‘Anglo 10’ plan known to regulator

[cyberianpan]

This is dead money - never to be seen again

The Regulator's involvement is ... interesting

‘Anglo 10’ plan known to regulator - Sunday Times

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.

We already knew the Regulator was watching the Sean Quinn overhang, indeed that was their job, the key question is: had they knowledge that Anglo was going to offer loans to investors to remove the overhang ? Following from that: were they aware the loans were to have no security and be "non recourse" ?

cYp

[one acre capitalist]

Will the former Regulator be arrested and questioned over this and the Permo loan to Anglo?

[charley]

when will paddy neary be brought in for questioning?

[kerrynorth]

According to The Sunday Times internal email and documentation in Anglo-Irish show that the Regulator Patrick Neary was 'squared' and that the Governor of the Central Bank John Hurely was briefed on the plan to for the 'Anglo 10' to purchase 1/3rd of Sean Quinn's Anglo stake.
‘Anglo 10’ plan known to regulator - Times Online

[charley]

already thread

[Gadfly]

According to this article:
"Morgan Stanley, the American investment bank which advised on the deal, also told the 10 clients that the transaction had been cleared by the regulator. The documents show that FitzPatrick attended a meeting with the regulator in March 2008 to discuss Quinn’s shareholding."

Interesting to learn that Morgan Stanley was involved. This was clearly a well-planned, em, operation. Wonder if their advice helped towards ensuring that the collateral put up for the loans was rather questionable. And then there were "drafting errors" that made the deal even sweeter.

And if the regulator was indeed in the loop ... oh dear, oh dear.

[W..R.H]

Interesting. This seems to be a follow up to an article that the times did a month ago, to which the regulator denied it knew of any Anlgo Irish share deal Regulator denies it knew of Anglo Irish share deal | Reuters

[Newsy]

FitzPatrick is understood to have told the fraud squad that he played no role in arranging the €7.45 billion loan and he denied knowledge of the transaction. FitzPatrick said as a non-executive director of Anglo he had no role in its day-to-day running. The IL&P loan was probably organised by senior executives at Anglo, whom he is believed to have named.

Is he for real??? That he had no knowledge of such a transaction????

Pull the other one!!!!

[P.White MMPC]

Interesting. This seems to be a follow up to an article that the times did a month ago, to which the regulator denied it knew of any Anlgo Irish share deal Regulator denies it knew of Anglo Irish share deal | Reuters

It just gets worse and worse every day !

[PaddyJoe McGillycuddy]

How could the Minister of Finance at the time have been unaware of this?