"From today's Irish Times"
SIMON CARSWELL Finance Correspondent
"STATE-OWNED Anglo Irish Bank is pursuing a former director and one-time head of the bank’s Irish lending division Tom Browne for loans of about €45 million secured on shares in the bank and various property investments.
He has blamed the nationalisation of Anglo in 2009 for his inability to repay his loans as they were secured on the shares and the bank’s collapse into State ownership rendered them worthless.
He wrote to associates last February saying that Anglo’s nationalisation destroyed a substantial part of the value of the security backing his loans and that the matter was “destined to end up in the courts” where he would defend himself.
Here we go again another believer in non-recourse debts as the State wiped out the value of his Anglo's shares, not his fault.
Jumped ship with 3.7m in Nov 2007 when the smell of shlte in Anglo was growing by the day, do we have Drumm to thank for this payment, what about his pension value.
The amount of the lendings to a senior manager, other than Fitzy, are unprecedented, someone signed these off is this the crack to expose how the managers signed off loans to each other.
AIB do not allow their staff/managers to be involved in investments like this, they would have had to have approval fron on high, the fact they seem to be still employed suggests a cover-up.
Wouldn't it be a mighty coincidence if the apartments in Yorkshire mentioned were somehow connected to Biffo's equiv investment in student accom in Leeds, anyone remember hoe Biffo financed his deal.