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Thread: The curious tale of Anglo Irish Bank and its Austrian deposits

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    Default The curious tale of Anglo Irish Bank and its Austrian deposits

    What is it with us and banks anyway? How come no one bats an eyelid at this story in the Business Post two weeks ago?

    At a time when it was in an apparent liquidity crisis Anglo sells a subsidiary bank in Austria that held over €600 million in deposits. Why would it do that? So keen was Anglo to do the deal that it lent the buyer €24 million of the €141 million sale price.

    The curious tale of Anglo Irish Bank and its Austrian deposits

    The sale of Anglo’s Austrian business was completed on December 19, 2008, the day after FitzPatrick resigned as chairman after his dodgy loan dealing had been uncovered.

    ..the Valartis annual report reveals that the Austrian operation manages about 1.6 billion Swiss francs (€1.25 billion) for about 4,000 private banking clients.

    Those clients can now remain very private indeed, far away from the scrutiny of the Irish state which stepped in and nationalised Anglo Irish Bank in January 2009 in the wake of revelations about FitzPatrick concealing large loans from his shareholders.

    One of the big advantages of having money on deposit with an Austrian bank is that the identity of depositors cannot be disclosed to the authorities, as Austria enjoys certain derogations from the EU Savings Directive. This was and remains a key attraction for those who deposit funds in Austria. [...]

    Let’s hope those clients don’t include any Irish depositors who might owe money to Anglo, to other struggling Irish banks or to the Irish taxpayer.
    Last edited by He3; 22nd September 2010 at 05:01 PM.
    "It is difficult to get a man to understand something when his salary depends upon his not understanding it." - Upton Sinclair.

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    Let’s hope those clients don’t include any Irish depositors who might owe money to Anglo, to other struggling Irish banks or to the Irish taxpayer.
    But of course there are.

    Lenihan encouraged it.

    The Irish Labour Party today criticised the government for changing the proposed legislation to nationalise the Anglo Irish Bank. A clause relating to the withdrawal of money by customers who owe a lot of money and have more than €20m on deposit is being dropped.

    The Fianna Fáil-led coalition had planned to restrict customers with deposits of more than €20m from withdrawing money if their debts were higher than that figure. Labour is questioning whether developers and businessmen lobbied against the move.
    Investors fear for future of nationalised bank | Business | guardian.co.uk
    We have turned the corner.I commend this Budget to the House. Brian Lenihan, 9 December 2009

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    I think its perfectly clear from both of the above what happened here and Lenihan needs to be questioned seriously about it. This is the core of the rotten apple IMO. It has to be followed up.

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    Can you imagine if the Greens were in opposition? They would be hopping up and down about all this stuff - about the management of the entire banking crisis.

    In government, silence.

    Its all sickening.

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    Thats the Anglo branch that was involved with the mafia and money laundering(google if you want details)

    Now there are stories about the Vatican banks laundering money for the mafia.

    Bertie and the sweetheart deal for the church springs to mind.

    If you had the mafia and Vatican money in a bank would you garauntee it?

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    Quote Originally Posted by Mar Tweedy View Post
    Can you imagine if the Greens were in opposition? They would be hopping up and down about all this stuff - about the management of the entire banking crisis.

    In government, silence.

    Its all sickening.
    This about more than the Greens though. There was thread here about the 'missing billions'. It now seems likely that Lenihan aided and abetted some of those 'missing billions' to leave the country. It doesn't take much of a leap of logic to come to this conclusion. There is supposed to be a Garda investigation into this - of course Anglo was given plenty of time to dump plenty of files before the Guards got there. Sooner or later a 'deepthroat' is going to have to give us the real story behind Lenihans perverse and sickening treatment of the taxpayers of this country.

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    Quote Originally Posted by Mar Tweedy View Post
    Can you imagine if the Greens were in opposition? They would be hopping up and down about all this stuff - about the management of the entire banking crisis.

    In government, silence.

    Its all sickening.
    Yah, it stinks to high heaven.

    Would some young turks with financial analytical skills please join the Labour Party or one of the other opposition parties or new parties or start a new party and beef up the scrutiny of stories like this.

    The silence is deafening.

    Ireland is Sicily, without the sunshine.

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    Quote Originally Posted by cashinhand View Post
    Yah, it stinks to high heaven.

    Would some young turks with financial analytical skills please join the Labour Party or one of the other opposition parties or new parties or start a new party and beef up the scrutiny of stories like this.

    The silence is deafening.

    Ireland is Sicily, without the sunshine.
    Whatever about new parties and so on (though it looks more and more like one is needed) it seems to me that these stories require seriosu investigative journalism of the type that uncovered the Watergate scandal. Its follow the money. Lets not forget there is a figure of 1.6 billion mentioned - this is over half the amount Lenihan intends slashing from spending in this years budget.

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    Quote Originally Posted by JCR View Post
    Whatever about new parties and so on (though it looks more and more like one is needed) it seems to me that these stories require serious investigative journalism of the type that uncovered the Watergate scandal. Its follow the money. Lets not forget there is a figure of 1.6 billion mentioned - this is over half the amount Lenihan intends slashing from spending in this years budget.
    Kathleen Barrington in the SBP keeps coming out with stuff like this. She is not alone. What is missing is any institutional response. I wonder why?

    The public are overloaded at this stage perhaps so this can just hide there in plain sight.
    "It is difficult to get a man to understand something when his salary depends upon his not understanding it." - Upton Sinclair.

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    Quote Originally Posted by JCR View Post
    This about more than the Greens though. There was thread here about the 'missing billions'. It now seems likely that Lenihan aided and abetted some of those 'missing billions' to leave the country. It doesn't take much of a leap of logic to come to this conclusion. There is supposed to be a Garda investigation into this - of course Anglo was given plenty of time to dump plenty of files before the Guards got there. Sooner or later a 'deepthroat' is going to have to give us the real story behind Lenihans perverse and sickening treatment of the taxpayers of this country.
    And with the lack of documentation that was present in the banks, what was to stop a developer borrowing 1.5 billion for land that cost 600 million to buy and an estimated 400 million to develop?

    The extra 500 million routed through a few Shell companies and placed back with Anglo as a deposit. Development cancelled due to crash; other 400 million lodged with Anglo.

    Developer borrowed 1.5 Billion and spent 600 million while lodging 900 million with Anglo.

    NAMA takes on loan, Developer moves deposit offshore (with Lenihan's change) - everyone's happy..
    We have turned the corner.I commend this Budget to the House. Brian Lenihan, 9 December 2009

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