Regulator, Dept. Finance, Central bank all "approved" Anglo sweetheart deal

[White Horse]

Officials working for the Financial Regulator, the Central Bank and the Department of Finance knew in advance about a secret share deal arranged by Anglo Irish Bank last summer that has since exposed taxpayers to a potential loss of €300m.
The Sunday Times revealed last month that a “golden circle” of 10 investors had been assembled by Anglo to buy a 10% stake in the bank, part of a holding that had been acquired by businessman Sean Quinn. This was to avoid the shares being dumped on the market and collapsing the share price. The deal was not declared to the stock market.

The most startling example of the rotten core of the Irish financial system has been exposed by the Sunday Times. According to the report the Financial Regulator, the Central Bank, and the Dept. of Finance approved a scheme whereby Anglo Irish Bank offered non-scured loans to businessmen to buy loans in the bank in order to prop up it's share price.

If this is true, we have been exposed as nothing short of cowboys and chancers and will have no credibility in worldwide financial markets.

http://www.timesonline.co.uk/tol/new...cle5734201.ece

[greengoose]

And to really smear our noses in the $hit we, the taxpayers were contributing to the salary of the regulator.

[Digout]

And to really smear our noses in the $hit we, the taxpayers were contributing to the salary of the regulator.

I thought the regulators office was funded by the banks? Who now believes that this was not discussed the night of the meetings in government buildings when they came up with the guarantee scheme? Did Lenihan know?

[Outlander]

This story has been picked up in the financial press this morning. ISEQ seems to be on the way down on foot of it.

[White Horse]

fxcentre Breaking News

The Financial Regulator categorically rejects the claim that it was aware of any so-called 'sweetheart deal' relating to the purchase of Anglo Irish Bank shares in 2008." The statement adds : "While the Financial Regulator and other authorities were aware of a large CFD position held in Anglo Irish Bank shares in 2008 and steps being taken to have it unwound, the primary concern of the Financial Regulator related to the security of deposit holders with Anglo Irish Bank and any stability issues that might arise from the unwinding of this position. "The Financial Regulator was not aware of the identity or the financing arrangements of a so called 'golden circle' of 10 investors. These details emerged during the due diligence process carried out in the lead up to the nationalisation of Anglo Irish Bank

The FR appears to be denying that it was aware of loans being offered to a "golden circle" of 10 investors. However, they do not deny the larger issue of being aware and approving the granting by a bank of unsecured loans to prop up it's own shareprice.

PR spin.

[greengoose]

I thought the regulators office was funded by the banks? Who now believes that this was not discussed the night of the meetings in government buildings when they came up with the guarantee scheme? Did Lenihan know?

My bad! What is the government's role in regulation then?

[Digout]

My bad! What is the government's role in regulation then?

Shutting down small insurance brokers....

[jpc]

Looking at the current Phoneix.
There is just a shuffling of the same chancers as regards the regulator, and any other oversight committie you care to mention.

[MortgageBroker]

there is a guy lives near me, took some money out a bank and moved it around etc. and he is doing 20 years in jail. mind you, he used a shotgun instead of a pen and PC.

end result? same as what some of these schmucks have done, i have a hard time feeling any sympathy for them any more than i do for the guy i know who 'learned his lesson and would never do something like that again'

crime & punishment? ..... really depends on the colour of your collar i guess

[jpc]

there is a guy lives near me, took some money out a bank and moved it around etc. and he is doing 20 years in jail. mind you, he used a shotgun instead of a pen and PC.

end result? same as what some of these schmucks have done, i have a hard time feeling any sympathy for them any more than i do for the guy i know who 'learned his lesson and would never do something like that again'

crime & punishment? ..... really depends on the colour of your collar i guess

And if its of the nice starched Charvet variety, it won't be felt.