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Thread: Anglo bail out of directors. Thank you Mr Cowen

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    Politics.ie Member hammer's Avatar
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    Default Anglo bail out of directors. Thank you Mr Cowen

    "The figures show a total of just over 155m in loans to former directors of the bank was outstanding at the end of last year, but the bank has set aside almost 109m to cover the failure or possible failure to re-pay these loans.

    Former chairman Sean FitzPatrick personally owed the bank more than 85m at the end of last year. But the bank's accounts show that it anticipates that almost 68m of this may not be re-paid.

    The figure for former chief executive David Drumm was just over 8.3m, with the bank setting aside 6.7m for possible non-repayment. Most of this is linked to a loan given to Mr Drumm to buy shares in the bank. It is currently the subject of legal action by the bank.

    Former finance director William McAteer owed the bank 8.5m, of which more than 7.6m is not expected to be re-paid. This 7.6m figures also relates a loan given to buy shares in the bank.

    The figures also show that almost 13.9m was jointly lent to Mr FiztPatrick and former director Lar Bradshaw to facilitate an investment in oil exploration. The bank has set aside 11m to account for possible non-repayment of this. 3.1m was also lent to Mr FitzPatrick to fund a hotel investment.

    Anglo has made provision in its accounts for the possible non-repayment of almost 22m of the 27.3m in loans to Mr Bradshaw."

    Read it and weep.

    Seanie 68,000,000 write off.

    Thank you Mr Cowen

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    Politics.ie Member hammer's Avatar
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    Oil exploration investment €13.9 million. Likely repayment €2.9 million.

    I thought Seanie was an investment guru ?

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    Quote Originally Posted by hammer View Post
    Oil exploration investment 13.9 million. Likely repayment 2.9 million.

    I thought Seanie was an investment guru ?
    He is. He invested loads of his employers cash and if it came off he made money. If it didn't, we pay.

    That is a genius.
    We have turned the corner.I commend this Budget to the House. Brian Lenihan, 9 December 2009

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    Politics.ie Member hammer's Avatar
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    I seem to remember Lendahand saying they would pay every cent and that they would be chased to the ends of the earth

    What a spoofer.

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    Quote Originally Posted by hammer View Post
    I seem to remember Lendahand saying they would pay every cent and that they would be chased to the ends of the earth

    What a spoofer.
    Lenny meant the ends of Dublin. They cannot find him once he crosses the border.
    We have turned the corner.I commend this Budget to the House. Brian Lenihan, 9 December 2009

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    [nomedia="http://www.youtube.com/watch?v=7GSXbgfKFWg"]YouTube- Dumb & Dumber -- Empty Suitcase of Money[/nomedia]

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    Politics.ie Member bormotello's Avatar
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    Why not to jail them and call it investment in future?
    Next generation of bankers will know what will happen with them if they will not pay in ful to state

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    Quote Originally Posted by bormotello View Post
    Why not to jail them and call it investment in future?
    Next generation of bankers will know what will happen with them if they will not pay in ful to state
    Or we could indemnify them

    Sunday Business Post | Irish Business News
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    www.thepropertypin.com

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    The bank (every bank) have to look at every loan and write down the book value of loans that they do not expect to get paid in full.

    The fact that they didn't do this in the first place resulted in the mess we are now in.

    All the write down does not mean that the loan is written off, far from it.

    There us a huge difference.

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    Politics.ie Member Own Arris's Avatar
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    Quote Originally Posted by bormotello View Post
    Why not to jail them and call it investment in future?
    Next generation of bankers will know what will happen with them if they will not pay in ful to state
    How about we seal them in formaldehyde and put them on display a la Damian Hirst? I'm sure the Daily Star would pay for the procedure. A space could be found between the Dublin Dockland Authority, The Famine Monument and the Financial Services Centre!
    Are we a nation, or are we just an economy in thrall to international private banking?

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