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Thread: Revealed: the internal Anglo report that wasn't published - Tribune

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    Default Revealed: the internal Anglo report that wasn't published - Tribune

    • Anglo believed Department of Finance endorsed share deal
    • Regulator told banker, 'Fair play to you,' over accounts

    THE Department of Finance raised no concerns when told about the controversial transfer of billions of euro from Irish Life & Permanent to Anglo Irish Bank in a bid to dress up the books of both banks, claims a secret internal report compiled by Anglo and seen by the Sunday Tribune.

    EXCLUSIVE: Revealed: the internal Anglo report that wasn't published

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    No big surprise but well done to the Tribune for getting it out into the open. Maybe not all our media are cowardly feckers afterall.
    Conservatives seem to believe that the rich will work harder if we give them more, and the poor will work harder if we give them less. E.J. Dionne

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    Extract from tribune article:

    Anglo has entered into "reciprocal arrangements" to bolster balance sheets with a range of international financial institutions in the past, including Royal Bank of Scotland, AIG and Hypo Real Estate.



    * Anglo received requests in the last six months for "balance sheet management" transactions from Lehman Brothers, ABN and
    West LB.



    * AIB and Bank of Ireland provided Anglo Irish with 6bn of funding on 23 January at the "behest" of the Central Bank.


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    Politics.ie Member cyberianpan's Avatar
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    My gut feeling on this:

    Dept of Finance thought deposits were legitimate version of the "green jersey"

    I.e. not a circular loan arrangement from Anglo to itself

    And this article just shows how easy it is to fool our senior civil servants

    cYp
    "Yawn , am I alive yet ?"

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    Lenihan's ******************************ed

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    Quote Originally Posted by cyberianpan View Post
    My gut feeling on this:

    Dept of Finance thought deposits were legitimate version of the "green jersey"

    I.e. not a circular loan arrangement from Anglo to itself

    And this article just shows how easy it is to fool our senior civil servants

    cYp
    much comment on this a the labour party economic thinkin yesterday

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    Politics.ie Member Dreaded_Estate's Avatar
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    These phone extracts prove that the Department of Finance and the Financial Regulator were complicit in the largest case of fraud in Irish corportate history.

    This is damning stuff. What possible excuse can the government give for this behaviour?

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    Politics.ie Member myk's Avatar
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    Well the Tribune certainly know how to add drama to their writing

    It is a good story to break, and well done to the Tribune on their investigative journalism. But with their hyperbole and the conclusions they draw, I think they have over egged this story. It doesn't sound like there is anything in here that the department can't defend themselves on. AFAIK, Anglo have claimed that they got clearance on these issues and the Dept/Financial Regulator already claimed that what they gave clearance for was something much more benign. It sounds just like the Golden Circle loans to me.

    On a completely random note, do the waist/knees up photos of their columnist/journalists impress anyone? I just think it looks silly; another attempt at dramatic effect. They are heading down the Sindo direction IMHO, though thankfully they are not nearly as bad yet!

    THE Department of Finance raised no concerns when told about the controversial transfer of billions of euro from Irish Life & Permanent to Anglo Irish Bank in a bid to dress up the books of both banks, claims a secret internal report compiled by Anglo and seen by the Sunday Tribune.


    In a set of astonishing new revelations and claims, drawn from legal memos, transcripts of phone calls and audit material, Anglo claim that a senior finance civil servant, who works closely with minister Brian Lenihan, assured IL&P he understood why it was necessary to carry out the transactions and there was no need for concern over the arrangements.


    ....

    The Sunday Tribune has seen a copy of the audit report and transcripts of the phone calls between Anglo Irish and the Financial Regulator concerning the arrangements. The explosive contents are likely to heap pressure on the government to immediately reform and restructure the Financial Regulator and to give a detailed account of whether Department of Finance officials provided approval, even in retrospect, for the transfers.

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    Quote Originally Posted by cyberianpan View Post
    And this article just shows how easy it is to fool our senior civil servants
    Or to fool Anglo's internal auditors.
    Nothing will motivate the lazy / apathetic / Americanised / west-British types to embrace their culture and the Irish language.

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    Politics.ie Member cyberianpan's Avatar
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    Quote Originally Posted by Conor View Post
    Or to fool Anglo's internal auditors.
    Well this story applies to the civil servants

    Though I'd certainly agree the external auditors were fools

    The internal auditors ... I'm curious about

    Also I'm curious as to how much of the foolishness was intentional



    cYp
    "Yawn , am I alive yet ?"

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