Gardai probe files on e7.5bn loan to Anglo

[mmrebel]

GARDAI and the corporate enforcer are investigating transcripts of conversations between Anglo Irish Bank executives and the Financial Regulator amid allegations of a conspiracy to subvert banking rules.

The taped conversations between officials from the office of the Financial Regulator and senior Anglo executives centre around the controversial €7.45bn loan the bank received from Irish Life & Permanent in a bid to bolster the crisis-hit lender's books last September, the Irish Independent has learned. A copy of the transcripts was sent anonymously by a whistleblower to Financial Services Ombudsman Joe Meade, who then passed it on to Director of Corporate Enforcement Paul Appleby.

The emergence of the transcripts looks set to further widen the corporate enforcer's already extensive ongoing probe into Anglo Irish's affairs.

Mr Appleby is already carrying out a wide ranging investigation into loan dealings at the bank, which had to be nationalised at the start of this year.

His staff are currently examining large quantities of documents seized from Anglo Irish's headquarters in a bid to identify possible criminal or civil breaches of procedures at the bank.

A spokesman for Mr Appleby said the corporate enforcer hoped to be in a position to begin discussions with the Director of Public Prosecutions over possible charges by the end of the year.
Gardai probe files on e7.5bn loan to Anglo - National News, Frontpage - Independent.ie

This interesting i wonder though will we see any backers go to jail or be prosecuted ..............

[Digout]

This interesting i wonder though will we see any backers go to jail or be prosecuted ..............

Depends what golf club they are in.

[Factorem]

It's like looking for fingerprints at the murder scene a year after the murder.

[MsAnneThrope]

Is it normal practice for telephone conversations/meetings between banks and the Financial Regulator to be taped?

[DCon]

Is it normal practice for telephone conversations/meetings between banks and the Financial Regulator to be taped?

A lot of phone calls between banks are taped in case of problems/disputes after the event.

[Iarmhi Gael]

I would not read too much into this. Its a nice little story that is probably leaked from a FF spin doctor, to keep the real issue of arrests off the back foot when we run into election mode. It will keep some punters happy in the belief something is being done, when we know all that will happen is a fine and PWC will probably get a report out of it down the road.

[Watcher1]

I read the article in todays Indo. Truly shocking stuff both from what went on - phone conversation betyween Willie McAteer and Neary:

McAteer - we are managing the balance sheet to make it look good.
Neary - Fair play to ya Willie

And secondly that no one is being arrested on suspiscion of criminality while they then go and build the case from the evidence collected.

Now we have leaks to the media which could potentially prejudice any proceedings that may or may not occur.

The administration of this country is a joke.

[MsAnneThrope]

A lot of phone calls between banks are taped in case of problems/disputes after the event.

I can understand that, say in the event of a major transaction between AIB and Ulster Bank, as a made-up example. But between the Financial Regulator and a bank? Who initiates the taping and who keeps the tapes? The bank, the Regulator, or both?