woodward and how the Watergate story broke I think he was handpicked to break the story as much as anything else. Its as interesting as the story itself in many ways. Very difficult to get something like this out there otherwise, hence, in my opinion why you have articles like Barringtons then a stone wall of silence. If you cross reference a lot of stuff from Woodward breaking the Watergate story you'll find for instance Kissinger's finger prints all over it. Woodward had an in with the FBI for years with Mark Felt, somebody decided to get the story out from within. You posted the question 'who might be willing to say?' I have no doubt plenty of people 'know' - it depends I think on the willing to say part and who would have a reason to say it. But we don't all have Dail previlage on claims of economic treason and so on..

Spot on JCR
 

JCR

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Is there any update on this story ?
Full discloure on this is being blocked. Anglo would have to be liquidated for full disclosure, such is the legal maze - by pure coincidence we have a lawyer as minister for finance who is desperate to keep a dead bank alive as a going concern for some reason. As long as anglo is kept alive its full dealings can be kept from public knowledge even though we as citizens own it.
 

mr_anderson

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Full discloure on this is being blocked. Anglo would have to be liquidated for full disclosure, such is the legal maze - by pure coincidence we have a lawyer as minister for finance who is desperate to keep a dead bank alive as a going concern for some reason. As long as anglo is kept alive its full dealings can be kept from public knowledge even though we as citizens own it.
Why haven't newspapers picked up on this ?
 

karldaly

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"Commission of Investigation into the Banking Sector in Ireland"

.
Why haven't newspapers picked up on this ?
.
SUNDAY INDEPENDENT Sunday October 10 2010

'A lot of people are asking that question," Fianna Fail's Michael Ahern TD told me last week. "It is one of the most frequently asked questions," agrees Labour's Joan Burton TD.

The Sunday Independent has been asking the question for some time, but there is still no detailed investigation under way. That may be about to change.The question is, "Where did the billions go?"

Michael Ahern TD, chairman of the Joint Oireachtas Committee on Finance and the Public Service, told me last week that he intends to raise the question with his colleagues. He said, "It is a good question." His committee's current enquiry into the banks is limited mainly to policy issues.

Ahern says, "It is essential that the question be raised. There have been considerable funds gone offshore." Time is of the essence, before trails get any colder.

"If we could get some of it back into our economy it would be very beneficial to the country," he said. "Even if it never comes back, it would be good to have a record of what happened. It has to be circulating some place."

"Only so much went on wages, so much on development costs. It has to be floating around the world," said Ahern. Some may be gone forever on shares. Some not.

Fine Gael's finance spokesman Michael Noonan TD assured me that "money never disappears". He points out that deposits in Irish banks have risen significantly, and these deposits may account innocently for where some of the money went.

Something called a "Commission of Investigation into the Banking Sector in Ireland" has been set up by the Government, but you need to look hard to find out what it is investigating. Its very limited terms of reference mean that it is not investigating where exactly the billions are now. And although it is "independent", all queries to it are handled by the Department of Finance.

Anglo's list of "gross loans and advances" list little more than a piddling €1bn in loans for Irish "commercial development" and "other property investment" combined (out of €38bn owing overall). There was four times as much owing in Ireland on something called "business banking".

There is little public appetite for a long drawn-out inquiry, and still less for another endless and over-priced tribunal. What is required is a quick and effective investigation, perhaps like the Dirt inquiry. Politicians need to assert the primacy of democracy, and prove that they can do business.

Joan Burton told me about an attitude that she encounters among some bankers. It is that she should just "get over it" and move on.

Some people suggest that company auditors or the Revenue or Nama can be relied upon to spot irregular practices and then call in the gardai where appropriate. But Irish regulatory law is weak, and Garda resources are very limited. And nobody is looking too hard.

What we need is a quick and effective investigation - Analysis, Opinion - Independent.ie
 

EmigratedTBTF

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Valartis (VLRT.S) has acquired Anglo Irish Bank (Austria) AG from Anglo Irish Bank ANGL.I, the Swiss financial services group said on Friday.

Financial details of the transaction were not disclosed.

Group increases net profit and assets under management
The Valartis Group achieved net profit after minority interests of CHF 45.5 million for the first six
months of 2009 (prior year: CHF 4.0 million) on operating income of CHF 100 million.
Sources of income more broadly based
The acquisition of Anglo Irish Bank (Austria) AG, Vienna, last December – part of the Group’s
heightened strategic focus on private banking – has had a radical and lasting impact on the
income structure of the Group.
Austrian Banks
For absolute privacy, you can’t beat Austrian banks. When Austrian banking law was codified in 1979, the well-established tradition of bank secrecy was already two centuries old and banking secrecy was written right into Austria’s new constitution. Article 38 of the banking act says Austrian banks can’t divulge information to any third party. That means they aren’t allowed to outsource their back office work, either.
What’s more, banking secrecy wasn’t affected by Austria’s entry into the European Union in 1995—it would take a constitutional amendment to change it. And Austrian banks have built an excellent reputation. When the U.S. published its banking blacklist four years ago, Austria was not on the list.
Austrian banks are also rock-solid—no Austrian bank has failed since 1939. And Austrian banks offer custodian portfolios, where stocks and other securities are bought in the bank’s name and held in the client’s separate accounts.

ALL TRANSACTIONS IN ANGLO FROM SEPTEMBER 2007 SHOULD BE REVIEWED AND ARRESTS SHOULD BE MADE PROMPTLY


Seanie AND THE GOLDEN CIRCLE WILL BE WELL LOOKED AFTER
 
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He3

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Impressive leap in profits there.
 

DCon

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Austrian banks offer custodian portfolios, where stocks and other securities are bought in the bank’s name and held in the client’s separate accounts.
So anyone; Developer/Politician/Banker could own Anglo bonds through an Austrian bank custodian portfolio and it would appear as if the Austrian Bank held the position. My my..

 

bokonon

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Forgive my ignorance DCon but how many Austrian banks are in that list ?
"Pioneer Investments Austria GmbH" is one anyway - and I see they have an Irish outlet too.

Here's the list in text format for easier copy-paste (E&OE):

Anglo Irish Bank non-Irish Junior Bondholders
----
Aberdeen Asset Managers (London) Ltd
AGICAM
Aktia Asset Management Oy Ab
Aletti Gestielle SGR S.p.A.
AllianceBerstein (UK) Limited
Allianz Global Investment GmbH
Anima SGR S.p.A.
Arca SGR S.p.A.
Assenagon Asset Management SA
Aviso Zeta Bank AG
Aviva Investors France SA
Aviva Investors Global Service Limited
AXA Investment Managers Paris
Baloise Asset Management Schweiz AG
Banca Finnat Euramerica SA
Bank Sarasin & Cie AG (Basel)
Bankinter Gestion de Activos, SA, SGIIC
BanSabadiel Inversion, SA, SGIIC
Barclays Wealth Managers France BWMF
BBVA Asset Management, SA, SGIIC
BlueBay Asset Management Limited
BPI Gestao de Activos - SGFIM, SA
Brown, Shipley & CO Limited
Caixa Catalunya Gestio, SA, SGIIC
Carige Asset Management SGR SpA
CNP Assurances (Caisse Nationale de Prevoyance)
Credit Suisse Asset Management (CSAM) (Zurich)
Deka Investment GmbH
Delbruck Bethmann Maffei AG
Deutsche Asset Management Investmentgesellschaft mbH (DeAM)
DWS Investment GmbH
EFG Bank (Luxembourg) SA
ERSTE-SPARINVEST Kapitalanlagegesellschaft m.b.H.
Esca SA
Etha Capital Partners SA
European Credit Management Limited (ECM)
Federal Finance Gestion
Frankfurt - Trust Investment - Gesellschaft mbH
Goldman Sachs Asset Management International (GSAMI)
Halbis Capital Management (France)
HSBC Private Wealth Managers
HYPO-Kapitalanlage-Gesellschaft mbH
ING Investment Management (Netherlands)
Invercaixa Gestion, SGIIC, SAU
IQAM GmbH
KBC Asset Management NV (Belgium)
KEPLER-FONDS Kapitalaniagegesellschaft m.b.H
La Banque Postale Asset Management
LBBW Asset Management GmbH
Lombard Odier Darier Hentsch (UK) Ltd
Millenium BCP - Gestao de Activos - SGFI, SA
Neuflize OBC Investissement
NORD/LB Kapitalariagegesellschaft AG
Nordea Investment Management A/S (Denmark)
Nordea Investment Management AB (Finland)
Nordea Investment Management AB Norge (Oslo)
Old Mutual Asset Managers (UK) Ltd
OPERA - Kwiatkowski I Wspolnicy Spolka Komandytowo-Akcyujna
Pioneer Investment Management (Ireland) Ltd
Pioneer Investments Kapitalanlagegesellschaft mbH (Munich)
Pioneer Investments Austria GmbH
Pohjola Asset Management Limited
Portfolio Invest Anlageberatung GmbH
Raiffeisen Kapitalanlage-Gesellschaft m.b.H.
Rothschild & Compagnie Gestion
Royal London Asset Management Ltd
SEB Asset Management AG
SGSS KAH mbH
SNS Asset Management AG
Societe General Gestion
Union Investment Institutional GmbH
Union Investment Privatfonds GmbH
Universal-Investment-Gesellschaft mbH
VPV Bankiers NV
W&W Asset Management GmbH
WGZ BANK Luxembourg SA
 

CarnivalOfAction

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"Pioneer Investments Austria GmbH" is one anyway - and I see they have an Irish outlet too.

Here's the list in text format for easier copy-paste (E&OE):

Anglo Irish Bank non-Irish Junior Bondholders
----
Aberdeen Asset Managers (London) Ltd
AGICAM
Aktia Asset Management Oy Ab
Aletti Gestielle SGR S.p.A.
AllianceBerstein (UK) Limited
Allianz Global Investment GmbH
Anima SGR S.p.A.
Arca SGR S.p.A.
Assenagon Asset Management SA
Aviso Zeta Bank AG
Aviva Investors France SA
Aviva Investors Global Service Limited
AXA Investment Managers Paris
Baloise Asset Management Schweiz AG
Banca Finnat Euramerica SA
Bank Sarasin & Cie AG (Basel)
Bankinter Gestion de Activos, SA, SGIIC
BanSabadiel Inversion, SA, SGIIC
Barclays Wealth Managers France BWMF
BBVA Asset Management, SA, SGIIC
BlueBay Asset Management Limited
BPI Gestao de Activos - SGFIM, SA
Brown, Shipley & CO Limited
Caixa Catalunya Gestio, SA, SGIIC
Carige Asset Management SGR SpA
CNP Assurances (Caisse Nationale de Prevoyance)
Credit Suisse Asset Management (CSAM) (Zurich)
Deka Investment GmbH
Delbruck Bethmann Maffei AG
Deutsche Asset Management Investmentgesellschaft mbH (DeAM)
DWS Investment GmbH
EFG Bank (Luxembourg) SA
ERSTE-SPARINVEST Kapitalanlagegesellschaft m.b.H.
Esca SA
Etha Capital Partners SA
European Credit Management Limited (ECM)
Federal Finance Gestion
Frankfurt - Trust Investment - Gesellschaft mbH
Goldman Sachs Asset Management International (GSAMI)
Halbis Capital Management (France)
HSBC Private Wealth Managers
HYPO-Kapitalanlage-Gesellschaft mbH
ING Investment Management (Netherlands)
Invercaixa Gestion, SGIIC, SAU
IQAM GmbH
KBC Asset Management NV (Belgium)
KEPLER-FONDS Kapitalaniagegesellschaft m.b.H
La Banque Postale Asset Management
LBBW Asset Management GmbH
Lombard Odier Darier Hentsch (UK) Ltd
Millenium BCP - Gestao de Activos - SGFI, SA
Neuflize OBC Investissement
NORD/LB Kapitalariagegesellschaft AG
Nordea Investment Management A/S (Denmark)
Nordea Investment Management AB (Finland)
Nordea Investment Management AB Norge (Oslo)
Old Mutual Asset Managers (UK) Ltd
OPERA - Kwiatkowski I Wspolnicy Spolka Komandytowo-Akcyujna
Pioneer Investment Management (Ireland) Ltd
Pioneer Investments Kapitalanlagegesellschaft mbH (Munich)
Pioneer Investments Austria GmbH
Pohjola Asset Management Limited
Portfolio Invest Anlageberatung GmbH
Raiffeisen Kapitalanlage-Gesellschaft m.b.H.
Rothschild & Compagnie Gestion
Royal London Asset Management Ltd
SEB Asset Management AG
SGSS KAH mbH
SNS Asset Management AG
Societe General Gestion
Union Investment Institutional GmbH
Union Investment Privatfonds GmbH
Universal-Investment-Gesellschaft mbH
VPV Bankiers NV
W&W Asset Management GmbH
WGZ BANK Luxembourg SA
Complete bankers:
[ame=http://www.youtube.com/watch?v=2dbsFmEf37g]YouTube - The Divine Comedy - The Complete Banker (Sugar Club Dublin, 7th May 2010)[/ame]
 

blanket

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Feb 6, 2009
Messages
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Deafening silence on this for the last week and a half since Guido Fawkes published that list.
Does anyone have any media contacts that can read a forum?
 


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