What did Brian Cowen know about Anglo and when did he know it?

PaddyJoe McGillycuddy

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On April 24 2008, Brian Cowen sat down for a private dinner with the board of Anglo Irish including chairman Sean FitzPatrick and the chief executive David Drumm.at their headquarters on St Stephen’s Green
A few weeks previously The Maple Project had been set up with the knowledge of the Financial Regulator to reduce businessman Sean Quinn’s financial interest in the bank. Quinn held 28% of Anglo Irish Bank through instruments known as contracts for difference.
Internal documents from the bank show that over a four-month period in 2008, Pat Neary, the then financial regulator, and his staff were kept abreast of the plan to reduce a secret 28% shareholding held by the insurance tycoon.

Just days before the bank lent €500m to 10 of its most highly-regarded clients to buy almost one-third of the stake controlled by Quinn, David Drumm, Anglo’s chief executive, sent an email to a colleague saying that the regulator was “squared”. Other documents refer to John Hurley, the then Central Bank governor, being briefed on Quinn’s massive exposure to the bank.
Is it credible that the Minister of Finance would have been unaware of this issue when the Central Bank governor and the Financial Regulator had been informed of it?
‘Anglo 10’ plan known to regulator - Times Online
 


Mitsui2

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Is it credible that the Minister of Finance would have been unaware of this issue when the Central Bank governor and the Financial Regulator had been informed of it?
Of course it isn't credible. But he'll say he didn't and he won't be pressed on the issue - unless FG really do want an election. Even then I daresay he'll skate by.
 

Disillusioned democrat

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I guess this explains why Cowen prepared to write off the next three generations of Irish taxpayers.
 

Cassandra Syndrome

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On April 24 2008, Brian Cowen sat down for a private dinner with the board of Anglo Irish including chairman Sean FitzPatrick and the chief executive David Drumm.at their headquarters on St Stephen’s Green
A few weeks previously The Maple Project had been set up with the knowledge of the Financial Regulator to reduce businessman Sean Quinn’s financial interest in the bank. Quinn held 28% of Anglo Irish Bank through instruments known as contracts for difference.

Is it credible that the Minister of Finance would have been unaware of this issue when the Central Bank governor and the Financial Regulator had been informed of it?
‘Anglo 10’ plan known to regulator - Times Online
What more is required to show people that the state is rotten?
 

FakeViking

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On April 24 2008, Brian Cowen sat down for a private dinner with the board of Anglo Irish including chairman Sean FitzPatrick and the chief executive David Drumm.at their headquarters on St Stephen’s Green
A few weeks previously The Maple Project had been set up with the knowledge of the Financial Regulator to reduce businessman Sean Quinn’s financial interest in the bank. Quinn held 28% of Anglo Irish Bank through instruments known as contracts for difference.

Is it credible that the Minister of Finance would have been unaware of this issue when the Central Bank governor and the Financial Regulator had been informed of it?
‘Anglo 10’ plan known to regulator - Times Online

Simulated dialogue:

BC: Fair f*cks to you Seanie, Bert told me you were some f*ing cowboy but I had no f*ing idea what class of a f*in cowboy I was f*ing with. I can't believe you got that f*ing idiot q* to buy in as well, I thought he had some f*ing cop on.

SF: thank you minister. Another glass of sancere?

BC: Oh all right. But lets's all go for a few pints later, OK?

SF: yes, minister.
 

DCon

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Simulated dialogue:

BC: Fair f*cks to you Seanie, Bert told me you were some f*ing cowboy but I had no f*ing idea what class of a f*in cowboy I was f*ing with. I can't believe you got that f*ing idiot q* to buy in as well, I thought he had some f*ing cop on.

SF: thank you minister. Another glass of sancere?

BC: Oh all right. But lets's all go for a few pints later, OK?

SF: yes, minister.
BC: And by the way, Seanie, if I guarantee the systemic Irish banks at some point, should I include Anglo?

SF: Oh definitely, we are as systemic as it gets.

BC: Sound
 

LDF

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Senator Eugene Regan has already raised concerns about Cowen's relationship with Anglo. I'd expect him to step this up a gear or two over the next couple of weeks (ahead of the €7bn recap of Anglo).

Senator Regan usually gets his man.
 

Furze

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I'm sure the Gardai asked Seanie this during their recent chat.
 

Aristodemus

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I don't think that even now that Cowen knows the extent of the problem. As for Lenihan I have just given up on that cretin.
 

Malbekh

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Anybody got an idea on how much Anglo is going to cost us?

€4b so far.
Then recapitalisation following recent losses €8b (minimum)
Then 40% mark down on €36b being transferred into NAMA €14b

So that's €26b.

Shouldn't Brian Lenihan be resigning at this stage?
 

GDPR

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Anybody got an idea on how much Anglo is going to cost us?

€4b so far.
Then recapitalisation following recent losses €8b (minimum)
Then 40% mark down on €36b being transferred into NAMA €14b

So that's €26b.

Shouldn't Brian Lenihan be resigning at this stage?
You're counting the same losses twice and not allowing for the 2 billion (so far) that Anglo has saved through bondholder write off.

We're at 10 billion in total after the next and hopefully last recap.
 

Dreaded_Estate

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You're counting the same losses twice and not allowing for the 2 billion (so far) that Anglo has saved through bondholder write off.

We're at 10 billion in total after the next and hopefully last recap.
It isn't valid to include the sub bond buy back. The losses are after the accounting profits made on these deals therefore if we put in €12bn we have lost €12bn.

Are you including losses from the €10bn from the master loan repurchase agreement that are unlikely to be repaid in full?
 

An Gilladaker

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Anybody got an idea on how much Anglo is going to cost us?

€4b so far.
Then recapitalisation following recent losses €8b (minimum)
Then 40% mark down on €36b being transferred into NAMA €14b

So that's €26b.

Shouldn't Brian Lenihan be resigning at this stage?
Yes but that aint going to happen the developers and bankers have to be saved first and Lenihan wants to do that before he gives up
 

GDPR

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It isn't valid to include the sub bond buy back. The losses are after the accounting profits made on these deals therefore if we put in €12bn we have lost €12bn.

Are you including losses from the €10bn from the master loan repurchase agreement that are unlikely to be repaid in full?
My reply was to "what will Anglo cost us", not how much has Anglo lost and in that context it is perfectly valid to include the bond buy back as it saves us money on recap.
 


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