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Thread: Possible Implication of Patrick Neary in the IL&P Anglo Transfer

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    Default Possible Implication of Patrick Neary in the IL&P Anglo Transfer

    Front page of Todays sunday times reports that Denis Casey the former chief executive of the IL&P has made statements to the fraud squad which implicate the former financial regulator in the issue of the transfer of €7.4 billion euro between IL&P and Anglo Irish Bank.

    http://www.politicshome.com/uk/story/9924/
    Last edited by orourkeda; 3rd October 2010 at 09:28 PM.
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    Wake up people. Neary was a patsy. Had he ever tried to enforce proper regulation. McCreevy, Cowen and Ahern would have been down on top of him like a ton of bricks. Look how they treated the ODCE when Appleby wanted extra staff.
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    Quote Originally Posted by dalywise View Post
    Wake up people. Neary was a patsy. Had he ever tried to enforce proper regulation. McCreevy, Cowen and Ahern would have been down on top of him like a ton of bricks. Look how they treated the ODCE when Appleby wanted extra staff.
    This issue will undoubtedly open up a whole can of worms. Possible market manipulation charges among a host of others.

    Neary was given a €202,000 pay off, €428,000 Lump Sum and a €142,670 annual pension.
    " I am prepared to meet my Maker. Whether my Maker is prepared for the great ordeal of meeting me is another matter. " Winston Churchill.

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    Quote Originally Posted by orourkeda View Post
    This issue will undoubtedly open up a whole can of worms. Possible market manipulation charges among a host of others.

    Neary was given a 202,000 pay off, 428,000 Lump Sum and a 142,670 annual pension.
    Wait till the NYSE figures out that they were sold a pup.

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    Quote Originally Posted by orourkeda View Post
    Front page of Todays sunday times reports that Denis Casey the former chief executive of the IL&P has made statements to the fraud squad which implicate the former financial regulator in the issue of the transfer of 7.4 billion euro between IL&P and Anglo Irish Bank.

    PoliticsHome | Bank boss turns whistleblower | Storytracker
    At the time this all came out, it was common knowledge in IL&P Corporate Finance that Neary knew everything that was going on and hung Denis Casey out to dry.

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    Quote Originally Posted by dalywise View Post
    Wake up people. Neary was a patsy. Had he ever tried to enforce proper regulation. McCreevy, Cowen and Ahern would have been down on top of him like a ton of bricks. Look how they treated the ODCE when Appleby wanted extra staff.
    +1
    UK exports to EU = 48%. EU exports to U.K. = 8 %. RoI exports to UK = 14%. RoI exports to EU = 50%.

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    Quote Originally Posted by slippy wicket View Post
    At the time this all came out, it was common knowledge in IL&P Corporate Finance that Neary knew everything that was going on and hung Denis Casey out to dry.
    IL&P does not have, and never had, a Corporate Finance division.
    UK exports to EU = 48%. EU exports to U.K. = 8 %. RoI exports to UK = 14%. RoI exports to EU = 50%.

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    Quote Originally Posted by Hillmanhunter1 View Post
    IL&P does not have, and never had, a Corporate Finance division.
    apologies, should have said finance section of corporate business, but the inner workings of these large companies is a bit of a mystery to me. only passing on what was told to me by family.

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    Quote Originally Posted by slippy wicket View Post
    apologies, should have said finance section of corporate business, but the inner workings of these large companies is a bit of a mystery to me. only passing on what was told to me by family.
    Perhaps this is relevant. It's a quote from IL&'s press release of13 Feb 2009:
    "The Board accepted with sadness the resignation of Group Finance Director, Peter Fitzpatrick, who was the longest serving Director. The Board wishes to acknowledge that throughout his career with the Group, Mr. Fitzpatrick had always acted with the utmost integrity and professionalism. Furthermore the Board acknowledged that in respect of this matter, the only motivation was to provide support for the broader financial services sector in accordance with his understanding of the expressed wish of the Financial Regulator and the Central Bank."
    UK exports to EU = 48%. EU exports to U.K. = 8 %. RoI exports to UK = 14%. RoI exports to EU = 50%.

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    Most of the commentary on this transfer issue misses the point.

    The issue is not the transfer itself - interbank transfers are common and routine, the only unusual part was the large size - the issue is the way IL&P rerouted the funds via its pensions subsidiary, to allow Anglo Irish Bank to declare the monies as a customer deposit.

    Crucially, any case against any IL&P official must demonstrate that the official was fully aware of how Anglo planned on declaring the funds in its accounts and hence knowingly facilitated Anglo's fraud on the market.

    As for any case being taken against Neary, I would not hold your breath.

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