So where were the revenue commissioners?

[aidanodr]

Hi Guys,

A thought crossed my mind last night - Apparently this €7 billion transfer from IL&P went into Anglo via a personal account deposit. Then it went from Anglo back to IL&P as a personal deposit?

So - were the revenue commisioners informed of these large single money movements? As far as I know a bank is meant to inform the RC of any deposits over €10,000 in one go?

Any thoughts ..
Aidan

[wysiwyg]

Did anglo pay interest on the deposit.. and how much ?

[powderfinger]

Did anglo pay interest on the deposit.. and how much ?

If so it gives DIRT a whole new meaning.

[cyberianpan]

A small few years back I was involved in reporting stuff to the RC for a few years

They demanded hardcopy, as this was what they always got... I checked the previous year's reports - due to an accident they'd only gotten 5% of the transactions ... I had some people print the current year's ones (about 10,000 pages) ... The Revenue never noticed the difference.

- So obviously they didn't do any QC/checks
- And I'd be very surprised if they read all 10,000 pages
- Their refusal of soft copy was bizarre

But that's a digression, I assume the RC got this report & ignored it, IL&P and Anglo are "Known" entities and the transaction wouldn't look suspicious

cYp

[aidanodr]

Hi Cyberianpan,

I knew the assumption you made would arise - "I assume the RC got this report & ignored it, IL&P and Anglo are "Known" entities and the transaction wouldn't look suspicious"

BUT - as you probably heard, the deposit IL&P made INTO Anglo was via a personal deposit account AND NOT done through the normal channels that the banks use between each other.

We surely would have to assume that the personal account where the €7 billion was lodged WAS NOT an account named as IRISH LIFE & PERMANENT?

If the latter were the case then the revenue would surely have seen a JOHN / MARY DOE personal deposit account being opened and having €7 billion deposited into it? THIS surely would be seen as suspicious?

The probability is that the RC were not informed in any case so theirin lies another illegal act by both banks?

Aidan

[stanley]

RC probably working flat out on Bertie's TCC, quite incredible scenario lucky it was not you or I we would be in the Joy by now.
How can they allow Bertie to openly slap them in the face, no matter what the Mahon Report says he should not be sitting in the Dail or receiving any monies from the State until his tax affairs are in order.

[aidanodr]

RC probably working flat out on Bertie's TCC, quite incredible scenario lucky it was not you or I we would be in the Joy by now.
How can they allow Bertie to openly slap them in the face, no matter what the Mahon Report says he should not be sitting in the Dail or receiving any monies from the State until his tax affairs are in order.

Hi Stanley,

While I appreciate your comment I would like this thread to stay on the topic with respect to Anglo and IL&P and not become an FF/Bertie bashing sideshow, that for another thread ( and no I have no gra for bertie ).

I am sure the RC resources and manpower and their ability to extend far wider than just Berties shinanigans is possible anyway!

Cheers
aidan

[stanley]

Monies were not transferred by ILP Group but were passed over by a subsidiary company of IL so presumably still a Corporate transfer but its treatment by Anglo was as if a retail deposit.

[cyberianpan]

Hi Cyberianpan,

I knew the assumption you made would arise - "I assume the RC got this report & ignored it, IL&P and Anglo are "Known" entities and the transaction wouldn't look suspicious"

BUT - as you probably heard, the deposit IL&P made INTO Anglo was via a personal deposit account AND NOT done through the normal channels that the banks use between each other.

We surely would have to assume that the personal account where the €7 billion was lodged WAS NOT an account named as IRISH LIFE & PERMANENT?

If the latter were the case then the revenue would surely have seen a JOHN / MARY DOE personal deposit account being opened and having €7 billion deposited into it? THIS surely would be seen as suspicious?

The probability is that the RC were not informed in any case so theirin lies another illegal act by both banks?

Aidan

Note that "personal" in this context means customer rather than interbank.

From the IT account I believe it was in Irish Life Investment Manager's name, see my earlier post

cYp

[aidanodr]

Monies were not transferred by ILP Group but were passed over by a subsidiary company of IL so presumably still a Corporate transfer but its treatment by Anglo was as if a retail deposit.

thanks Stanley,

So more so that the RC should have at least flagged and pursued such a large single deposit to a standard account? Could it not have been seen as potential proceeds of crime being luckily lodged?

My point being that if it did get spotted by the RC - they are another arm of government who might have informed the appropriate people in government of funny goings on!

And I suppose "whats good for the goose is good for the gander".

Aidan