Seems that Seanie got a few of the lads together to organise a dig-out for Anglo:
Anglo lent cash to buy its shares - Times Online
The bank loaned money to buy its own shares and prop up their value.
That's another €300M in unsecured loans on the state's books.
Aw but wasn't it just a dig-out, and sure isn't that OK...
It’ll be interesting to see what security, other than the Anglo shares purchased, is held by the bank.
If the loans are solely secured by the shares, without further recourse to the borrower, that would sound like an illegal share support scheme.
Will we ever find out?
Yes - I'm sure in thirty years time with the release of State papers.Originally Posted by mollox
Mammy, get the hammer there's a fly on daddy's head.
Leave Seanie alone. He's just doing what FF wanted.
According to today's Sunday Business Post, the taxpayer could be facing abill for €300m as these loans are "non-recourse". If it's true, this must surely qualify as an illegal share-support scheme and prosecution for breaches of company law must follow.
Sunday Business Post | Irish Business News
The SBP adds
“In a further twist it appears that some of these loan agreements were altered following the putting in place of the state guarantee on bank liabilities at the end of last September.”
Sounds like the boys in blue need to get in there, pronto!
We in Absurdia would take those lovely non recourse shares and try and raise some real cash against them for a wee hidehole somewhere sunny. Especially somewhere that auditors only had limited liability - shure then they sign any auld rubbish you put in front of them.
Let's hope this isn't happening in the real world where them nosey foreigners might smell something fishy and run off with dem ratings that we like so much.
An illegal share support scheme?
With non-recourse loans?
Made to my personal friends?
And fiddled with after the state banking guarantee came into place?
At 3am in the dormitory of the girl's convent school?
With my reputation?
BBC - The Fast Show - Character Guide
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Dont worry, they wont, senior coppers are in the same golfs as these lads.
Its my belief that the state were fully aware of the exact situation behind this illegal activity. Lenihan was given a full briefing when he took of as minister for farce.
In real countries this would be a major scandal.
Wonder if any of our brave public representatives or their close personal friends would have the wherewithall to have participated? Can't we get a look at the share register of this company?
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