Did the Government or Its Regulator Approve ILP/Anglo Transaction? - Coveney

[Dreaded_Estate]

FG are putting some very serious allegations to the government. I would be very surprised if if they don't have some evidence to back these claims up.

Could this bring down the government?

Fine Gael News - Did the Government or Its Regulator Approve ILP/Anglo Transaction? - Coveney

Lenihan's Explanation as to his Involvement not Credible
Serious Questions Arise for Cowen & Lenihan on Anglo €7bn Transfer

Fine Gael Front Bench Spokesman, Simon Coveney T.D. has asked the key question: did the Government or its Regulator approve the ILP/Anglo transfer of €7bn? He was speaking in light of the most recent set of revelations regarding the transfer of billions of euro from ILP to Anglo Irish Bank last September.

"Rumours abound that the Government's Regulator was fully aware of the transactions between Anglo and IL&P to falsify deposit holdings in Anglo at the time that it happened. If this is the case it is simply not credible that the Government would not have been fully aware of the transaction. The announcement of the resignation of the chief executive of Irish Life and Permanent is welcome, but alone will not restore trust in the integrity of our financial system.

"That collapse of trust is not solely linked to bankers; the truth is it also includes a loss of trust in the ability of Government to manage this crisis. Minister Lenihan's explanation as to his involvement in this controversy is simply not credible.

"The Taoiseach and Minister Lenihan now need to provide clear answers to a lot of questions, including:

- Was it the case that, in September 2008, officials in the Department of Finance had prepared the draft legislation needed to nationalise Anglo Irish Bank and did the Taoiseach have any role in arguing the case for not nationalising Anglo?

- Did Anglo Irish Bank make the case to the Taoiseach and the Minister that it needed to shore up its deposit base before its end-of-year on September 30, in a way that would build confidence in the financial strength of the bank?

- Were the Taoiseach and Minister Lenihan personally involved in persuading other banks to provide funding to Anglo Irish Bank before the bank guarantee scheme was introduced?

- Was the Taoiseach or Minister Lenihan aware that when Anglo Irish Bank published its end of year results, that its customer deposit base appeared to have been replenished?

- Is it credible that when Minister Lenihan was making the political case for the €1.5 billion taxpayer recapitalisation of Anglo Irish Bank in December, that his officials did not make him aware of the implications of the September transaction with Irish Life and Permanent?

"Only through forthright answers to these questions can the Government begin to rebuild Ireland's battered financial reputation. If there is confirmation of Governmental (Government & Regulator) awareness of, or involvement in, the ILP/Anglo transaction it would have the most serious of consequences for the Government and its credibility in dealing with the banking crisis."

[hiding behind a poster]

Like you say, I've a horrible feeling FG wouldn't be asking these questions if they didn't have some evidence of something. If so, then at the very least we're looking at Brian Lenihan's resignation.

[Dreaded_Estate]

Like you say, I've a horrible feeling FG wouldn't be asking these questions if they didn't have some evidence of something. If so, then at the very least we're looking at Brian Lenihan's resignation.

If the claims are true we will be looking at Brian Lenihan's prosecution.

[peadarmc]

If the claims are true we will be looking at Brian Lenihan's prosecution.

If this is true then the gov must fall!
i doubt you'l get answers tho! Sure we all saw what happened when Deputy shorthall looked for one!

Im sick of the democratic deficit in this country!

[cyberianpan]

Fine Gael are shaming themselves here by focusing on the small picture

Anglo's deposits are meaningless, we all knew a sensible government would protect bank deposits

Anglo's loans are the issue

Also to clarify (for about the 4th time for slow learners here) - what Anglo/IL&P did wrong was not the "green jersey" aspect but:
1) The circular nature of the "deposit" (It was a loan from Anglo to IL&P)
2) Lodging it as a customer deposit rather than bank
And there's no way Lenihan knew those details

cYp

[Easy Tiger]

This is a farce of a govt. that needs to be given the bums' rush out the door. It's death by a thousand cuts at the moment. Drastic action is needed. A swift election with a new govt. that'll cap bankers' excesses and their own, and arrest and prosecute fraudsters.

[peadarmc]

This is a farce of a govt. that needs to be given the bums' rush out the door. It's death by a thousand cuts at the moment. Drastic action is needed. A swift election with a new govt. that'll cap bankers' excesses and their own, and arrest and prosecute fraudsters.

In death by a thousand cuts i assume you're referring to us, the ordinary decent worker who's taxes are funding this sham and losing jobs?

Coz there's no death by any cuts in the upper echelons - they're all geting golden handshakes!

In a way, im glad FF got elected and are having to preside over the mess they created - the longer they stay, the more damage being done to them as a party! Thats the only good thing coming out of all this at the moment!

[Easy Tiger]

In death by a thousand cuts i assume you're referring to us, the ordinary decent worker who's taxes are funding this sham and losing jobs?

Coz there's no death by any cuts in the upper echelons - they're all geting golden handshakes!

In a way, im glad FF got elected and are having to preside over the mess they created - the longer they stay, the more damage being done to them as a party! Thats the only good thing coming out of all this at the moment!

The country is looking at potential financial collapse, that's everyone's savings disappearing into thin air. FF are dithering, as usual, while Rome burns.

[lostexpectation]

did they not already say they did, but that they weren't paying close attention to exactly how it was done.

[lostexpectation]

Fine Gael are shaming themselves here by focusing on the small picture
And there's no way Lenihan knew those details

why not was he not scrutinising them at the time?