Garda never investigated State official's destruction

of documents, trial hears

hursday, February 02, 2017
Garda have never investigated a State official's destruction
of documents related to the investigation of alleged crimes
by former Anglo Irish Bank chairman Sean Fitzpatrick, a trial
has heard.

Mr FitzPatrick (aged 68) is on trial at Dublin Circuit Criminal

Court accused of misleading auditors about multi-million
euro loans in the years 2002 to 2007.

The jury has already heard that in May 2015 Kevin O'Connell,
a lead investigator from the Office of Director of Corporate
Enforcement (ODCE), shredded documents which were
relevant to the investigation.

He told Bernard Condon SC, defending, that he panicked

when he discovered the five pages in his office and made a
wrong decision to destroy them. He admitted it was
unethical and said he was ashamed of his actions.

He said he disclosed his actions to his boss, director of

corporate enforcement Ian Drennan, three days later.

This morning Mr Condon began a sixth day of cross-

examining Mr O'Connell. The witness agreed that it was a
criminal offence to destroy documents relevant to an
investigation.

He also agreed that there had been no garda investigation

into his shredding of the documents.

He said when he told Mr Drennan about his actions he did so

knowing it could have led to very serious outcomes such as
criminal investigations or disciplinary proceedings.

He agreed with counsel that none of these things happened.

Mr Condon said there had been no garda investigation and

hence there had been no prosecution.

He said that at the start of the current trial last October the
Director of Public Prosecutions (DPP) offered Mr O'Connell
what counsel described as effective immunity from
prosecution.

This offer came while Mr O'Connell was giving evidence

during legal argument and he indicated to the court that he
may wish to rely on the privilege against self incrimination.

Mr Condon told the jury that this was a legal right available
here and known in the U.S. as pleading the fifth, where a
person does not have to answer a question that may
incriminate them.

On October 12 last, 2016 the Chief Prosecution Solicitor for

the DPP wrote to solicitors for Mr O'Connell stating that no
evidence given by him concerning the destruction of
documents would be used in evidence in any criminal
proceedings against him.
The court heard that lawyers for the DPP have firmly rejected
that the letter amounted to an immunity against
prosecution. Mr Condon submitted that it was a qualified but
effective immunity.

Mr FitzPatrick of Whitshed Road, Greystones, Co Wicklow has

pleaded not guilty to 27 offences under the 1990 Companies
Act.

These include 22 charges of making a misleading, false or

deceptive statement to auditors and five charges of
furnishing false information in the years 2002 to 2007.

The trial continues before Judge John Aylmer and a jury.

http://www.irishexaminer.com/breakingnews/ireland/gardai-never-
investigated-state-officials-destruction-of-documents-trial-hears-
775303.html

Financial terrorist': Former bank

boss acquitted of all charges
despite blowing up Irish economy
Published time: 23 May, 2017 18:05
Edited time: 23 May, 2017
Former Anglo Irish Bank Chairman Sean Fitzpatrick,
famously described by RTs Max Keiser as a financial
terrorist, is in the clear after being acquitted of all
charges in a long-running multi-million euro loans case.
Fitzpatrick served as chief executive of the now-defunct
Anglo Irish Bank for almost 20 years before taking up the
position of chairman from 2005 until 2008. He resigned
amid emerging details of secret loans he had taken out
with the bank.
On Tuesday Judge John Aylmer at Dublin Circuit Court in
Ireland acquitted Fitzpatrick of 27 charges of misleading
the bank's auditors and furnishing false information
about multi-million euro loans to him and to people
connected to him between 2002 and 2007.
Former Anglo Irish Bank Chairman Sean Fitzpatrick,
famously described by RTs Max Keiser as a financial
terrorist, is in the clear after being acquitted of all
charges in a long-running multi-million euro loans case.
Fitzpatrick served as chief executive of the now-defunct
Anglo Irish Bank for almost 20 years before taking up the
position of chairman from 2005 until 2008. He resigned
amid emerging details of secret loans he had taken out
with the bank.
On Tuesday Judge John Aylmer at Dublin Circuit Court in
Ireland acquitted Fitzpatrick of 27 charges of misleading
the bank's auditors and furnishing false information
about multi-million euro loans to him and to people
connected to him between 2002 and 2007.
We have to expand the Patriot Act, and other financial statutes around
the world, to cover financial terrorism.

To cover Sen Fitzpatrick, because clearly he qualifies. Ireland should

recognise that theyve been victimised by a terrorist attack, and need to
respond accordingly, he told The Journal ahead of a visit to Ireland in
2011.
Jonathan Sugarman, the former Unicredit bank executive who reported
liquidity breaches during his first few weeks at Unicredit Ireland, has led
criticism of the court decision Tuesday. Sugarman says he repeatedly
warned the Financial Regulator that the Irish banking system was facing a
liquidity crisis before the financial crash.

Jonathan Sugarman @WhistleIRL

Ex- #Anglo chair Sean FitzPatrick acquitted of all charges on day 126 of trial
ONLY in #Ireland!#JonathanSugarmanhttp://jrnl.ie/3404388

12:13 PM - 23 May 2017

View image on Twitter

Follow
Jonathan Sugarman
Justice in ?!? FitzPatrick, CEO of collapsd bank, acquitted of
ALL 126 charges against him. Well done
12:27 PM - 23 May 2017

Paul Murphy
Sean Fitzpatrick acquitted of all charges on direction of
judge. defendants are in week 5 of 'false imprisonment' trial.
11:46 AM - 23 May 2017

Ben Redline
Sean Fitzpatrick helped bankrupt a nation gets acquitted -
Paul Begley changes labels from Garlic to Apples 6 years.
3:35 PM - 23 May 2017

https://twitter.com/Whist
leIRL
Gardai can investigate fraud
in the Credit Unions, but not
in the Banks.?
Gardai to investigate alleged credit
union fraud
Niall O'Connor 29 May 2012 04:00 PM

GARDAI have been called in to investigate suspected large-scale

fraud at a Dublin credit union.
It'semergedthatalleged"financialirregularities"involvingasixfiguresumhavebeenuncoveredatthe
institutioninFinglas,NorthDublin.

Officerswerecalledintoinvestigateafterstaffatthecreditunionuncoveredwhattheysuspectis
"irregularities"inthebranch'saccounts.

ThediscoverywasmadeinrecentdaysatthebranchlocatedattheSeamusEnnisRoad.

Thecredituniontodayconfirmedthataprobeisunderwaybeforereassuringcustomersthatsavingsare
secure.

Theagency'sbossescontactedlocalgardaiwhohavebeenworkingcloselywithdetectivesfromthe
nationalbureauoffraudinvestigation.

Secure

TheHeraldunderstandsthattheprobeisatanearlystagewithnoarrestsmadesofar.

It'sunderstoodthatofficerssuspectthattheallegedfraudcouldinvolveasixfiguresum.

Aspokespersonforthecreditunionsaid:"DuetotheongoinginvestigationbyAnGardaSiochana,weare
notinapositiontocommentontheinvestigationatthemoment.However,wewouldliketotakethis
opportunitytoassuremembersthattheirsavingsaresafeandsecureandarenotaffected."

Gardaiconfirmedaninvestigationwaslaunchedthisweek.

hnews@herald.ie

http://www.herald.ie/news/gardaitoinvestigateallegedcreditunionfraud28009330.html
Garda investigating financial irregularities
at Dublin credit union
16 June 2014

Garda investigating financial irregularities at Dublin credit union

More
Unauthorised transactions at a credit union worth
400,000 are being investigated by garda.
Larkhill & District Credit Union has asked consultants
Grant Thornton to investigate the extent of the
suspected fraud, which involved one member of staff
taking money from members accounts.
It is believed that much of the money has been refunded
to members.
A Garda spokesperson confirmed that garda in Santry
are investigating financial irregularities at a financial
institution that occurred from 2002 to 2013.
Sources indicate that the credit union became aware of
the irregularities on foot of complaints from members.
The incident was then reported to garda and the Central
Bank.
The lender has around 8,000 members and 28 million
in assets and says that there is an investigation into a
small number of affected accounts.
They say that members savings are secure, a stance
backed up by the Irish League of Credit Unions (ILCU).
We can confirm that there is an ongoing investigation
into irregular activity in a small number of members
accounts at Larkhill & District Credit Union.
While this investigation is underway, we will not be able
to comment in any substantive way on the matter other
than to say that this is a rare occurrence and Larkhill &
District Credit Union is working with the relevant
authorities to ensure that the issue is dealt with
comprehensively and brought to a satisfactory
conclusion.
Members that have been affected by this issue have
been contacted by the credit union and have been
refunded. The credit union continues to work closely with
these members. Larkhill & District Credit Union is trading
as usual and day to day operations have not been
affected. Member savings are safe and continue to be
guaranteed by the Governments Deposit Guarantee
Scheme of up to 100,000 per member.
https://uk.news.yahoo.com/garda-investigating-financial-
irregularities-dublin-credit-union-101935000.html
For the second time in a
week, garda are
investigating fraud at a Cork
credit union
One staff member at Gurranabraher
Credit Union has been sacked over
200,000 in irregularities.

BY FORA STAFF

MAY 17TH 2017 2 MIN READ

A STAFF MEMBER at one Cork credit union has

been dismissed after a potential fraud worth up
to 200,000 was uncovered at the financial
institution.
An internal investigation at Gurranabraher Credit
Union led to a complaint to the garda and the
matter being referred to the Central Bank.
Its understood that garda in Cork are
investigating financial irregularities totalling as
much as 200,000 at the credit union.
In a statement, the Central Bank said it was
engaged with Gurranabraher Credit Union on
certain issues and that the process was
ongoing.
The credit union has said it is fully insured and
no members have been exposed to losses
because of the case.
The latest probe is the second scandal to
emerge involving staff at a Cork credit union in
less than a week.

Fermoy case
Garda previously confirmed they were
investigating alleged fraud at Synergy Credit
Union in Fermoy.
In that case, a reported 400,000 was taken
from several members accounts. One employee
was dismissed over the issues and the credit
union said it had returned all accounts to their
correct balances.
Both of the Cork institutions said they will
continue to operate as normal despite the
investigations, which come at a crucial time for
the credit union movement.
The organisations have been pushing for an
expanded focus to help them tackle minimal
returns on members deposits.
Small business lending and a more significant
role in the Irish mortgage market have both
been floated as ways in which credit unions
could expand their businesses and provide
increased competition to the major banks.
Repoting by Cliodhna Russell and Peter Bodkin.
https://fora.ie/cork-
credit-union-fraud-
3393712-May2017/
Garda are investigating
'financial irregularities' at a
Cork credit union
More than 400,000 was reportedly
taken from several accounts at
Fermoys Synergy Credit Union.
BY THEJOURNAL.IE STAFF

MAY 12TH 2017 2 MIN READ

GARDA ARE INVESTIGATING after money was

taken from the accounts of several members of
a Cork credit union last year.
Synergy Credit Union, based in Fermoy,
confirmed that irregularities were identified in
a small number of accounts in September as
part of its internal transaction-monitoring
processes.
It said in a statement that management
confirmed the issues and commissioned
consultancy Grant Thornton to undertake an
investigation.
The credit union added that it also told the
relevant authorities, including An Garda
Sochana, as soon as the matter came to
light. Following the credit unions internal
investigation, action was then taken.
All affected accounts have been
replenished to their correct balance.
The credit union is insured to deal with such
matters and no members savings were
lost, the statement said.
The Irish Examiner reported that a total of
407,442 was taken from dozens of accounts.

The credit union said an individual has

accepted responsibility for the incident and the
person was no longer employed at the financial
institution after co-operating with the
investigation.
In a statement, garda said there was an
ongoing investigation into alleged financial
irregularities at a financial institution based in
Fermoy.
Synergy Credit Union said it would like to
reassure its members that their savings are safe
and continue to be protected by the government
Deposit Guarantee Scheme.
The credit union continues to operate as
normal, it said.
Written by Grinne N Aodha and posted on
TheJournal.ie
https://fora.ie/credit-
union-cork-fraud-2-
3386367-May2017/
Business and mortgage
lending - how credit unions
could take on the banks
A new report says the return on
members deposits is now critically
low.
BY PAUL O'DONOGHUE
REPORTER, FORA
APRIL 22ND 2017 4 MIN READ

CREDIT UNIONS COULD help bring

competition to Irelands highly concentrated
lending market in a move that could prove
beneficial to both consumers and small firms.
That is according to a new report prepared
by DCU academic and credit union researcher
Dr Ciarn Mac an Bhaird on behalf of the Irish
League of Credit Unions (ILCU).
The report said that, amongst other moves, the
largest credit unions should launch a pilot
scheme to provide money to small businesses,
with a likely initial focus on loans of between
10,000 and 20,000.
It added that the current return on members
deposits is critically low with interest rates
across Europe at rock-bottom levels.
Investment yield is extremely low at
present, with an average return of 1.6% for
all credit unions, it said.
Credit unions face a simple choice: Increase
return on members deposits through an
increase in lending and increased return on
investments, or continue to operate on
diminishing returns.
The report said that the credit union movement
will need to look at new offerings to get a better
return on its capital and advance its social
objectives.
Mortgages
The first of the suggested measures is for credit
unions to become significant players in the
residential mortgage market, which is currently
dominated by the pillar banks.
It would have considerable benefits in
diversifying and strengthening the financial
system, and in providing choice for consumers,
as the residential mortgage lending business in
Ireland is highly concentrated, the report said.

Banks dominate mortgage lending

Source: Shutterstock/Sashkin

Mac an Bhairds conclusions come after a group

of credit unions earlier this year said it wanted to
force real competition in the mortgage
market, estimating that it had about 400
million available to lend.

Under current rules, credit unions are only

allowed to loan out 10% of their total loan book
on terms that are 10 years or greater. This has
the effect of significant restricting mortgage
offerings.
However the Central Bank, which regulates
finance providers, has been cool on the idea of
diversification and larger-scale lending from the
credit union sector.
Its registrar of credit unions, Anne Marie
McKiernan, previously said that the watchdog
hadnt seen enough from credit unions by way
of well-structured plans for development to move
forward successfully.
Many of the proposals we assess are not
aligned to current business strategy,
business fundamentals and capabilities,
she said.
They often lack relevant cost and viability
analysis, and importantly fail to demonstrate
how the proposed new service will contribute to
the development of credit unions profitability and
sustainability.
The Central Bank has also found in a report
published earlier this year that many credit
unions have failed to comply with rules that
would ensure the competency of staff.
Small business lending
Mac an Bhairds report noted that many credit
unions have not expanded into lending to the
business sector to date because the financial
institutions CEOs were uncomfortable with the
level of risk associated with lending to a sector
with which they have limited experience.
They are unwilling to develop a significant SME
loan book, as they perceive that they do not
have the requisite skills to assess business-loan
applications, and they do not wish to risk
members funds and endanger the viability of the
credit union, it said.

These issues need to be addressed if the credit

union sector is to fulfill its role as a movement for
community development through mobilising local
resources for investment in the small-firm
economy.
It said that this issue could be addressed by
launching a pilot lending programme specifically
targeting small and micro firms with limited
loans.
Participation should be on an opt-in basis,
and confined to credit unions in the largest
size category, it said.
Companies in Ireland are currently charged
some of the highest interest rates in Europe
for small business loans. Similar to the
residential mortgages, one of the likely causes
of this is because of the stranglehold that the
countrys pillar banks have on the market.
The report has been published ahead of the
ICLUs two-day annual general meeting which
will run over the weekend. The findings will be
discussed by delegates at the gathering.
https://fora.ie/credit-union-mortgage-small-business-lending-
3351320-Apr2017/
Ireland's three big banks
have a virtual stranglehold
on small-business lending
AIB, Bank of Ireland and Ulster Bank
control 95% of the market.

BY PAUL O'DONOGHUE
REPORTER, FORA
JULY 22ND 2016 3 MIN READ

THE COUNTRYS THREE biggest banks control

a massive 95% of the lending to small
businesses in the Irish market.
A report from the Central Bank shows that AIB,
Bank of Ireland and Ulster Bank have a triopoly
on lending to small Irish companies.
The Central Banks SME market report for the
first half of 2016 found that the SME lending
market continues to be highly concentrated.
In the latest quarter, the combined market
share, of the three main banks is 95%, it said.
Market share is defined as how much new credit
the banks loaned out during the first quarter of
2016.
It also noted that interest rates on loans under
250,000 remain high relative to euro area
averages.
As previously highlighted by Fora, Irish
companies pay some of the highest rates in
Europe for small business loans.
Lack of competition
One of the main factors causing this is likely to
be the lack of competition in the Irish banking
industry.

Although Permanent TSB started to offer loans

to SMEs at the end of last year, AIB, Bank of
Ireland and Ulster Bank still have a stranglehold
on the sector.
 Permanent TSB started offering small business loans last year
Source: Leon Farrell/RollingNews.ie

The head of the Small Firms Association has

previously said that he does not expect loan
costs to fall significantly until a challenger bank
enters the Irish market.
Although no new banks have arrived yet, several
alternative lenders have started to set up shop
here and the head of the Strategic Banking
Corporation (SBCI) said yesterday that he
expects another will enter the market in the
next year or so and challenge the banks.
Despite the domination of the three main banks,
the Central Bank report found that new lending
to non-financial, non-real estate SMEs in the first
quarter of 2016 was up by 5% year-on-year.
Credit demand drops
New lending rose the most in the construction
sector were loans were up 36% compared to
the first quarter of 2015 followed by
agriculture (7.7%) and manufacturing (1.8%).
However, there were drops in the wholesale
and retail (down 17%), hotel and restaurant
(down 14%) and services (down 9.2%)
sectors.
Overall, the number of individual applying for
credit during the period dropped. Some 26% of
businesses polled in a survey of 1,500
companies said that they applied for bank
funding during the period from October 2015 to
March 2016. This was down from 30% during
the previous six months.
The report also noted that between March and
December of 2015, over 4,600 Irish SMEs drew
down 172 million of cheaper SBCI loans, which
represented 9% of the total lending during the
period.
The SBCI provides low-cost funding to financial
institutions, such as banks or alternative lenders,
which are then meant to pass on the savings to
SMEs.

The high cost of borrowing

is acting as 'a drag' on
businesses
The competitiveness watchdog says
expensive bank loans are stopping
firms from investing.

BY PAUL O'DONOGHUE
REPORTER, FORA
APRIL 21ST 2016 3 MIN READ

THE HIGH COST of borrowing is preventing

small businesses from growing, the
governments competitiveness watchdog says.
Irish companies paid an average interest rate of
about 6% on small business loans in 2015,
almost twice our eurozone neighbours on
average.
In a report for the Department of Jobs,
the National Competitiveness Council said that
this premium was acting as a drag on
businesses and warned that the gap between
Ireland and the rest of the eurozone must not be
allowed to widen further.
Irish interest rates on business loans have been
consistently higher than equivalent euro area
rates and it is vital that cost competitiveness in
this area does not weaken further, the report
said.
For example, in November 2015 the interest
rate in Ireland on a business loan of up to
250,000 was 6.56%, compared with a euro
area average of 3.15%.
Stifling growth
It added: The cost of credit continues to act as
a drag on the enterprise sector, inhibiting
investment and growth, particularly amongst
startups and SMEs.
The report noted that bank loans are still far and
away the most common tool used by Irish SMEs
to finance their businesses.
 Average interest rates on bank loans in Ireland and the eurozone
Source: National Competitiveness Council

It pointed to the CSOs access to finance

survey which showed that one in five SMEs
applied for bank finance in 2014.
As access to finance becomes easier and more
sources of funding become available, the
differential in bank interest rates between Ireland
and the euro area assumes greater importance,
it said.
Furthermore, Irish interest rates for loans both
under and over the 1 million threshold have
been noticeably more volatile than euro area
rates. Irish and euro area interest rates diverged
further in 2014 and 2015.
House prices
The council also said the costs of
both commercial and residential property were
major causes of concern.
Chairman Peter Clinch said: Rising rents and
increasing house prices will inevitably impact
upon wage demands, increase the cost of living
and will damage competitiveness.
He pointed out that the boom and bust cycle in
the property sector had been at the heart of
Irelands recent economic problems, adding:
We must try to avoid this sector undermining
the current economic recovery and threatening
its sustainability in the future.
Jobs Minister Richard Bruton said that the report
was a reminder of the need for continued
vigilance on Irelands competitiveness.
During the Celtic Tiger we saw how a vicious
circle of rising costs for business and rising cost
of living leading to unsustainable increases in
labour costs and public spending, ultimately
eroded competitiveness and led to job losses
and recession, he said.
As we enter a precarious period for our
economy and our country, the need for careful
and prudent management of the economy and
competitiveness has rarely been greater.
Max Keiser: Irish govt slaves to IMF terror machine!
Nov 16, 2010
If Europe's single currency fails, so would the Union itself. The warning comes
from the EU president, who was speaking ahead of the meeting of the
Eurozone's finance ministers. Portugal has warned it could be forced out of the
Eurozone, and Ireland is also being urged to use European bailout money to
prevent bankruptcy. But Financial analyst Max Keiser says going to the IMF for
help would be even worse...

RT on Facebook: http://www.facebook.com/RTnews
RT on Twitter: http://twitter.com/RT_com
https://www.youtube.com
/watch?v=nQFHgcFlrlw

IMF hints at concerns over

Irish property market
Fund report warns against reducing tax base and points to
risks of swings in corporate tax
Sat, May 13, 2017
IMF managing director Christine Lagarde. The fund has hinted it might be wise to
amend or end the Government help-to-buy scheme and tighten mortgage-lending
rules. Photograph: Alberto Pizzoli/AFP/Getty Images
Understanding the conclusions of reports from
international bodies such as the International Monetary
Fund and European Commission on the Irish economy
always require a bit of reading between the lines. The latest
report from the IMF is no different, appearing to hint, for
example, that it might be wise to amend or end the
Government help-to-buy scheme and tighten up the
Central Bank mortgage-lending rules, but not actually
saying so. No doubt such reports emerge after much
negotiation with civil servants. It might be more useful if
the IMF just came out and said what they thought.
The language is a bit clearer in other areas. The
Government at least in its current guise remains
committed to using what room for manoeuvre there is on
taxes to cut the universal social charge (USC). The IMF
warns in this context against reducing the tax base, saying
that a comprehensive and evenly distributed tax on
individual earnings is important.
C IMF warns help-to-buy scheme adding to property
pressures
C John FitzGerald: Low rate of inflation brings its own
problems
C Brexit poses risk to global stability, says IMF
The strength of the USC is that it applies to incomes that
escape normal tax when introduced it also ensured that
lower earners contributed a small amount, though recent
cuts have exempted many from the USC net.
Corporation tax
The IMF also points to the risks of swings in corporate tax
the reason why tax revenues overshot in recent years.
The message is that spending programmes should not be
entered into on the basis of an overly optimistic view.
For good measure it calls for a review of tax allowances and
reliefs though does not say which ones and says there
should be a review of the goods exempted from VAT, such
as food and childrens clothes. It also says property values
for the residential property tax should be aligned to market
values, which would mean a big rise in bills.
The IMF knows there is little chance of these tax rises
happening, bar another fiscal crisis. But it highlights the
kind of choices Irish governments are likely to face,
particularly if growth slows due to Brexit. Tax buoyancy in
recent years has allowed a bit of scope for spending rises
and USC cuts. But we cant rely on this continuing. As the
IMF points out, the risk is that Brexit has a negative and
significant impact in the years ahead.
http://www.irishtimes.com/business/economy/imf-hints-at-
concerns-over-irish-property-market-1.3081399

To: Minister of Finance

Expand the
investigation into
Jonathan
Sugarman's
whistleblowing
GH

Campaign created by
Greg Houlihan
Expand the investigation into Jonathan Sugarman's
whistleblowing
Why is this important?
The billions of euro debt that were transferred to Irish citizens was
and is a travesty due to inept administration. No one has been held
accountable and the media in Ireland is stonewalling and
obstructing Jonathan Sugarman's obligation to inform the Irish
people.

https://my.uplift.ie/petitio
ns/jonathan-sugarman?
bucket=&source=twitter-
share-button
Central Bank picks
its IMF representative
John Walsh
May 9 2017, 12:01am,
The Times

Ann Marie McKiernan has also been appointed as a special adviser to the
governor in international relations
Anne Marie McKiernan will be Irelands next executive
director at the IMF pending approval from the minister
for finance.
Ms McKiernan, the registrar of credit unions at the
Central Bank of Ireland, will be its nominee after an
internal recruitment process.
As reported last month by The Times, the Central
Bank began a recruitment process for two special
advisers, with one acting as its executive director at
the IMF while the other works on Brexit-related issues.
Both have been offered five-year fixed-term contracts.
Ms McKiernan has been appointed as a special
adviser to the governor in international relations. She
will be Irelands alternate executive director at the
IMF between 2017 and 2020 once a formal sign off
from the Department of Finance has been approved.

https://www.thetimes.co.u
k/article/caeda742-3418-
11e7-b74e-007fb206abf9
Today's column: Bankers ruined our
country, Leo - not social welfare
recipients.
Villager September-October 12
including threats to whistleblower,
Sugarman
by Village 11 September, 2012, 5:00 pm Comments are off

Cover-up
Jonathan Sugarman, a former Risk Manager, blew the
whistle on his then employer Unicredit Bank, Italys biggest,
which in 2007 failed dramatically to maintain proper liquidity
ratios which keep banks from customer runs on their
funds. Village was the first to name Unicredit, despite
threats from McCann FitzGerald solicitors that Unicredit
would sue if implicated. Subsequently the Central Bank
Financial Regulators Department, announced that it would
consider any information offered about the affair in
confidence but when Sugarman contacted them they
revealed that in fact they reserved the right to report him to
the Gardai for criminal activity if he offered the Central Bank
information that implicated him. In the end in February
Sugarman bravely nevertheless met the Central Bank, which
indicated that they had already asked Unicredit to recreate
reports dating back to the alleged breaches in 2007 but gave
no information as to how their investigations were
proceeding. Subsequently the Central Bank indicated, with
no reasoning, that it was closing the file and notably failed
to produce minutes. When the Irish Independents intrepid
Mark Keenan recently started sniffing about the issue, the
Central Bank finally sent minutes of the meeting, It is not
clear if the file remains closed, or why, and the Central Bank,
for the moment is keeping schtum.
Hogans magic touch
So water charges will not become fully operational until
2016, at the earliest. Coincidentally, a general election will be
held before that date. Big Phil Hogan who has gone
politically AWOL after presiding over the household charge
and septic-tank fiascos, is now applying his monkey-
repairing-a-television-set nous to domestic water metering.
Bord Gis has been awarded the contract for running the
system. Expect to hear very little until the last minute, and
certainly no justifications for any new unpopular taxes from
this, the States least ideological Minister ever.

Going Nowhere
Reflecting the general stasis, it is remarkable how small the
fluctuations in the numbers of unemployed are. Even
anecdotally there is little talk of hordes heading to Nirvanas
in the New World. A beleaguered domestic population has
resigned itself to pestilence and reality TV. Numbers on the
register have fallen only marginally, from 440,300 in January
to the current level of 434,400. In 2012 the unemployment
rate has moved between the very narrow band between
14.7% and 14.8%.

Letterkenny coming to the Home Counties

With the Cabinet reshuffled to incorporate even more
Oxbridge Tories and Northern Ireland secretary Owen
Paterson installed as Minister for the Environment it is
interesting that Britains Chancellor of the Exchequer George
Osborne has signalled plans for a major deregulation of
planning laws, raising the prospect of allowing more
development of Englands 6,000 sq miles of green belt land.
He wants to see more imaginative thinking by planning
authorities and, in thinking redolent of swan- and snail-hating
Bertie Ahern, will fast-track whatever it takes by October.
Ireland doesnt really bother with green belts, so no lessons
there for us, anyway.
Osborne also refused to rule out the option of building a third
runway at Heathrow, saying all options were being
considered. This has annoyed Zac Goldsmith, the toffee
Tories environmental conscience and Boris Johnson, not to
say the Lib Dems (remember them), who note the expansion
was foresworn in the coalitions manifesto.
Clegg should dial up the blower to John Gormley for a pep
talk.
Socialists panic over Indo onslaught
The implosion of the Socialist Party over Clare Dalys
support for Mick Wallace can only be rated as a victory for
those behind the Irish Independents vitriolic campaign
against the financially troubled property developer turned
TD. At the height of the controversy earlier this summer
surrounding Wallaces outstanding debts to the Revenue the
Indo bizarrely ran the Wexford TDs problems across its front
page every day for two consecutive weeks. As many of the
remaining Socialist Party and ULA deputies ran for cover the
heat came on Daly for standing by, and in the Dil continuing
to sit with, the embattled Wallace, who apologised for his
unquestionably unacceptable dealings with the Revenue
Commissioners and offered to pay them half his salary. For
some in the Socialist Party turning on Daly provided a long
awaited opportunity to cut the Dublin North representative
down to size particularly in light of her strong media and Dil
performances since elected as their second TD. Those who
relented in the face of the campaign by the Independent
News and Media titles against Wallace did not seem to
notice the irony of a media group attacking a politician over
his revenue problems when its tax exiled owners have been
evading their responsibilities on multiples of the amounts
owed by the Wexford TD for decades.

Click
Villager has replaced his plastic-framed Athena poster of
Brad and Angela, Brangelina with one of Clare and Mick.
Click?

Lie or just bluff?

Day one: Mitt Romney, man of action, will declare China a
currency manipulator, allowing me to put tariffs on products
where they are stealing American jobs unfairly . Futurology
does not record what the reaction of China will be, nor on
what day. But Villager notes that China is the biggest foreign
buyer of US debt securities. If it decides not to participate in
the next Treasury auction, desperate recourse to the
financial markets will be required, sending interest rates
soaring and, most importantly, polls dipping.

GM What?
No-one in Ireland cares about Genetically-Modified food and
how they may spawn irrepressible super-species. Teagasc
(whatever that is) was recently granted permission by the
Environmental Protection Agency to grow GM spuds and
theyve apparently now been planted at Oak Park. Minister
Phil Hogan can instruct Teagasc in writing to do, or undo,
anything he wants, so ultimately the decision falls on his
desk.
Meanwhile, twelve applications were made in the High Court
recently for NPE (Not Prohibitively Expensive) Orders by EU
citizens, invoking the only-recently-ratified EU Aarhus
Convention. The NPE Orders sought protection from risk of
exorbitant expenses in this, the most expensive legal system
in the EU. But the potatoes are growing away, oblivious.
Savage but Prone
Village has in the past noted the correlation between
meaningful surnames and personality or profession. So for
example, in a move that may presage development of a new
Heathrow runway, Minister Justine Greening has been
moved out of Britains transport portfolio. Meanwhile, Nick
Buckles of security giant G4S admitted, under severe time
pressure, that the firm couldnt meet its obligations to provide
security staff to the London Olympics. Villager has always
been disproportionately fearful of the Communications Clinic,
led as it is by Terry Prone and the Savage family if only
because of the potential for Nice/Nasty role-playing on their
PR victims.

Whats the Rory story?

Villager is surprised how little fuss is being made of Rory
Coveneys appointment as special adviser to Noel Curran,
DG of independent broadcaster, RT. Coveney is brother to
Greencore MD Patrick and Minister for Agriculture, Simon.

Scorched earth
The recent An Bord Pleanla approval for demolition of nos.
32 and 33 Henry Street was the worst decision in Dublin City
in years according to Kevin Duff of An Taisce. It runs counter
to recent decisions on Frawleys in the Liberties, the Ardee
House pub on Newmarket and a number of buildings on King
St where demolition has recently been refused. The
buildings are in what is supposed to be an Architectural
Conservation Area.
The Henry St buildings, once the Tower and Arch pubs, are
the only ones on that street to have survived the fires and
destruction which occurred during the 1916 Rising and the
Civil War. They were occupied by volunteers during the 1916
Rising. Henry Place, which is the laneway along the side of
no. 33, was the route that the evacuating garrison (including
five of the leaders) travelled towards Moore Street from the
burning GPO on the Friday of Easter Week 1916. The Save
Moore Street group want these buildings and laneways to be
declared a battlefield site and protected.
Anomalously, the current government has set up a 1916
Centenary Committee and Minister Leo Varadkar recently
instructed Filte Ireland to examine the possibility of opening
a 1916 tourist trail. There is a chasm between the Bord
Inspectors Report and recommendation and the Boards
decision to grant (a split decision 3:3 with the casting vote by
the Chairman). The Inspectors reasons for recommending
refusal were detailed but the Board stated, In deciding not to
accept the Inspectors recommendation to refuse permission,
the Board considered that the demolition of numbers 32 and
33 Henry Street, neither of which are protected structures or
referred to in Appendix 2 of the OConnell Street
Architectural Conservation Area 2001, was justified on the
basis of the restoration of numbers 68 and 69 OConnell
Street and 31 Henry Street, the quality of the proposed
replacement building and the need for Dublin City Centre to
play its role at the top of the retail hierarchy.
As to 68 and 69 OConnell Street the Inspector was less
convinced: the heritage value of the existing structures on
site is mainly to do with their external appearance and
contribution to the streetscape with the level of features
internally not exceptional or hugely significant in terms of
architectural heritage. So the Board is approving partial
demolition of the streetscape in order to protect the
streetscape. Local traders are said not to be amused.

Lawyers get stuck in to SIPO, at taxpayers expense

The City Council and Labours Councillor Oisn Quinn will be
in the High Court in October challenging the Standards in
Public Office Commission (SIPO)s decision to find Quinn
breached ethics legislation in proposing resolutions in Dublin
City Council that could have raised the height of the
Revenue Commissioners Building on Mount St that he and
his family own. Villages editor who initiated the complaint to
SIPO is a notice party.
Using this story 2 cover up all the corruption going on in Ireland
#JobstownNotGuilty #tuambabies #grace #MaryBoyle #JonathanSugarman
WhistleIRL #JonathanSugarman ?. Or is it her own choice ?.
Stand up for Charlie Flanagan (Jonathan Sugarman)
May 5, 2017

https://www.youtube.com/watch?v=Dy9G6IIhx4Q

Whistleblowers - Jonathan Sugarman 15 11 2016

Nov 19, 2016

https://www.youtube.com/watch?v=fuAQO-jkjwM

Jonathan Sugarman on Banking and Financial Regulation in

Ireland.

https://villagemagazine.ie/index.php/2012/09/villager-3/

Official Ireland has destroyed the lives of every single

whistleblower'
Apr 13, 2017
Banking whistleblower Jonathan Sugarman says that his life was ruined after alerting officials to
liquidity breaches at UniCredit.

Sugarman became the risk manager at the Italian banks Dublin office in 2007, but resigned
within months due to liquidity breaches.

He has since claimed that he repeatedly alerted authorities that Ireland was facing a liquidity
crisis, a claim that was ignored. He maintains that had he been listened to, the bank guarantee
and bailout could have been avoided http://jrnl.ie/3338696f

Speaking today at the Oireachtas Committee on Finance, Sugarman said that his life has been
ruined by his whistleblowing.

TheJournal.ie is an Irish news website that invites its users to shape the news agenda. Read,
share and shape the days stories as they happen, from Ireland, the world and the web.
Submit your clips to video@thejournal.ie

Stay up to date with all of the latest videos by subscribing to our

channel: http://www.youtube.com/user/thejourna...

Download our free iOS app: https://itunes.apple.com/ie/app/thejo...

Download our free Android app https://play.google.com/store/apps/de...

Jonathan Sugarman Banking Whistleblower in UCC

Apr 30, 2017
On the 27th April 2017 Jonathan Sugarman gave a talk in University College Cork on how he
discovered criminal breaches in the liquidity rules of the bank he was working in, how he informed
the Central Bank and the Banking Regulator of these breaches and how the banking community
vilified him as a result of these actions.
https://www.youtube.com/watch?v=9jgrbHEtNYo
TV3 - Tonight with Vincent Brown - Jonathan Sugarman
(5/12/16)
Dec 6, 2016
Vincent Brown interviews Jonathan Sugarman who served as head of risk management at
UniCredit Bank in Ireland. Panelists include Luke 'Ming' Flanagan, Paul Sommerville, Hellen
Dalton and Justine McCarthy.

First broadcast on Mon 12th Dec 2016

https://www.youtube.com/watch?v=CuEhUicQz4s
Surprise that Motor Tax is to be used for Irish Water
Nov 2, 2015
Surprised was expressed by Sean Fleming and Martin McGuinness of the Public Accounts
Committee on the 5th February 2015 when they learned that Motor Tax is to be used to fund Irish
Water.
https://www.youtube.com/watch?v=1FpU8D56fS0

Irish Water breaking all the rules. Fair play to this lady.
Aug 7, 2015
Irish Water and Garda Intimidation/collusion Cork Ireland. Fair play to this lady.

https://www.youtube.com/watch?v=xm5T54sUspE
Garda Commissioner 'made allegations of sexual crimes against
whistleblower', Dil hears
Feb 8, 2017
Labour leader Brendan Howlin has told the Dil that Garda Commissioner Nirn
OSullivan contacted journalists in 2013 and 2014 to make serious allegations
about garda whistleblower Maurice McCabe.

Howlin, speaking under Dil privilege, told the chamber that the Commissioner
had made allegations of sexual crimes against McCabe.

Addressing the Taoiseach during Leaders Questions, Howlin said that a

journalist had contacted him this morning to say that they had evidence in
relation to the phone calls.

Taoiseach Enda Kenny said the allegations are "vehemently denied" and said the
Commissioner is entitled to the government's full support.

Read more: http://jrnl.ie/3228919

TheJournal.ie is an Irish news website that invites its users to shape the news
agenda. Read, share and shape the days stories as they happen, from Ireland,
the world and the web.

Submit your clips to video@thejournal.ie

Stay up to date with all of the latest videos by subscribing to our

channel: http://www.youtube.com/user/thejourna...

Download our free iOS app: https://itunes.apple.com/ie/app/thejo...

Download our free Android app https://play.google.com/store/apps/de...

https://www.youtube.com/watch?v=8MPpv9xubv0
Sean Fitzpatrick: Ireland has shrugged off its failed past (2006)
Apr 16, 2013
Interesting clip of Sean Fitzpatrick reflecting on the progress made by Ireland in the two decades
from 1986 to 2006.
https://www.youtube.com/watch?v=iTFNgaxu1G8&feature=youtu.be

Sean FitzPatrick after being found not guilty at the Anglo Trial.
Apr 16, 2014
Sean FitzPatrick speaks to the media after being found not guilty of all charges at the Anglo Trial
on 16 April 2015.
https://www.youtube.com/watch?v=4sPTC3PzQu8
WATCH: 'It's a wonderful day' - Sean Fitzpatrick acquitted on all
counts
May 23, 2017
The trial of former Anglo Irish Bank chairman Sean FitzPatrick for allegedly misleading the bank's
auditors about millions of euro in loans between 2002 and 2007 has collapsed.

https://www.youtube.com/watch?v=1_FGFUnreMo
In light of the latest embarrassment the
Irish People had to endure this might
help to will shed some light on #Irelands
#Ethical #Culture
They hang the man and flog the woman
that steals the goose from off the
common, but let the greater villian loose...
A judiciary & DPP that are not beholden to politicians & bankers. Simple
INTEGRITY. What say you KB?
Ireland's white-collar
watchdog is suffering from
a chronic staff shortage
There has been a 25% reduction in the
number of staff at the ODCE in the
past six years.

BY THEJOURNAL.IE STAFF

FEBRUARY 16TH 2017 2 MIN READ

IRELANDS CORPORATE WATCHDOG is

suffering from dangerously low staffing levels,
according to a TD.
The Office of the Director of Corporate
Enforcement (ODCE) has seen a 25% reduction
in staffing levels in the past six years, per the
result of a parliamentary question submitted by
Fianna Fil justice spokesman Niall Collins.
The number of garda working at the ODCE has
been halved during that time, from 10 to five.
A staff complement of seven garda are
assigned at all times to the ODCE to assist with
its criminal investigations and prosecutions.
 Director of Corporate Enforcement Ian Drennan
Source: Sam Boal/Rollingnews.ie

Minister for Jobs Mary Mitchell OConnor said

that director Ian Drennan has requested of the
Garda Commissioner that the two current senior
vacancies in those roles be filled as a matter of
urgency.
The number of garda at the ODCE topped out in
the years after the economic crash as
investigations into the goings-on at Anglo Irish
Bank took centre stage.
Overall, the number of people working at the
ODCE has reduced from 53 to 40 since 2010, a
reduction of 26%.
Source: Department of Jobs

Click here to view a larger image

The ODCE requires both legal, law enforcement
and accountancy expertise to fulfil its role, said
Collins, reacting to the figures.
The trend since 2010 has been to see a
reduction in staffing support. Its disturbing,
and it must end now.
Last year, Fora reported that the amount spent
by the OCDE was less than half of the
Oireachtas office supplies budget.
Of the agencys 5.1 million budget for
2015, only 3.1 million was actually spent. Job
vacancies accounted for a large part of that
spending gap.
The agency did not reply a request for comment
on this matter at the time of publication.
The ODCE was set up in 2001 and has a broad
role concerning both compliance with and
enforcement or corporate law in Ireland.
It has been in the news most recently regarding
the court case taken against former Anglo
chairman and chief executive Sen
Fitzpatrick, when it emerged that one of the
ODCEs two legal advisers had shredded a tiny
proportion of legal documents regarding the
case in April 2015.
More was spent on
government office supplies
last year than pursuing
white-collar crime
The Office of the Director of Corporate
Enforcement only spent three-fifths of
its annual budget.

BY PAUL O'DONOGHUE
REPORTER, FORA
JULY 31ST 2016 3 MIN READ

THE AMOUNT SPENT last year by the agency

responsible for pursuing white-collar criminals
was less than half the Oireachtas office supplies
budget.
According to the the houses of the Oireachtas
annual report, the total budget for the Office of
the Director of Corporate Enforcement (ODCE)
during 2015 was 5.1 million.
That figure was up slightly on the 4.7 million it
was granted in 2014 but down marginally on the
5.3 million in 2013.
In comparison, 8.4 million was spent on office
supplies by the parliament last year, up from
7.2 million during 2014 and higher than the
estimated spend of 7.1 million. The bulk of the
spend was on ICT maintenance and support.
A spokesman for the Oireachtas said that
several large projects accounted for the
overspend on office supplies and ICT during
2015.
The ODCE is the agency responsible for making
sure that business people are following company
law. It has handled several high profile cases of
alleged corporate wrongdoing and was recently
involved in the case of scandal-hit charity
Console.
The agency also carried out a long-running
investigation into business practices at the
former Anglo Irish Bank.
Vacancies
Of the agencys 5.1 million budget last
year, only 3.1 million was actually spent. It said
that this was because, as vacancies arose
during the course of the year principally
retirements and transfers out there was a
delay in receipt of approvals necessary to
proceed with recruitment.
Source: ODCE

The vacancies accounted for a large part of the

spending gap, although the body also had 2.2
million allocated for non-pay costs less than
1 million of which was eventually needed.
The funding set aside included a large provision
for legal costs that the OCDE thought it would
have to pay during a trial it was taking part in.
In the end, the ODCE spent 916,000 on non-
pay costs during the year. As of the end of 2015
the body had the equivalent of 37 full time staff,
down from 40 the year before.
A spokesman for the agency told Fora that,
since the start of the year, the organisation has
taken on three new staff, will shortly hire two
more and has plans for further recruitment.

The ODCE conducted an investigation into Anglo Irish Bank

Source: AP/Press Association Images

We did a workforce evaluation that found a

need for forensic accounting and ICT skills (and)
we were granted a budget, he said.
It would have been nice to get people in as
soon as possible, (but) we had to go through the
public recruitment process and there were
probably a lots of delays because of the huge
amount of recruitment going on there now.
More serious crimes
However aside from the new hires, the ODCE
spokesman said the agency wasnt looking for
additional resources.
We have a number of cases under investigation
and if we believed that we needed extra
resources we would seek them, he said.
The ODCE said that in its report that it has
recently shifted its focus to pursuing more
serious crimes which are likely to be tried on
indictment.
This shift continued during 2015 and, in addition
to referring one file to the DPP during the year,
at year end, one case was before the courts and
the office had 18 individuals and companies
under investigation with a view to the possible
referral of matters to the DPP for consideration,
it said.
In 2008, #SeanFitzpatrick said some dealings were
"inappropriate and unacceptable from a transparency
point of view"
Anglo Irish Bank chairman
Fitzpatrick steps down
Thu, Dec 18, 2008

Chairman of Anglo Irish Bank Sean Fitzpatrick has stepped down tonight in a
controversy surrounding directors' loans.

In a statement Mr Fitzpatrick he said he had made his decision in the best

interests of the bank and all its stakeholders. He said his decision related to
loans he had with the bank totalling 87 million which will be included in the
annual report for 2008 in the note relating to Directors Loans.

This balance is substantially higher than in the 2007 report because in prior
years I had temporarily transferred my loans to another bank before each year
end. I had done this on my own initiative over an eight year period, the
statement said.
He said the transfer of the loans between banks did not breach banking or
legal regulations. However it is clear to me, on reflection, that it was
inappropriate and unacceptable from a transparency point of view, he added.

He said he was fully responsible for my own decisions and actions and said
he regretted he had adopted this approach.

The Board of Directors of Anglo said in a statement it accepted Mr

Fitzpatricks resignation with regret.

Mr FitzPatricks decision to resign is based on the fact that, over a period of

eight years to 2007 he temporarily transferred loans with Anglo Irish Bank to
another bank prior to the Groups year end. This transfer of loans did not
breach banking or legal regulations. It was, however, inappropriate from a
transparency point of view," the statement said.

Lar Bradshaw, a non-executive Director with Anglo, also tendered his

resignation. His decision was based on the fact that a loan, which he held
jointly with Mr Fitzpatrick, was temporarily transferred to another bank prior
to year end, the Anglo statement added.

Donal OConnor will replace Mr Fitzpatrick as chairman. Minister for Finance

Brian Lenihan said in a statement that Mr OConnor's appointment was made
following consultation with him.

Mr Lenihan said Mr Fitzpatrick's resignation would not interrupt the

"substantial progress" which has been made with Anglo Irish Bank in relation
to the recapitalisation programme announced on Sunday. Mr Lenihan
reiterated his commitment to underwrite the capital needs of Anglo Irish Bank
and to ensure its "long term strength and viability as a bank of systemic
importance in Ireland."

He expressed his disappointment at the circumstances surrounding the

resignation of Mr FitzPatrick but said he believes "strong corporate
governance must be upheld by all financial institutions in the Irish financial
system."

http://www.irishtimes.com/news/anglo-irish-bank-
chairman-fitzpatrick-steps-down-1.833261
Ireland's new flag thanks to #FF #FG #AppleTax, #SeanFitzpatrick, Denis
O'Brien, Michael Lowry, #Digicel, Judiciary, Garda, #liveline
What are the names of the employee at
ODCE who caused the collapse of the
Sean Fitzpatrick trial?

The investigation of Sen

FitzPatrick: a timeline of the
story so far
Sen FitzPatrick has kept a low-profile in recent years but there are
indications he could soon face charges in connection with alleged financial
irregularities at Anglo Irish Bank. Heres whats been happening
Jul 24th 2012, 9:10 AM 12,275 Views 34 Comments
Share14 Tweet27 Email15
Sen FitzPatrick pictured in 2004
Image: Graham Hughes/Photcall Ireland
Update 24 July 2012: The former chairman and chief
executive of Anglo Irish Bank, Sen FitzPatrick, has been
arrested and is expected in court in connection with alleged
financial irregularities at the bank. Below is a timeline of the
investigation of the former banker that we published last
Saturday, 21 July.
HE IS THE most infamous figure in Irish banking history who
takes a good portion of the blame for the Irish banking crisis
but to date there have been no legal proceedings taken against
the former head of Anglo Irish Bank, Sen Seanie Fitz
FitzPatrick.
The Irish Mail on Sunday reported last weekend that the
former chief executive and chairman of the bank is to face
charges in connection with the collapse of the former Anglo
Irish Bank now Irish Bank Resolution Corporation within
the next two months.
The Director of Public Prosecutions is currently reviewing
evidence gathered by fraud investigators about alleged
financial irregularities at the bank which was once hailed as
 the worlds best.
It has been established at this stage that investigators are
looking at three key areas related to Anglo:
C A series of short-term loans FitzPatrick got from the now-
defunct Irish Nationwide Building Society that were allegedly
used to hide money he owed to Anglo from directors loans.
C Investigators are also scrutinising a near 7.5 billion
lodgement by Irish Life and Permanent in 2008 which made
Anglos accounts appear more healthier than they were.
C A transaction involving the so-called Maple 10 in which a
number of developers and clients who were loaned money by
the bank bought 10 per cent of shares that had been acquired
by the now bankrupt Sen Quinn who built up a near 25 per
cent stake in the bank as a result of complex share deals where
he effectively bet on the share price of the bank continuing to
rise. It didnt.
But what of Sen FitzPatrick since he resigned as the chair
of Anglo in December 2008 amid controversy over the
discovery of the hidden loans. Weve been looking at the story
so far:
15 January 2009: The government nationalises Anglo Irish
Bank with finance minister Brian Lenihan saying it is now the
appropriate and effective means to secure its continued
viability as a functioning bank.
24 February 2009: Investigators from the Garda Bureau of
Fraud Investigation and the Office of the Director of Corporate
Enforcement raid the headquarters of Anglo Irish on St
Stephens Green. Lenihan says that the investigations will be
completed in a matter of weeks.
16 March 2010: Garda are given a court warrant to search
FitzPatricks house in Greystones, Co Wicklow.
18 March 2010: At 6.30am in the morning, FitzPatrick is
arrested by the Garda Bureau of Fraud Investigation and
questioned under section 4 of the Criminal Justice Act but he
is later released without charge. The arrest draws considerable
attention although Garda do not initially confirm the name of
the person arrested, it is later confirmed that it was
FitzPatrick.
Without mentioning any names, the Finance Minister Brian
Lenihan comments on the arrest, saying: I have always stated
that there is an extensive Garda investigation underway. I have
been cautious not to prejudice that investigation and am eager
to see justice take its course.
19 March 2010: After more than 24 hours of questioning,
Fitzpatrick is released. The Irish Times reports that he is
making arrangements to protect himself from personal
creditors.

FitzPatrick is released from custody and drives away from

Bray Garda Station in March 2010. Photo: Laura
Hutton/Photocall Ireland
05 May 2010: Protesters, some of whom are affiliated to the
Republican organisation irg, gather outside the
headquarters of Anglo Irish Bank to hang and burn an effigy of
FitzPatrick:
Photos: Eamonn Farrell/Photocall Ireland
12 July 2010: FitzPatrick is declared bankrupt at the High
Court in Dublin. Lawyers for the former banker tell the court
that FitzPatrick is bowing to the inevitable, according to
RT. It emerges that FitzPatrick owes the now State-owned
bank around 110 million.
13 November 2010: Members of the public participate in a
Socialist Party-organised protest outside FitzPatricks home in
Greystones with Garda in attendance:

Photo: Sasko Lazarov/Photocall Ireland

20 December 2010: It emerges that both FitzPatrick and his
former CEO at Anglo, David Drumm, are to face disciplinary
proceedings by the Chartered Accountants Regulatory Board
(CARB) over their transactions and lending practices at Anglo.
Special investigator John Purcell says the pair, along with two
other senior figures at the bank Willie McAteer and Peter
Fitzpatrick, have cases to answer having established prima
facie evidence against the four men.
09 January 2011: The Sunday Times reveals that FitzPatrick
played golf with Brian Cowen in July 2008 as well as speaking
to him over the phone in March of the same year when Cowen
was finance minister and he was informed that there was an
issue with the amount of shares held by Sen Quinn.
Breaking a two-year silence, FitzPatrick says he wants to
apologise to anyone who suffered after the bank collapsed
and says he felt very serious regret at what happened Anglo.
He tells Tom Lyons and Brian Carey in an exclusive interview
that he had been one of the biggest victims of the crisis and
had lost many within his social circle as a result. The interview
is published in full in the book The FitzPatrick Tapes which
comprises of 17 interviews conducted with Fitzpatrick the
previous year.
The revelations have huge ramifications for Taoiseach Brian
Cowen who within days faces a heave within his own party
before winning a confidence motion on 18 January.
However, he resigns as Fianna Fil leader four days later and
an election soon follows.

Ian-John Coughlan re-stocks The FitzPatrick Tapes in

Waterstones book store on Dawson Street in Dublin. Copies of
the book were selling fast. Publishers Penguin Ireland took
the highly unusual step of hand-delivering the book on a
Sunday without any prior notice. Photo: Mark
Stedman/Photocall Ireland
11 January 2011: Former Anglo chief executive David
Drumm rejects much of FitzPatricks account of what went on
at Anglo in the months before the bank guarantee of
September 2008. He tells the Irish Times that FitzPatricks
characterisation of his chairmanship as being back-seat is
bullshit.
14 January 2011: It is announced that a black BMW 3-series,
registration number 92-D-38478, that was formerly owned by
FitzPatrick is to be sold at auction with the winner getting the
right to have the car crushed. The car had been acquired for
1,234 by National Recycling at auction in 2010 following
FitzPatricks bankruptcy case. The car has to be picked up with
a truck because it wouldnt start:

National Recycling employee Graham Doyle loading the car

onto the tow truck outside FitzPatricks home Photo: Mark
Stedman/Photocall Ireland
24 January 2011: The BMW is bought at auction for 3,150
with the successful bidder also getting a 150 voucher for
Pichet restaurant in Dublin City Centre.
25 February 2011: As an angry electorate votes in a historic
election, Sean FitzPatricks car is crushed in Clondalkin. We
reveal the man behind the crushing.
22 March 2011: Just over a week before it is due to begin, the
CARB says that it has to postpone its public disciplinary
tribunal into FitzPatrick and the three others following a
request by the Director of Public Prosecutions as its
investigation continues. The tribunal is adjourned until
October.
09 December 2011: Sean FitzPatrick is arrested for a second
time by Garda as part of investigations being carried out by
the Garda Bureau of Fraud Investigation and the Office of the
Director of Corporate Enforcement. Officers roll up to the 63-
year-olds house at 8am to arrest him. He is questioned at Bray
Garda Station.
10 December 2011: FitzPatrick is released with out charge
and a file is prepared for the Director of Public Prosecutions.

FitzPatrick leaves Bray Garda Station on a cold December

day last year. Photo: Laura Hutton/Photocall Ireland
21/22 April 2012: FitzPatrick attends the wedding of his son
David at the K Club in Co Kildare with the Sunday
Independent reporting that the former banker had stressed to
friends that he was not living the high life in the wake of his
dramatic fall from grace. One source told the paper that you
could hear a pin drop in the room when FitzPatrick stood up
to deliver a speech to guests at the event.
13 May 2012: The Wicklow News reports that fire services
attended the scene of a fire at a house on the grounds of
FitzPatricks home in Greystones. It is the second time
emergency services have attended the scene in that week and
the third reported since the previous September.
11 June 2012: The Irish Independent reports that Sean
FitzPatrick was out in Poznan, Poland with the travelling
Green Army as Ireland took on Croatia at Euro 2012. Fiach
Kelly writes that the disgraced banker was wearing a green
Ireland jersey and a green beret and was in the company of
former government press secretary PJ Mara as he stayed at the
550-a-night Sheraton hotel in the Polish city.
15 June 2012: The Irish Mail on Sunday reports that
FitzPatrick is to be charged within two months.

Updated 4.25pm
GARDA IN WICKLOW have this morning arrested the former
chief executive and chairman of Anglo Irish Bank, Sen
FitzPatrick.
FitzPatrick, 63, was arrested at around 8am this morning, is
being detained at Bray Garda Station under section 4 of the
Criminal Justice Act 1984.
The arrest is part of the ongoing investigations being carried
out by the Garda Bureau of Fraud Investigation, and the Office
of the Director of Corporate Enforcement, into alleged
irregularities at Irish financial institutions.
Another man, aged in his 40s, was arrested as part of similar
investigations yesterday, and was taken to Irishtown Garda
Station for questioning.
He is to appear before the Criminal Courts of Justice this
afternoon, charged in connection with allegations of deception
and theft.
It is understood that that arrest is part of a different line of
inquiry, however.
Sen FitzPatrick arrested during Anglo investigation
The arrest is part of the ongoing investigation into alleged financial irregularities at the
former Anglo Irish Bank.

GARDA HAVE ARRESTED a man in his 60s as part of the

ongoing investigation by the Garda Bureau of Fraud
Investigation and the Office of the Director of Corporate
Enforcement into alleged financial irregularities at the former
Anglo Irish Bank.
TheJournal.ie understands that the man arrested this morning
was Sen FitzPatrick, former chair and chief executive of Anglo
Irish Bank.
The man was arrested in the Dublin area by garda attached to
the Office of the Director Corporate Enforcement.
FitzPatrick appeared at court no 1 at the Criminal Courts of
Justice on Parkgate St, Dublin 8, this morning.
He appeared in court to face 16 charges in connection with a
breach of section 60 of the Companies Act.
He is due to appear before the court again in October.
RT said this morning that FitzPatrick was arrested by
detectives at Dublin airport this morning at 5.35am. It is
believed he was after arriving into the airport from a flight.
This is third arrest since yesterday morning. It is also
FitzPatricks third time being arrested as part of this
investigation

Former Anglo Irish Bank boss Sean FitzPatrick

BOTH SEAN FITZPATRICK and David Drumm will face an
accountancy watchdog in the new year. The former Anglo Irish
Bank bosses will have to explain their transactions and lending
practises at the financial institution.
Two other senior banking figures, Willie McAteer, who was
finance director at Anglo, and Peter Fitzpatrick, who was
finance director at Irish Life and Permanent, will also be called
up to explain themselves. The recommendations were made by
John Purcell, appointed special investigator into the situation
which led to the nationalisation of Anglo-Irish by the
Chartered Accountants Regulatory Board last year.
The Press Association says that FitzPatrick and Drumm have
cases to answer according to the report from John Purcell,
which was published today. Mr Purcell had been looking into
the roles played by the four men in the transactions which
appeared to mask the extent of deposits withdrawn from
Anglo-Irish following the collapse of Lehman Brothers in the
States in 2008.
Now Mr Purcells report has found that there is a prima facie
case (where there appears to be sufficient evidence to proceed)
against all four men in relation to short-term deposits from
IL&P to Anglo in 2008. Those deposits made Anglos accounts
look healthier than they were.
According to BusinessandLeadership.com Mr Purcell did not
find a case against the four in relation to the loan taken by ten
businessmen in order to buy Anglo shares. However, David
Drumm will face a case for altering the terms of the loan.
The men will face a three-person disciplinary committee in
March next year and it could be held in public. Possible
disciplinary measures that could be brought against them
include a fine or being struck off the list of chartered
accountants.
Meanwhile, RTE is reporting that the High Court has made a
formal order today which will clear the way for David Drumms
1.2m house in Malahide to be sold. The order would allow the
sale by the US Trustee overseeing Drumms bankruptcy in the
States.
Police Said to Arrest Ex-Chairman of Irish Bank
By DAVID JOLLYMARCH 18, 2010

The former chairman of Anglo Irish Bank, Sean

FitzPatrick, was arrested Thursday in connection with an
investigation into financial fraud, according to a person
close to the investigation.
As part of an inquiry into alleged financial irregularities
at a financial institution, a man in his early 60s was
arrested and was detained at Bray Garda Station in
County Wicklow, the Irish police said in a statement. The
statement did not identify the man because of Irish
privacy laws.
But a person close to the investigation confirmed that
Mr. FitzPatrick had been taken into custody and said he
could be held for questioning for up to 24 hours. RTE,
the national public broadcaster, also identified the
arrested man as Mr. FitzPatrick.
A spokesman for the police said he could not comment
beyond the statement because of Irish privacy laws.
Mr. FitzPatrick, one of Irelands most prominent
business figures, stepped down in December 2008 from
his role as chairman of the bank after regulators
discovered that he had been hiding tens of millions of
dollars of personal loans from shareholders.
Continue reading the main story
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According to Anglo Irish, Mr. FitzPatrick drew loans

totaling 87 million euros for eight years until 2007,
temporarily transferring the loans to another bank just
before the end of the groups annual accounting period
closed to avoid disclosure.
Photo
Sean FitzPatrick, former chairman of Anglo Irish Bank, is said to be in
custody.
The loans were discovered in the autumn of 2008, after
the government began an investigation of the financial
system in the wake of Lehman Brothers collapse. Anglo
Irish Bank was ultimately nationalized at a cost to Irish
taxpayers of 4 billion euros, or $5.5 billion. The state also
bailed out Allied Irish Banks and Bank of Ireland.
Mr. FitzPatrick acknowledged having hidden the loans
from shareholders, but denied any wrongdoing, saying at
the time he stepped down that his actions did not in any
way breach banking or legal regulations.
However, he noted at the time, it is clear to me, on
reflection, that it was inappropriate and unacceptable
from a transparency point of view.
The bank filed a lawsuit in recent weeks seeking to force Mr. FitzPatrick to repay
the loans.

Under the leadership of Mr. FitzPatrick and David Drumm, the banks former chief executive, the
bank built a reputation as a deal maker and big investor in the Irish construction sector as the
Celtic Tiger economy boomed. As in Britain and the United States, the excesses of that period
have exacted a heavy toll.

Mr. Drumm stepped down just after Mr. FitzPatrick, saying at the time that it was in the best
interests of Anglo that a new chief executive is appointed to lead the bank through its next phase
of development.

Anglo Irish is still counting the cost of its bad investments. The bank is expected to post a 2009
annual loss of 10 billion to 12 billion euros when it announces its results in the next few weeks,
The Irish Times reported March 1. That would be the largest loss in Irish corporate history and
could lead it back to the government to ask for more capital.

Without identifying Mr. FitzPatrick by name, Irelands finance minister, Brian Lenihan,
acknowledged the arrest by the Garda, or police force, on Thursday, saying: I have always stated
that there is an extensive Garda investigation under way. I have been cautious not to prejudice
that investigation and am eager to see justice take its course.

Michael Staines, a lawyer who has been identified in the Irish press as representing Mr.
FitzPatrick, declined to comment.

http://www.nytimes.com/2010/03/19/business/global/19angl
obank.html

Bankruptcy hasn't curbed luxury

lifestyle of 'outsider' Sean
FitzPatrick
Donal O'Donovan
July 25 2012

His arrest at Dublin airport as he returned from a break in the US is just the
latest sign that Sean FitzPatrick still enjoys a lifestyle way beyond the reach of
most of those left to pick up the Anglo tab.

The arrest comes just a month after he was photographed at the Euro 2012 finals
in Poland, where he stayed at a 550-a night Poznan hotel.

In the past he has also been a frequent visitor to Spain on golfing trips.

The former banker became one of the most high-profile people ever to be
declared bankrupt in Ireland, in 2010.

Most people thought bankruptcy would mean the end to his luxury lifestyle, but
'Seanie', as he is universally known, is still living in a fashion most of us can only
dream of.

Mr FitzPatrick continues to live in a large family home in the upmarket Co

Wicklow suburb of Greystones. The home, always jointly owned with his wife, is
the most obvious sign that as a family, the FitzPatricks have been able to
maintain much of their lifestyle.
When Mr FitzPatrick was declared bankrupt, the courts could not touch the half-
share of the couple's wealth owned by his wife Catriona. Even with his share of
their wealth sold off, Mrs FitzPatrick's added up to a hefty 3.6m. That includes
properties interests and an entitlement to half of Mr FitzPatrick's 3.4m pension
pot from his former employer Anglo.

Mr FitzPatrick is the most prominent person to be charged by gardai in relation

to possible financial wrongdoing in the run up to the economic crash.

It's a new low for the one-time deal-maker who enjoyed vast wealth, prestige and
power for decades.

He liked to see himself and the Anglo Irish Bank that he created as 'outsiders' --
the unruly newcomer kicking sand in the eyes of 'establishment' players AIB and
Bank of Ireland.

In truth, 'Seanie' was a consummate insider. The UCD graduate was wealthy,
well-connected and for a long time massively successful.

People who worked with him say he is genuinely charismatic, a big personality
who brought an infectious enthusiasm and drive to his banking deals, and left the
analytical stuff to others.

For a long time, it paid off. For two decades, Sean FitzPatrick was among the
most powerful figures in Irish business.

He was on first name terms with the biggest of the boom-time builders, as well as
with the most popular politicians of the day. Far from an outsider, he sat on
corporate boards and, at one time, he was president of the Irish Bankers
Federation.

Expertise

Over the years, he has been a director of dozens of private companies, including
major firms like Greencore that had little or nothing to do with banking but were
more than happy to tap his expertise and contacts book.

Fianna Fail ministers asked him to sit on the boards overseeing the State's
interests in Aer Lingus and the Dublin Dockland Development Agency.

In 2008, even as the wheels were starting to come off the economic miracle, Mr
FitzPatrick played a round of golf with then Taoiseach Brian Cowen.

At the height of his powers, Mr FitzPatrick was the main driver behind a bank
worth a staggering 12bn.
The collapse of Anglo eventually left taxpayers to pick up a 30bn tab -- but it
had gone from also-ran to being Ireland's third largest financial institution under
FitzPatrick's control.

There were 2,000 employees and its client list was a who's-who of the boom. In
his years as chief executive Mr FitzPatrick was Ireland's highest paid executive,
earning 2.7m a year, a figure that was topped up with lucrative share allocations
and company loans.

http://www.independent.ie/business/irish/bankruptcy-hasnt-
curbed-luxury-lifestyle-of-outsider-sean-fitzpatrick-
26879465.html

Former Chairman and Chief Executive of Anglo Irish Bank Sean FitzPatrick has been arrested by
members of the Garda Bureau of Fraud Investigation.

Mr FitzPatrick was arrested at his home in Greystones, Co Wicklow, at 6.30am.

Garda also searched Mr FitzPatrick's home.

He is being detained under Section 4 of the Criminal Justice Act 1984. His period of detention has
since been extended on two occasions and he can now be held until 6.30am tomorrow morning.

Mr Fitzpatrick is being questioned as part of what garda describe as an investigation into alleged
financial irregularities at a Financial Institution - understood to be Anglo Irish Bank.

It is understood that Mr Fitzpatrick was arrested on suspicion of alleged financial irregularities.

Mr Fitzpatrick stepped down as Chairman of Anglo Irish Bank in December 2008.

Minister for Finance Brian Lenihan has responded to the development by saying: I have always
stated there is an extensive Garda investigation under way.

I have been cautious not to prejudice that investigation and am eager to see justice take its
course.

There are multiple probes continuing into activities of Anglo Irish Bank.

These are being conducted by the Financial Regulator, the Garda Bureau of Fraud Investigation
and the Office of Director of Corporate Enforcement.

SeanFitzPatrickhasbeenreleasedfromBrayGardaStationafterbeingquestionedforalmost24hours
aboutfinancialirregularitiesatAngloIrishBank.
The61yearoldwasreleasedwithoutchargejustbefore2pmthisafternoon.

ThegardainvestigationisstillcontinuingbutafileonthecasewillbesenttotheDirectorofPublic
Prosecutions.

TheformerchairmanandexecutiveofAngloIrishBankwalkedbrisklytoacarandwasdrivenaway
withoutmakinganycomment.

MrFitzPatrickwasarrestedbymembersoftheGardaBureauofFraudInvestigationathishomein
Greystones,CoWicklow,at6.30amyesterday.GardaalsosearchedMrFitzPatrick'shome.

HewasdetainedunderSection4oftheCriminalJusticeAct1984,whichallowsforatotaldetentionperiod
of24hoursnotincludingwhateverperiodthedetaineesleeps.

MrFitzPatricksteppeddownaschairmanofAngloIrishBankinDecember2008.

MinisterforFinanceBrianLenihanyesterdayrespondedtoMrFitzPatrick'sarrestbysaying:Ihave
alwaysstatedthereisanextensivegardainvestigationunderway.

MinisterLenihanaddedthathehasbeencautiousnottoprejudicethatinvestigation.

Garda never investigated

shredding of Sen Fitzpatrick
documents
Trial of former Anglo Irish Bank chairman hears investigator
destroyed documents

Thu, Feb 2, 2017, 19:57

Former Anglo Irish Bank chairman Sen Fitzpatrick is on trial at Dublin Circuit
Criminal Court accused of misleading auditors about multimillion euro loans in
the years 2002 to 2007. Photograph: Collins Courts.
Garda have never investigated a State officials destruction
of documents related to the investigation of alleged crimes
by former Anglo Irish Bank chairman Sen Fitzpatrick, a
trial has heard.
http://www.irishtimes.com/news/crime-and-law/garda%C3%AD-never-investigated-
shredding-of-sen-fitzpatrick-documents-1.2961421?mode=sample&auth-
failed=1&pw-origin=http%3A%2F%2Fwww.irishtimes.com%2Fnews%2Fcrime-and-
law%2Fgarda%25C3%25AD-never-investigated-shredding-of-se%25C3%25A1n-
fitzpatrick-documents-1.2961421
The horrific legacy of debt left by & his cronies which the
Irish will be shouldered with for generations
Anglo chief's laptop stolen
Garda probe after burglars raided house in
broad daylight

1
Mike Aynsley's home security has been tightened up since the break-
in

Shane Phelan Investigative Correspondent

February 4 2011
A LAPTOP containing banking and personal information has been stolen from
the home of Anglo Irish Bank chief executive Mike Aynsley.

The theft is being investigated by gardai, the Irish Independent has learned.
Three hooded males were captured on CCTV breaking into Mr Aynsley's south
Dublin home in broad daylight in mid-November. Detectives have been unable to
trace the thieves and the laptop remains missing.

The files on the computer were not encrypted, but did have password protection.

Security at 52-year-old Mr Aynsley's home was subsequently beefed up and other

senior officials at Anglo have also been given personal security advice.

Details of the theft were kept under wraps as Anglo's security personnel tried to
assess what information was contained on the stolen computer.

They concluded that while the laptop held banking and personal information,
including around 70 emails, none of the material could be deemed "sensitive" in
nature and none of it related to customers.

Nevertheless, the Data Commissioner, Billy Hawkes, was advised of the theft.

Individuals mentioned in the data were also contacted.

It is understood much of the information on the laptop was already in the

possession of the European Commission, whose approval was needed on the
restructuring of the bank and allowing it to receive multi-billion euro state aid
payments.

Sources said the thieves behaved in a "professional" manner, wearing hooded

tops and obscuring their faces. All were said to be "slightly built".

They broke into the house in Glenageary despite the presence of CCTV cameras,
gaining entry by breaking down the back door.

However, there is no evidence to suggest that Mr Aynsley was specifically

targeted. Other items, including a camera and an iPod, were also taken, lending
weight to the theory that the motive was simply financial gain rather than an
attempt to steal information.

There have been other thefts from houses in the area in recent months.

An informed source said senior Anglo executives were taking necessary

precautions in light of public anger over the role of the bank in financial
downturn.

These include personal security protocols which each executive must adhere to.
The bank declined to comment in detail on the theft.
In a statement, it said: "A senior executive's home was burgled last November
when a small number of personal items were taken including a laptop. The gardai
were immediately alerted and are continuing to investigate."

Resignation

Mr Aynsley, from Sydney in Australia, was appointed chief executive of the

nationalised bank in August 2009.

He had previously worked in banking in Australia and Asia.

At the time of his appointment, Anglo had been without a chief executive for eight
months following the resignation of David Drumm the previous December.

Mr Drumm quit after it emerged the bank had concealed loans of over 100m
belonging to its former chairman Sean FitzPatrick.

Details of the laptop theft emerged just days after 10 laptops were stolen from a
Revenue Commissioners' office.

The break-in occurred at the Revenue's offices on the Navan Road in north
Dublin, where major investigations into tax evaders and gangland criminals are
conducted.

Two separate investigations into the theft were launched by the gardai and the
Data Commissioner. All of the stolen laptops were encrypted.

It is unclear whether the break-in was carried out by criminals seeking to resell
the laptops or by figures seeking to disrupt tax evasion and criminal
investigations.

http://www.independent.ie/irish-news/anglo-chiefs-laptop-stolen-26654175.html
#Anglo Irish Bank's operation in
#Vienna was discussed in parliament
there, but never in #Dublin. WHY?
#JonathanSugarman
Anglo Irish Bank Corporation plc ... and to the Austrian Financial Markets Authority as
competent authority in Austria.

http://s3.documentcloud.org/documents/
1165340/anglo-irish-bank-corporation-
plc-8724.pdf
Anglo Irish Bank www.eba.europa.eu
https://www.eba.europa.eu/documents/1
0180/37070/CP17_AngloIrishBank.pdf
The Eurozone Crisis: How Banks and Sovereigns Came to be Joined at the
Hip1 ... Anglo Irish in January 2009, ... These included Austria, Belgium, Finland,
France, ...

https://www.imf.org/external/pubs/ft/wp/
2011/wp11269.pdf
Anglo Irish Banks subsidiary
in Austria linked to secret
deposit schemes
Austrian bank sought business from firm that set up offshore
trusts for customers
Fri, Jun 14, 2013, 01:11 Updated: Fri, Jun 14, 2013, 07:56

Simon Carswell

Records relating to the Austrian bank are among more than two million secret
files obtained by the International Consortium of Investigative Journalists (ICIJ)
that expose covert companies and trusts in the British Virgin Islands (above), the
Cook Islands and other offshore havens.
Anglo Irish Banks subsidiary in Austria sought out business
from a company that set up offshore trusts for customers,
recommending the Irish-owned bank in Vienna as a good
place to deposit money secretly.
http://www.irishtimes.com/business/finan
cial-services/anglo-irish-bank-s-
subsidiary-in-austria-linked-to-secret-
deposit-schemes-1.1428103?
mode=sample&auth-failed=1&pw-
origin=http%3A%2F
%2Fwww.irishtimes.com%2Fbusiness
%2Ffinancial-services%2Fanglo-irish-
bank-s-subsidiary-in-austria-linked-to-
secret-deposit-schemes-1.1428103
Anglo Irish Bank Corporation plc ... and to the Austrian Financial Markets Authority as
competent authority in Austria. ... set out in the final terms document

http://s3.documentcloud.org/documents/
1165340/anglo-irish-bank-corporation-
plc-8724.pdf
Anglo-Irish Treaty; Anglo-Japanese
Alliance; ... Protocol for the
reconstruction of Austria; Protocol of St.
Petersburg Treaty of Conciliation
between Bulgaria and the United States
of America
http://images.library.wisc.edu/FRUS/EFac
s/1929v02/reference/frus.frus1929v02.i0
007.pdf
David Drumm trial
further adjourned until
January 2018
Updated / Thursday, 11 May 2017

David Drumm faces two charges of conspiring to defraud depositors

and investors at Anglo by 'dishonestly' creating the impression that
deposits in 2008 were 7.2 billion larger than they were
The trial of former Anglo Irish Bank chief executive
David Drumm has been further adjourned until next
year at Dublin Circuit Criminal Court.
In April Judge Karen O'Connor at Dublin Circuit
Criminal Court vacated a trial date due to legal issues
and the case was adjourned to today.
Mr Drumm, 50, with an address in Skerries, Co Dublin,
faces two charges of conspiring to defraud depositors
and investors at Anglo by "dishonestly" creating the
impression that deposits in 2008 were 7.2 billion larger
than they were.
He faces one additional charge in relation to the EU
transparency directive. He has yet to enter a plea to the
charges.
Judge O'Connor today adjourned the trial until 12
January 2018 and instructed that a jury be sworn in on
that day.
https://www.rte.ie/news/business/2017/0511/874431-david-drumm-trial-further-
adjourned-until-january-2018/

Sen FitzPatrick acquittal

raises questions for key State
agencies
Significant number of issues emerge for those linked to
biased and partisan inquiry
Colm Keena
about 4 hours ago

The acquittal of Sen FitzPatrick this week because the case

against him involved a biased and partisan investigation
conducted by the Office of the Director of Corporate
Enforcement (ODCE), has raised questions not just for that
agency but for others connected with the affair.
Judge John Aylmer found that, instead of conducting a fair
investigation which looked for evidence of innocence as well
as guilt, the ODCE sought to built a case against the former
Anglo Irish Bank chairman.
The development raises serious questions for a number of
State agencies, two firms, and FitzPatrick himself . . .
Department of Enterprise
Did the department in any way, even inadvertently, put
pressure on the ODCE, which reports to it, to build a case
 against FitzPatrick?
Did the department fail to ensure that the ODCE was
adequately resourced for the work it was being expected to
do in the wake of the banking collapse?
Office of the Director of Corporate Enforcement
How did an agency with the power to conduct criminal
investigations come to run an inquiry that was biased and
partisan to such an extent that the judge had to instruct the
jury to acquit FitzPatrick?
Why did the agency not seek more resources when it found
itself under so much pressure investigating suspected
offences in the wake of the banking collapse, and in
particular when it had been told to seek more resources if it
felt they were needed?
Related
C Former head of ODCE declines to comment on FitzPatrick case
C Sen FitzPatrick trial: Expert advises against rush to judge
ODCE
C Sen FitzPatrick trial: Taoiseach criticises State agency
involved
How did the agency allow such a high-level inquiry as the
FitzPatrick one be headed by a staff solicitor who had never
been involved in a serious criminal investigation before?
Should the director, Ian Drennan, who was appointed in
2012 and replaced Paul Appleby, resign?
Director of Public Prosecutions
Why did the Director of Public Prosecutions not spot the
flaws in how the ODCE was going about investigating the
suspected offences of FitzPatrick?

When the office became aware of the flaws, what factors

did it take into account when deciding to continue with the
case against FitzPatrick?
 Why, after the collapse of the first trial in 2015, when it
had become clear that there were serious flaws with how the
FitzPatrick inquiry had been conducted, and it was known
that the ODCE official in charge of the investigation had
shredded documents relevant to the inquiry, was it decided
to try and run a new trial?
Should the DPP make a public statement on the matter?
An Garda Sochna
Given that there were trained Garda officers seconded to
the ODCE, how come they didnt point out more forcefully
within the agency that it was making serious mistakes in how
it was conducting the inquiry into the allegations against
FitzPatrick?
Why, after the 2015 trial collapsed, when it became known
that ODCE solicitor Kevin OConnell, during what he
described as panic attack, had shredded documents relevant
to the inquiry, did the Garda not commence a criminal
inquiry into what on the face of it appeared to be an offence?
Ernst and Young accountants
Would the two EY audit partners who worked on the Anglo
Irish Bank books during the 2002-2007 period have given
voluntary statements, without legal representation, to the
ODCE if they had been asked?
OConnell, who led the investigation, said in evidence that he
found it difficult to accept the sworn evidence of the two
partners that they would have done so if asked.
OConnell also said that it was the experience of the ODCE
that major financial services firms adopted a minimalist
approach when co-operating with inquiries into suspected
offences by their clients. Is this true?
A&L Goodbody
The fundamental error made by the ODCE was the way it
went about taking witness statements from the two EY audit
partners. Instead of Garda officers taking statements from
the two auditors, OConnell worked with EYs legal advisers,
A&L Goodbody, and statements, according to Judge Aylmer,
were prepared that were drafted for them in their entirety
by others, they being solicitors with A&L Goodbody, a
barrister instructed by them, and input from the ODCE. The
net result was a process more akin to the preparation of
affidavits for a civil case than the taking of witness
statements for a criminal trial. Did anyone in A&L Goodbody
notice this at the time as problematic?

Sen FitzPatrick
A judge has now ruled that a State agency tried to build or
construct a criminal case against FitzPatrick. The ODCE
operated in a biased and partisan manner when conducting a
criminal inquiry. Does FitzPatrick have grounds for suing the
State?
Will he?
https://www.irishtimes.com/news/crime-and-law/sen-fitzpatrick-
acquittal-raises-questions-for-key-state-agencies-1.3095172?
mode=amp
Watchdog accepts criticism
after ex-Anglo Irish Bank
chief Fitzpatrick acquitted
Posted, 2017-05-24

Report rights infringement

https://article.wn.com/view/2017/05/24/Watchdog_accepts_criticism_aft
er_exAnglo_Irish_Bank_chief_Fi/
Anglo-Irish people
Anglo-Irish (Irish: Angla-ireannach) was a term used primarily in
the 19th and early 20th centuries to identify a privileged social class
in Ireland, whose members were mostly the descendants and
successors of the Protestant Ascendancy. They mostly belonged to
the Anglican Church of Ireland, which was the established church of
Ireland until 1871, or to a lesser extent one of the English dissenting
churches, such as the Methodist church. Its members tended to
follow English practices in matters of culture, science, law, agriculture
and politics. Many became eminent as administrators in the British
Empire and as senior army and naval officers.
The term is not usually applied to Presbyterians in the province of
Ulster, whose ancestry is mostly Scottish, rather than English or Irish,
and who are sometimes identified as "Ulster-Scots".
Anglo-Irish social class
The term "Anglo-Irish" is often applied to the members of the Church
of Ireland who made up the professional and landed class in Ireland
from the 17th century up to the time of Irish independence in the 20th
century. In the course of the 17th century, this Anglo-Irish landed
class replaced the Gaelic Irish and Old English aristocracies as the
ruling class in Ireland. They were also referred to as "New English" to
distinguish them from the "Old English" who descended from the
medieval Hiberno-Norman settlers. A larger but less socially
prominent element of the Protestant Irish population were the
immigrant French Huguenots and the English and Scottish dissidents
who settled in Ireland in the 17th and 18th centuries, many of whom
later emigrated to the American colonies.
Read more...
This page contains text from Wikipedia, the Free
Encyclopedia - https://wn.com/Anglo-Irish_people

This article is licensed under the Creative Commons

Attribution-ShareAlike 3.0 Unported License, which means
that you can copy and modify it as long as the entire work
(including additions) remains under this license.

Anglo Irish Bank

Anglo Irish Bank was an Irish bank headquartered in Dublin from
1964 to 2011. It began to wind-down after nationalisation in 2009. In
July 2011, Anglo Irish merged with the Irish Nationwide Building
Society, forming a new company named the Irish Bank Resolution
Corporation. Michael Noonan, the Minister for Finance stated that
the name change was important in order to remove "the negative
international references associated with the appalling failings of both
institutions and their previous managements".
Anglo Irish mainly dealt in business and commercial banking, and
had only a limited retail presence in the major Irish cities. It also had
wealth management and treasury divisions. Anglo Irish had
operations in Austria, Switzerland, the Isle of Man, the United
Kingdom, and the United States.
 The bank's heavy exposure to property lending, with most of its loan
book being to builders and property developers, meant that it was
badly affected by the downturn in the Irish property market in 2008. In
December 2008, the Irish government announced plans to inject
1.5 billion of capital for a 75% stake in the bank, effectively
nationalising it. The Dublin and London Stock Exchanges immediately
suspended trading in Anglo Irish's shares, with the final closing share
price of 0.22 representing a fall of over 98% from its peak.
Read more...

This page contains text from Wikipedia, the Free

Encyclopedia - https://wn.com/Anglo_Irish_Bank

This article is licensed under the Creative Commons

Attribution-ShareAlike 3.0 Unported License, which means
that you can copy and modify it as long as the entire work
(including additions) remains under this license.
Irish
Irish may refer to :
Someone or something of, from, or related to:
` Ireland, an island situated off the north-western coast of continental
Europe
` Republic of Ireland, a sovereign state
` Northern Ireland, a constituent unit of the United Kingdom of Great
Britain and Northern Ireland
Ireland, an island situated off the north-western coast of continental
Europe
Republic of Ireland, a sovereign state
Northern Ireland, a constituent unit of the United Kingdom of Great
Britain and Northern Ireland
Irish language, also known as Irish Gaelic, a Goidelic language
spoken in Ireland
Irish people, people of Irish ethnicity, people born in Ireland and
people who hold Irish citizenship
Irish (Junior Cert), a subject of the Junior Cycle examination in
secondary schools in the Republic of Ireland
Irish (name), a given name or family name
Irish Creek, a stream in Kansas
See also
Irish nationality law, determining who can become an Irish citizen
List of Ireland-related topics
Read more...

This page contains text from Wikipedia, the Free

Encyclopedia - https://wn.com/Irish

This article is licensed under the Creative Commons

Attribution-ShareAlike 3.0 Unported License, which means
that you can copy and modify it as long as the entire work
(including additions) remains under this license.
Bank
A bank is a financial institution that creates credit by lending money
to a borrower, thereby creating a corresponding deposit on the bank's
balance sheet. Lending activities can be performed either directly or
indirectly through capital markets. Due to their importance in the
financial system and influence on national economies, banks are
highly regulated in most countries. Most nations have institutionalized
a system known as fractional reserve banking under which banks
hold liquid assets equal to only a portion of their current liabilities. In
addition to other regulations intended to ensure liquidity, banks are
generally subject to minimum capital requirements based on an
international set of capital standards, known as the Basel Accords.
Banking in its modern sense evolved in the 14th century in the rich
cities of Renaissance Italy but in many ways was a continuation of
ideas and concepts of credit and lending that had their roots in the
ancient world. In the history of banking, a number of banking
dynasties notably, the Medicis, the Fuggers, the Welsers, the
Berenbergs and the Rothschilds have played a central role over
many centuries. The oldest existing retail bank is Monte dei Paschi di
Siena, while the oldest existing merchant bank is Berenberg Bank.
Read more...
 This page contains text from Wikipedia, the Free
Encyclopedia - https://wn.com/Bank

This article is licensed under the Creative Commons

Attribution-ShareAlike 3.0 Unported License, which means
that you can copy and modify it as long as the entire work
(including additions) remains under this license.

` Loading...

Anglo Irish Bank and the part it played in

Ireland's economic collapse by Simon
Carswell
Order: 1 Duration: 1:02:31 Updated: 11 Mar 2014 views:
1324
videos
This presentation discusses Anglo Irish Bank's early days
and its move into the property and developer niche. It covers
the 'relationship banking' model where Anglo worked with
developers during the day and entertained them at night.
The story developed as we moved into the boom years
caused by access to cheap funding through being in the
Euro and the rise in house prices. Following the crash and
the infamous night of the bank guarantee Simon outlines
what the bank bailouts are costing the State, and also details
some of the dubious practices since uncovered that the bank
was using to try and cover up its problems. This talk was part
of 'The Irish Economy. What happened? What next?', a
series of talks held at Dublin City Public Libraries during
March 2012. http://dublincitypubliclibraries.com/story/irish-
economy-what-happened-what-next
https://wn.com/Anglo_Irish_Bank_And_The_Part_It_Played_
In_Ireland's_Economic_Collapse_By_Simon_Carswell
 The Anglo Irish Bank Tapes - Day 1 - Full
[Captions]
Order: 2 Duration: 11:53 Updated: 28 Jun 2013 views: 9125
videos
Leaked telephone conversations between Anglo Irish Bank's
John Bowe (Director of Treasury) and Peter Fitzgerald
(Director of Retail Banking) in regard to the precarious
financial position of the bank and their sinister tactics on how
to "offload" the burden to the taxpayer. A rare insight. These
series of videos are internal telephone conversation from
September 2008 between Anglo executives in the days and
weeks when when the Irish state stepped in to rescue Anglo
setting in motion, a defraud of the Irish nation to the tune of
30 billion euros. The bank was and remains nationalised
since 2009 and no criminal prosecutions have been made to
date for the crimes long documentated.
https://wn.com/The_Anglo_Irish_Bank_Tapes_Day_1_Full_C
aptions
 Caught On Tape: Irish Bankers Laugh
About Never Repaying Bailout
Order: 3 Duration: 8:43 Updated: 05 Jul 2013 views: 16790
videos
Bill Black: Tapes reveal Anglo Irish Bank executives laughed
as they manipulated Irish Government into 16 billion dollar
bailout the knew they would never repay
https://wn.com/Caught_On_Tape_Irish_Bankers_Laugh_Abo
ut_Never_Repaying_Bailout
 Charlie Bird tracks down Anglo Irish
bank executive in USA
Order: 4 Duration: 2:21 Updated: 01 Apr 2010 views: 36953
videos
Charlie Bird tracks down the former Anglo Irish Bank Chief
Executive David Drumm but gets turned away at the door.
Keep up to date on the latest news: www.rte.ie/player
 https://wn.com/Charlie_Bird_Tracks_Down_Anglo_Irish_Ban
k_Executive_In_USA

Sean FitzPatrick Interview - One to One -

RTE Dec 2007
Order: 5 Duration: 41:09 Updated: 31 Jan 2014 views: 3765
videos
An interview first broadcast in December 2007 with Sean
FitzPatrick, former Chief Executive and Chairman of Anglo
Irish Bank, conducted by Aine Lawlor as part of RTE's One
to One series. This was on RTE's website but has
unfortunately disappeared.
http://www.rte.ie/news/av/2007/1217/onetoone.html Posted
because it is of public interest. Apologies for any sound or
picture quality issues, this was downloaded through
RealPlayer as an .smil file and had to be recorded from
computer screen into the MP4 format for uploading.
https://wn.com/Sean_Fitzpatrick_Interview_One_To_One_Rt
e_Dec_2007
 Who are the Anglo Irish Bank
Bondholders Vincent?
Order: 6 Duration: 1:54 Updated: 26 Jan 2012 views: 37306
videos
This clip from TV3's 'Tonight with Vincent Browne' has
Vincent listing some of the Anglo Irish Bank bondholders on
the night Ireland paid them (or the vultures they sold them to)
1.25 billion.
https://wn.com/Who_Are_The_Anglo_Irish_Bank_Bondholde
rs_Vincent
 Clare Daly Explain How Anglo Irish
Bank Planned And Conducted Biggest
Robbery Recorded On Tape
Order: 7 Duration: 9:25 Updated: 28 Jun 2013 views: 4579
videos
Clare Daly Explain How Anglo Irish Bank Planned And
Conducted Biggest Criminal Case Recorded On Tape
https://wn.com/Clare_Daly_Explain_How_Anglo_Irish_Bank_
Planned_And_Conducted_Biggest_Robbery_Recorded_On_
Tape

OMG Share this. ANGLO IRISH BANK

RECORDINGS. Hear how we were
 robbed.
Order: 8 Duration: 11:39 Updated: 24 Jun 2013 views: 17662
videos
The astonishing tapes show senior manager John Bowe,
who had been involved in negotiations with the Central Bank,
laughing and joking as he tells another senior manager,
Peter Fitzgerald, how Anglo was luring the State into giving it
billions of euro. Transcripts
http://www.irishtimes.com/business/sectors/financial-
services/transcripts-the-anglo-tapes-
1.1441009#.UchIlR9S3KM.facebook Credit to OYMinternet
radio for this.
http://www.youtube.com/user/OYMInternetRadio Truthful irish
and OYM are both available on www.msiradio.com
https://www.facebook.com/truthful.irish For more information
on AIB having no licence to legally operate as a bank, visit
http://www.billymcguire.com/
https://wn.com/Omg_Share_This._Anglo_Irish_Bank_Record
ings._Hear_How_We_Were_Robbed.
 InsideSecret Anglo-Irish Bank Tape
Inquiry Launched PLEASE COPY AND
POST IT EVERYWHERE!
Order: 9 Duration: 12:45 Updated: 26 Jun 2013 views: 4385
videos
Irish Prime Minister Enda Kenny has ordered a government
investigation into the Anglo-Irish Bank bailout after the
release of secret audio recordings. From You Tube User
http://www.youtube.com/user/slanabhaileeachtrann rish
Prime Minister Enda Kenny has ordered a government
investigation into the Anglo-Irish Bank bailout after the
release of secret audio recordings. Irish Prime Minister Enda
Kenny has ordered a government investigation into the
Anglo-Irish Bank bailout after the release of secret audio
recordings. In them, Peter Bowe, then head of Capital
Markets, can be heard telling Peter Fitzgerald, director of
retail banking, that seven billion euros would not be enough
to save the bank but would be sufficient to ensure further
bailout money was made available. Asked by Mr Fitzgerald
how he worked out the bank needed seven billion euros, Mr
Bowe said: "Just as Drummer [bank CEO David Drumm]
would say, picked it out my ****, you know?... That number is
seven, but the reality is we need a lot more than that... "The
strategy here is you pull them in, you get them to write a big
cheque and they have to keep, they have to support their
money, you know?" In total, the failed bailout of Anglo-Irish
bank, which was liquidated in February of this year, cost Irish
taxpayers some 30 billion euros. In the tapes, which were
recorded internally by the bank and made public by the Irish
Independent newspaper, Mr Bowe can be clearly heard
making light of both the bailout application process and the
bank's ability to repay bailout funds. He said: "If they saw the
enormity of it upfront, they might decide, they might decide
they had a choice... They might say the cost to the taxpayer
is too high. "If it doesn't look too big at the outset, if it looks
big, big enough to be important but not too big that it spoils
everything, then you have a chance. I think it can creep up."
Speaking on Jeff Randall Live, Paul Williams, the special
correspondent at the Irish Independent said: "We have
decided to publish them because in the five years since this
catastrophe, this cataclysm occurred in the Irish economy,
there has been no effort made by official Ireland either the
previous...or current government...to explain to the men,
women and children of Ireland why their country is on its
knees." Anglo-Irish Bank was at the centre of the Irish
housing market bubble, lending billions of euros to
developers during the nineties and 2000s that would never
be recouped. Mr Bowe can be heard laughing as he said:
"This is seven billion (euro) bridging. So it is bridged until we
can pay you back, which is never. "So, under the terms that
say 'repayment', we say 'no... not applicable'." Both Mr Bowe
and Mr Fitzgerald have released statements denying
deliberately trying to mislead the Irish government's financial
regulator or abusing the guarantee of Irish banks issued by
Dublin at the height of the financial crisis. Referring on the
tapes to the prospect of the Anglo-Irish Bank being
nationalised, Mr Bowe says: "That would be fantastic. If it
was nationalisation, we'd all keep our jobs... civil servants,
you know?"
http://web.orange.co.uk/article/news/secret_anglo_irish_ban
k_tape_inquiry_launched I robbed it ( Rob it of me too if ya
want it its yours ) All Creds to whoever uploaded it and got it
recorded :) Thanks I hope you dont mind me nickin it ...the
People HAVE TO KNOW
https://wn.com/Insidesecret_Anglo_Irish_Bank_Tape_Inquiry
 _Launched_Please_Copy_And_Post_It_Everywhere

Massive losses for Anglo Irish

Order: 10 Duration: 2:19 Updated: 02 Jun 2009 views: 1708
videos
Minister for Finance Brian Lenihan has told TV3 News that
what has happened at Anglo Irish Bank is "a disgrace".
 Today the bank revealed massive losses - with more to
come.but Brian is part of the problem,
https://wn.com/Massive_Losses_For_Anglo_Irish

Send this Playlist by SMS Email this Page Play all in Full Screen
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`
 Anglo Irish Bank and the part it played in
Ireland's economic collapse by Simon
Carswell
Order: 1 Duration: 1:02:31 Updated: 11 Mar 2014 views:
1324
videos
This presentation discusses Anglo Irish Bank's early days
and its move into the property and developer niche. It covers
the 'relationship banking' model where Anglo worked with
developers during the day and entertained them at night.
The story developed as we moved into the boom years
caused by access to cheap funding through being in the
Euro and the rise in house prices. Following the crash and
the infamous night of the bank guarantee Simon outlines
what the bank bailouts are costing the State, and also details
some of the dubious practices since uncovered that the bank
was using to try and cover up its problems. This talk was part
of 'The Irish Economy. What happened? What next?', a
series of talks held at Dublin City Public Libraries during
March 2012. http://dublincitypubliclibraries.com/story/irish-
economy-what-happened-what-next
https://wn.com/Anglo_Irish_Bank_And_The_Part_It_Played_
In_Ireland's_Economic_Collapse_By_Simon_Carswell
 The Anglo Irish Bank Tapes - Day 1 - Full
[Captions]
Order: 2 Duration: 11:53 Updated: 28 Jun 2013 views: 9125
videos
Leaked telephone conversations between Anglo Irish Bank's
John Bowe (Director of Treasury) and Peter Fitzgerald
(Director of Retail Banking) in regard to the precarious
financial position of the bank and their sinister tactics on how
to "offload" the burden to the taxpayer. A rare insight. These
series of videos are internal telephone conversation from
September 2008 between Anglo executives in the days and
weeks when when the Irish state stepped in to rescue Anglo
setting in motion, a defraud of the Irish nation to the tune of
30 billion euros. The bank was and remains nationalised
since 2009 and no criminal prosecutions have been made to
date for the crimes long documentated.
https://wn.com/The_Anglo_Irish_Bank_Tapes_Day_1_Full_C
aptions
 Caught On Tape: Irish Bankers Laugh
About Never Repaying Bailout
Order: 3 Duration: 8:43 Updated: 05 Jul 2013 views: 16790
videos
Bill Black: Tapes reveal Anglo Irish Bank executives laughed
as they manipulated Irish Government into 16 billion dollar
bailout the knew they would never repay
https://wn.com/Caught_On_Tape_Irish_Bankers_Laugh_Abo
ut_Never_Repaying_Bailout
 Charlie Bird tracks down Anglo Irish
bank executive in USA
Order: 4 Duration: 2:21 Updated: 01 Apr 2010 views: 36953
videos
Charlie Bird tracks down the former Anglo Irish Bank Chief
Executive David Drumm but gets turned away at the door.
Keep up to date on the latest news: www.rte.ie/player
https://wn.com/Charlie_Bird_Tracks_Down_Anglo_Irish_Ban
k_Executive_In_USA
 Sean FitzPatrick Interview - One to One -
RTE Dec 2007
Order: 5 Duration: 41:09 Updated: 31 Jan 2014 views: 3765
videos
An interview first broadcast in December 2007 with Sean
FitzPatrick, former Chief Executive and Chairman of Anglo
Irish Bank, conducted by Aine Lawlor as part of RTE's One
to One series. This was on RTE's website but has
unfortunately disappeared.
 http://www.rte.ie/news/av/2007/1217/onetoone.html Posted
because it is of public interest. Apologies for any sound or
picture quality issues, this was downloaded through
RealPlayer as an .smil file and had to be recorded from
computer screen into the MP4 format for uploading.
https://wn.com/Sean_Fitzpatrick_Interview_One_To_One_Rt
e_Dec_2007

Who are the Anglo Irish Bank

Bondholders Vincent?
Order: 6 Duration: 1:54 Updated: 26 Jan 2012 views: 37306
videos
This clip from TV3's 'Tonight with Vincent Browne' has
 Vincent listing some of the Anglo Irish Bank bondholders on
the night Ireland paid them (or the vultures they sold them to)
1.25 billion.
https://wn.com/Who_Are_The_Anglo_Irish_Bank_Bondholde
rs_Vincent

Clare Daly Explain How Anglo Irish

Bank Planned And Conducted Biggest
Robbery Recorded On Tape
Order: 7 Duration: 9:25 Updated: 28 Jun 2013 views: 4579
videos
Clare Daly Explain How Anglo Irish Bank Planned And
Conducted Biggest Criminal Case Recorded On Tape
https://wn.com/Clare_Daly_Explain_How_Anglo_Irish_Bank_
Planned_And_Conducted_Biggest_Robbery_Recorded_On_
Tape

OMG Share this. ANGLO IRISH BANK

RECORDINGS. Hear how we were
robbed.
Order: 8 Duration: 11:39 Updated: 24 Jun 2013 view
The astonishing tapes show senior manager John Bowe,
who had been involved in negotiations with the Central Bank,
laughing and joking as he tells another senior manager,
Peter Fitzgerald, how Anglo was luring the State into giving it
billions of euro. Transcripts
http://www.irishtimes.com/business/sectors/financial-
services/transcripts-the-anglo-tapes-
1.1441009#.UchIlR9S3KM.facebook Credit to OYMinternet
radio for this.
http://www.youtube.com/user/OYMInternetRadio Truthful irish
and OYM are both available on www.msiradio.com
https://www.facebook.com/truthful.irish For more information
on AIB having no licence to legally operate as a bank, visit
http://www.billymcguire.com/
https://wn.com/Omg_Share_This._Anglo_Irish_Bank_Record
ings._Hear_How_We_Were_Robbed.
InsideSecret Anglo-Irish Bank Tape
Inquiry Launched PLEASE COPY AND
POST IT EVERYWHERE!
Order: 9 Duration: 12:45 Updated: 26 Jun 2013 views:
Irish Prime Minister Enda Kenny has ordered a government
investigation into the Anglo-Irish Bank bailout after the
release of secret audio recordings. From You Tube User
http://www.youtube.com/user/slanabhaileeachtrann rish
Prime Minister Enda Kenny has ordered a government
investigation into the Anglo-Irish Bank bailout after the
release of secret audio recordings. Irish Prime Minister Enda
Kenny has ordered a government investigation into the
Anglo-Irish Bank bailout after the release of secret audio
recordings. In them, Peter Bowe, then head of Capital
Markets, can be heard telling Peter Fitzgerald, director of
retail banking, that seven billion euros would not be enough
to save the bank but would be sufficient to ensure further
bailout money was made available. Asked by Mr Fitzgerald
how he worked out the bank needed seven billion euros, Mr
Bowe said: "Just as Drummer [bank CEO David Drumm]
would say, picked it out my ****, you know?... That number is
seven, but the reality is we need a lot more than that... "The
strategy here is you pull them in, you get them to write a big
cheque and they have to keep, they have to support their
money, you know?" In total, the failed bailout of Anglo-Irish
bank, which was liquidated in February of this year, cost Irish
taxpayers some 30 billion euros. In the tapes, which were
recorded internally by the bank and made public by the Irish
Independent newspaper, Mr Bowe can be clearly heard
making light of both the bailout application process and the
bank's ability to repay bailout funds. He said: "If they saw the
enormity of it upfront, they might decide, they might decide
they had a choice... They might say the cost to the taxpayer
is too high. "If it doesn't look too big at the outset, if it looks
big, big enough to be important but not too big that it spoils
everything, then you have a chance. I think it can creep up."
Speaking on Jeff Randall Live, Paul Williams, the special
correspondent at the Irish Independent said: "We have
decided to publish them because in the five years since this
catastrophe, this cataclysm occurred in the Irish economy,
there has been no effort made by official Ireland either the
previous...or current government...to explain to the men,
women and children of Ireland why their country is on its
knees." Anglo-Irish Bank was at the centre of the Irish
housing market bubble, lending billions of euros to
developers during the nineties and 2000s that would never
be recouped. Mr Bowe can be heard laughing as he said:
"This is seven billion (euro) bridging. So it is bridged until we
can pay you back, which is never. "So, under the terms that
say 'repayment', we say 'no... not applicable'." Both Mr Bowe
and Mr Fitzgerald have released statements denying
deliberately trying to mislead the Irish government's financial
regulator or abusing the guarantee of Irish banks issued by
Dublin at the height of the financial crisis. Referring on the
tapes to the prospect of the Anglo-Irish Bank being
nationalised, Mr Bowe says: "That would be fantastic. If it
was nationalisation, we'd all keep our jobs... civil servants,
you know?"
http://web.orange.co.uk/article/news/secret_anglo_irish_ban
k_tape_inquiry_launched I robbed it ( Rob it of me too if ya
want it its yours ) All Creds to whoever uploaded it and got it
recorded :) Thanks I hope you dont mind me nickin it ...the
People HAVE TO KNOW
https://wn.com/Insidesecret_Anglo_Irish_Bank_Tape_Inquiry
_Launched_Please_Copy_And_Post_It_Everywhere
` consequence. published: 16 Jul 2012
= John Player Tops 1989
Order: 1 Duration: 2:23:14 Updated: 07 Mar 2015 views:
2334
videos
Marty Whelan introduces RT's coverage of the 25th John
Player Tops from the Gaeity Theatre in Dublin. The
contestants were Anglo Irish Bank and Aer Lingus. Anglo
Irish Bank's show was entitled 'New Lease Of Life.' Aer
Lingus's show was entitled 'On The Move.'
https://wn.com/John_Player_Tops_1989

Anglo Irish Bank and the part it played in

 Ireland's economic collapse by Simon
Carswell
Order: 2 Duration: 1:02:31 Updated: 11 Mar 2014 views:
1324
videos
This presentation discusses Anglo Irish Bank's early days
and its move into the property and developer niche. It covers
the 'relationship banking' model where Anglo worked with
developers during the day and entertained them at night.
The story developed as we moved into the boom years
caused by access to cheap funding through being in the
Euro and the rise in house prices. Following the crash and
the infamous night of the bank guarantee Simon outlines
what the bank bailouts are costing the State, and also details
some of the dubious practices since uncovered that the bank
was using to try and cover up its problems. This talk was part
of 'The Irish Economy. What happened? What next?', a
series of talks held at Dublin City Public Libraries during
March 2012. http://dublincitypubliclibraries.com/story/irish-
economy-what-happened-what-next
https://wn.com/Anglo_Irish_Bank_And_The_Part_It_Played_
In_Ireland's_Economic_Collapse_By_Simon_Carswell

Anglo Irish Bank and the part it played in

Ireland's economic collapse on December
31, 2016
Order: 3 Duration: 1:02:31 Updated: 08 Dec 2016 views:
 Anglo Irish Bank and the part it played in Ireland's economic
collapse on December 31, 2016 No money in human history
has had as much reach in both breadth and depth as the
dollar. It is the de facto world currency. All other currency
collapses will pale in comparison to this big one. All other
currency crises have been regional and there were other
currencies for people to grasp on to And All the evidence
tells us that The dollar collapse And The economic collapse
will be on December 31, 2016 dollar collapse,dollar collapse
2016,dollar collapse
today,news,economy,politics,obama,america,us,world,liberty,
amtv,alternative,media,economic collapse,us dollar
collapse,US dollar collapse,AIIB,World Bank,IMF,new world
order,world news,currency collapse,Barack Obama,Dollar
crash,Dollar Ponzi,Bankers,Bitcoin,Silver,Gold,Federal
Reserve,China,Russia,money,Putin,Peter
Schiff,Nuke,Central Bank,Yuan,dollar,Crisis,Euro,economy
news,December 31 2016
https://wn.com/Anglo_Irish_Bank_And_The_Part_It_Played_
In_Ireland's_Economic_Collapse_On_December_31,_2016

Anglo Irish Bank and the part it played in

Ireland's economic collapse on December
31, 2016
Order: 4 Duration: 1:02:31 Updated: 15 Oct 2016 views: 1
videos
Anglo Irish Bank and the part it played in Ireland's economic
 collapse on December 31, 2016 The dollar collapse will be
the single largest event in human history. This will be the first
event that will touch every single living person in the world.
All human activity is controlled by money. Our wealth,our
work,our food,our government,even our relationships are
affected by money.And sure The Dollar Collapse And The
Economic Collapse Will Be on December 31, 2016 . dollar
collapse,dollar collapse 2016,dollar collapse
today,news,economy,politics,obama,america,us,world,liberty,
amtv,alternative,media,economic collapse,us dollar
collapse,US dollar collapse,AIIB,World Bank,IMF,new world
order,world news,currency collapse,Barack Obama,Dollar
crash,Dollar Ponzi,Bankers,Bitcoin,Silver,Gold,Federal
Reserve,China,Russia,money,Putin,Peter
Schiff,Nuke,Central Bank,Yuan,dollar,Crisis,Euro,economy
news,December 31 2016
https://wn.com/Anglo_Irish_Bank_And_The_Part_It_Played_
In_Ireland's_Economic_Collapse_On_December_31,_2016

Anglo Irish Bank and the part it played in

Ireland's economic collapse on 27
September 2016
Order: 5 Duration: 1:02:31 Updated: 09 Aug 2016 views: 1
videos
Anglo Irish Bank and the part it played in Ireland's economic
collapse on 27 September 2016 No money in human history
has had as much reach in both breadth and depth as the
dollar. It is the de facto world currency. All other currency
collapses will pale in comparison to this big one. All other
currency crises have been regional and there were other
currencies for people to grasp on to And All the evidence
tells us that The dollar collapse And The economic collapse
will be on 27 September 2016 dollar collapse 2016,dollar
collapse and ww3,dollar collapse
today,news,economy,politics,obama,america,us,world,war,lib
erty,amtv,alternative,media,economic collapse,us dollar
collapse,dollar collapse,AIIB,World Bank,IMF,new world
order,world war 3,currency collapse,Barack Obama,Dollar
crash,Dollar Ponzi,Bankers,Bitcoin,Silver,Gold,Federal
Reserve,China,Russia,WW3,money,Putin,Peter
Schiff,Nuke,Central Bank,Yuan,dollar,Crisis,Euro,economy
news,27 September 2016
https://wn.com/Anglo_Irish_Bank_And_The_Part_It_Played_
In_Ireland's_Economic_Collapse_On_27_September_2016
 Triail Anglo
Irish,Trial,Nuacht,News,2014,court
case,banc,bank TG4,scannal,scandal,
Angla ireannach
Order: 6 Duration: 30:34 Updated: 28 Oct 2016 views: 4
videos
Triail Anglo Irish,Trial,Nuacht,News,2014,court
case,banc,bank TG4,scannal,scandal, Angla ireannach,
Triail Anglo Irish,Trial,Nuacht,News,2014,court
case,banc,bank TG4,scannal,scandal, Angla ireannach
https://wn.com/Triail_Anglo_Irish,Trial,Nuacht,News,2014,Co
urt_Case,Banc,Bank_Tg4,Scannal,Scandal,_Angla_ireann
ach

Sean FitzPatrick Interview - One to One -

RTE Dec 2007
 Order: 7 Duration: 41:09 Updated: 31 Jan 2014 views: 3765
videos
An interview first broadcast in December 2007 with Sean
FitzPatrick, former Chief Executive and Chairman of Anglo
Irish Bank, conducted by Aine Lawlor as part of RTE's One
to One series. This was on RTE's website but has
unfortunately disappeared.
http://www.rte.ie/news/av/2007/1217/onetoone.html Posted
because it is of public interest. Apologies for any sound or
picture quality issues, this was downloaded through
RealPlayer as an .smil file and had to be recorded from
computer screen into the MP4 format for uploading.
https://wn.com/Sean_Fitzpatrick_Interview_One_To_One_Rt
e_Dec_2007
 Andy Storey The Dog not Barking: the
Curious Case of Irish Protest or the Lack
of it
Order: 8 Duration: 32:13 Updated: 16 Jul 2012 views: 113
videos
Andy Storey is a lecturer in the School of Politics &
International Relations in University College Dublin. He is
acting chairperson of Action from Ireland, a central figure in
the Anglo Not Our Debt campaign, and a leading opponent
of the current practice of shifting responsibility for private
debts onto the shoulders of the Irish population - particularly
those run up by the now defunct Anglo Irish Bank. In this
talk, Andy considers the nature of this problem, its present
and future consequences for the Irish population, and the
limited scale of opposition and protest that has emerged in
consequence.
https://wn.com/Andy_Storey_The_Dog_Not_Barking_The_C
urious_Case_Of_Irish_Protest_Or_The_Lack_Of_It
 Dr Deagle Show 2013/06/27 - TIM
ALEXANDER
Order: 9 Duration: 38:55 Updated: 28 Jun 2013 views: 1780
videos
HOUR THREE - Tim Alexander -
http://europebusines.blogspot.com/ Russia evacuates its
Syrian Naval Base ~ ~ It also removed most diplomatic staff
and military staff and civilians from Syria. This is something
you do shortly before all-out war breaks out! Stirling
http://www.zerohedge.com/news/2013-06-27/russia-
evacuates-its-syrian-naval-base "World Order Unjust and
Immoral" - Ecuador's President on Snowden coverage ~ link
~ Ecuador's President Rafael Correa came up with scalding
online remarks over criticism his country faced from the US
press for potentially granting asylum to NSA whistleblower
Edward Snowden. "They've managed to focus attention on
Snowden and on the 'wicked' countries that 'support' him,
making us forget the terrible things against the US people
and the whole world that he denounced," Correa said
Wednesday in response to a Tuesday Washington Post
editorial. "The world order isn't only unjust, it's immoral,"
Correa added. http://rt.com/news/ecuador-correa-us-
snowden-306/ Irish PM promises probe against bankers who
duped government with figures "picked from their arse" ~ ~
May I suggest hanging as a good solution!!! Stirling
 http://rt.com/news/anglo-irish-bank-probe-221/
https://wn.com/Dr_Deagle_Show_2013_06_27_Tim_Alexan
der

Staatsgeheimnis Bankenrettung -
Eurokrise Dokumentation Juni 2013
Order: 10 Duration: 1:00:11 Updated: 27 Jun 2013 views:
8125
videos
Es ist unser Geld, dass hier ausgegeben wird um schlecht
wirtschaftenden Banken ihre Gewinne zu erhalten. Der
Steuerzahler zahlt die privaten Schulden der Banken und
wird dafr noch von den Bankenmanagern ausgelacht, wie
krzlich bei mitgeschnittenen Gesprchen von
Fhrungskrften der Anglo Irish Bank ans Tageslicht kam.
Staatsgeheimnis Bankenrettung zustzliches
Hintergrundmaterial: Drei Jahre "Griechenland - Rettung":
77% flossen in Finanzsektor Bericht Attac: http://www.attac-
netzwerk.de/was-
laeuft/neuigkeiten/detailansicht/datum/2013/06/17/griechenla
nd-rettung-77-prozent-flossen-in-finanzsektor/ Genaue
Aufstellung von Attac sterreich:
http://www.attac.at/uploads/media/hintergrundmaterial_bailo
ut_deutsch.pdf Inhalt: 50 Milliarden Euro in Griechenland, 70
Milliarden Euro in Irland, 40 Milliarden Euro in Spanien - ein
Eurostaat nach dem anderen sieht sich gezwungen, seine
Banken mit gigantischen Summen zu sttzen, um damit die
Verluste auszugleichen, die den Geldhusern aus faulen
Krediten entstanden sind. Aber wohin gehen die Milliarden
eigentlich? Wer sind die Begnstigten? Mit dieser einfachen
Frage reist der preisgekrnte Wirtschaftsjournalist und
Sachbuchautor Harald Schumann quer durch Europa und
bekommt verblffende Antworten. Die Geretteten sitzen -
anders als hufig vermittelt und von vielen angenommen
wird - nicht in den rmeren Eurostaaten, sondern
hauptschlich in Deutschland und Frankreich. Ein groer Teil
des Geldes landet nmlich bei den Glubigern der Banken,
die gerettet werden wollen oder mssen. Und obwohl diese
Anleger offenkundig schlecht investiert haben, werden sie -
entgegen aller Logik der freien Marktwirtschaft - auf Kosten
der Allgemeinheit vor jeglichen Verlusten geschtzt. Warum
ist das so? Wer bekommt das Geld? Eigentlich simple
Fragen, die aber den Kern der europischen Identitt
berhren.
https://wn.com/Staatsgeheimnis_Bankenrettung_Eurokrise_
Dokumentation_Juni_2013

Anglo Irish Bank and the part it played in

Ireland's economic collapse by Simon Carswell
Mar 11, 2014
This presentation discusses Anglo Irish Bank's early days and its move into the
property and developer niche. It covers the 'relationship banking' model where
Anglo worked with developers during the day and entertained them at night. The
story developed as we moved into the boom years caused by access to cheap
funding through being in the Euro and the rise in house prices.

Following the crash and the infamous night of the bank guarantee Simon outlines
what the bank bailouts are costing the State, and also details some of the
dubious practices since uncovered that the bank was using to try and cover up its
problems.

This talk was part of 'The Irish Economy. What happened? What next?', a series
of talks held at Dublin City Public Libraries during March 2012.

http://dublincitypubliclibraries.com/...

https://www.youtube.com/watch?v=bmNO68HoY0s
Nama Corruption & Cover Ups! (only in Ireland)

Sep 8, 2016
BBC Spotlight investigation broadcast secret recordings of meetings with Mr Cushnahan and the
property developer John Miskelly.

Both men have denied any wrongdoing.

The Spotlight allegations include:

Claims that Cushnahan received 40,000 from Mr Miskelly, with promises to help him buy back
property he lost in the crash for a lower price, something Nama had prohibited developers from
doing;

Claims by Cushnahan he could achieve this as he had influence over a senior Nama executive
from Northern Ireland, Nama's head of asset recovery, Ronnie Hanna - although other than Mr
Cushnahan's claim, there is no evidence that Mr Hanna could be influenced.

A recording of the businessman saying that prior to the sale of NI's Nama portfolio (Project
Eagle), he was "working with" senior DUP members Sammy Wilson and Peter Robinson. He
boasted he could get them to apply pressure in Dublin, so the portfolio could be sold to the
American firm for less than it was worth. Nama have always insisted they achieved the best deal
possible.
Mr Wilson was approached by the BBC for a comment.

The secret recordings also frequently mention Gareth Robinson, the son of the former First
Minister.

It's understood Gareth Robinson had introduced John Miskelly and Mr Cushnahan four years
ago. Mr Cushnahan can be heard telling Mr Miskelly he would make sure Gareth Robinson "gets
something in the deal."

BBC reporter Mandy McAuley states that there is no evidence Mr Robinson knew about the
40,000 payment, and did not produce any evidence he did know.

She also claims that after a year of investigating Mr Cushnahan, Spotlight are convinced he was
not above exaggerating his connections and influence over senior politicians and Nama officials.

The Spotlight documentary also reveals a document allegedly produced by Mr Cushnahan,

showing the value Nama had assigned to John Miskelly's property portfolio. giving him an unfair
advantage if he were to try and buy back the property. Spotlight say it's unclear if the information
came from Mr Cushnahan, Mr Miskelly or from a leak within Nama.

Last year, Mr Miskelly was listed to appear before the Stormont finance committee for its hearing
on the Nama property deal.

In a further tape recording, Mr Cushnahan can be heard coaching Mr Miskelly for his appearance
in front of the finance committee, and in the event he got questioned by the National Crime
Agency.

Mr Miskelly is told to deny making any payments to Mr Cushnahan and warns him he will be
 asked about his connections.

The Fianna Fail TD John McGuinness, head of the Irish finance committee, has now called for an
all Ireland Nama investigation. He believes the Northern Ireland Nama property portfolio was sold
far below its true value.

He added: "It would appear to me that Mr Cushnahan was using the political system and the
economy in Northern Ireland to get that discount and whether people knew his intentions or not,
he obviously had it well worked out to achieve what he wanted."

Peter Robinson has said any suggestion a discount was achieved for Project Eagle was "risible"
and Spotlight were only using his name for attention.

Mr Cushnahan has repeatedly denied any wrongdoing and has said he is contemplating legal
action against the BBC.

Last night, Mr Miskelly issued a statement denying he had acted inappropriately.

"Since 2007/8, I have consistently and truthfully reported financial crime and corruption with the
relevant authorities including; Anglo Irish Bank, IBRC, Nama, Cerberus, other financial
institutions, the PSNI and the National Crime Agency (NCA)," he said. "I have also travelled to the
United States and reported these matters to officials from the Security Exchange Commission,
the Department of Justice and the FBI.

"My overriding aim has always been to highlight wrongdoing and corruption and have all of these
matters fully investigated by the appropriate authorities.

"I have at all times made clear that payments made by me to any persons have been lawful and
legitimate.

"As a witness, I am participating in the ongoing investigations by the NCA and authorities in the
United States and in the interest of integrity of the judicial process I am unable to make any
further comment."

https://www.youtube.com/watch?v=3q9RyXbbjPU

State agency under pressure

over Sen FitzPatrick inquiry
Posted, 2017-05-24
The Irish Times
` SMS this page
` Email this page
Report rights infringement

https://article.wn.com/view/2017/05/24/State_agency_under_pressure_
over_Sean_FitzPatrick_inquiry/
 An
d herein lies the most important statement.
"Mr Wallace said that Nama had cost the State in a day what social
welfare fraud would cost in a year".
Be under no illusion.
The State takes care of the State.
But convinces 'sheep' to 'report' the wrong people...
Breadge Smith
My sister was summoned to jury duty for SEANIE FITPATRICK'S
TRIAL. I told the story on Vincent Browne's programme last night.
Have a listen it takes the notion of ONE LAW FOR THE RICH
ONE LAW FOR THE POOR to a whole new level. May 23rd 2017
https://video-ams3-1.xx.fbcdn.net/v/t42.1790-
2/18685873_1784210961713432_8330300211184271360_n.
mp4?
efg=eyJybHIiOjMwMCwicmxhIjo1MTIsInZlbmNvZGVfdGFnIjoic3
ZlX3NkIn0%3D&rl=300&vabr=84&oh=abd245153fced79a74f
06ae5c6140667&oe=592650B4
Taxpayer hit for tens of
millions as FitzPatrick trial
collapses
Judge condemns ODCE investigation for its
'inappropriately biased and partisan
approach'

Former Anglo Irish Bank chairman Sean FitzPatrick leaves court with
his daughter Sarah after he was acquitted of all charges.

Shane Phelan and Dearbhail McDonald

May 24 2017

The taxpayer is facing a bill running into tens of millions following the
spectacular collapse of the trial of former Anglo chairman Sean FitzPatrick.

Mr FitzPatrick's daughter Sarah broke down in court yesterday as Judge John

Aylmer directed her father be acquitted on all charges in the third and final
criminal trial against him since the financial crisis.
Mr FitzPatrick will face no further charges following a record 126-day trial which
is estimated to have cost the taxpayer 3m in legal costs along with tens of
millions for the botched probe that led to it.

He had faced 27 charges of misleading auditors and furnishing false information

about multi-million euro loans to him and to people connected to him between
2002 and 2007.

The prosecution alleged he misled the auditors about the extent of his loans and
arrangements in place to refinance them at Anglo's year end.

However Judge Aylmer stopped the trial before an enlarged jury could consider
them. He ruled that the Office of the Director of Corporate Enforcement had
adopted "an inappropriately biased and partisan approach" to Mr FitzPatrick's
loans case.

Advertisement 00:20

Judge Aylmer said the statement-making process involved intense negotiations

between investigators and A&L Goodbody and resulted in witness statements
included in the book of evidence which had been drafted entirely by people other
than the witnesses.

Judge Aylmer also said that internal memos showed that the ODCE was trying to
build or construct a case rather than to investigate the case independently and
impartially.

He said it was conceded by the prosecution that there was a very high degree of
suggestion or coaching and contamination by others and cross-contamination in
the preparation of the statements.

He said these issues were of grave concern.

Judge Aylmer described the shredding of six documents by lead investigator Mr

O'Connell as "extraordinary".

The judge listed the flaws in a five-year-long prosecution as the total lack of
investigation as to how letters of representation came into being; a failure to seek
out the evidence of those on the audit team actually involved in procuring them;
the coaching, contamination and cross-contamination of the auditor's evidence;
the partisan and biased nature of the investigation and the shredding of
documents by the lead investigator.
He said that given these flaws he was satisfied that "there was a real risk of an
unfair trial, incapable of being rectified by directions to the jury and I would have
directed them to acquit on that basis".

Contaminating

In a statement, the ODCE said it "fully accepts" the criticisms that both witnesses
were coached by the ODCE, contaminating their evidence.

The ODCE said that it had gone through "substantial" organisational change
since 2009, had enhanced staffing capabilities, had overhauled its investigative
procedures and enhanced its risk management procedures.

It said that the shredding of documents, which could not be reported fully until
now, should not have occurred.

"However, they occurred at a time when the staff member concerned was under
enormous stress and against a backdrop of significant mental health issues,
certain of which pre-dated the incident and which culminated in the staff
member concerned being hospitalised for almost two months in the immediate
aftermath of those events," it said.

Ex-Anglo chairman faced three trials

TRIAL ONE - April 2014

Sean FitzPatrick is acquitted by a jury of all charges of giving illegal loans to the
so-called Maple 10.

TRIAL TWO - June 2015

The jury in Mr FitzPatrick's first trial for his alleged failure to disclose loans to
Anglo's auditors is discharged after seven weeks of legal argument in the absence
of the jury. During legal argument, it emerged ODCE investigator Kevin
O'Connell shredded a small number of documents.

The case was unable to proceed after Mr O'Connell became ill and was unable to
attend.

TRIAL THREE - May 2017

After 126 days (the longest-running criminal trial in Irish history), Judge John
Aylmer directs an acquittal on all charges in Mr FitzPatrick's second trial for his
alleged failure to disclose loans to Anglo's auditors because the investigation by
the ODCE fell short of an unbiased, impartial, balanced investigation that an
accused is entitled to.
http://www.independent.ie/irish-news/courts/taxpayer-hit-for-tens-of-millions-as-
fitzpatrick-trial-collapses-35749487.html

ODCE accepts judge's

criticism of investigation
into former Anglo
chairman Sean Fitzpatrick

2
Former Anglo Bank Chairman, Sean Fitzpatrick with his daughter
Sarah, after he was acquitted of all charges outside the CCJ court.
Ireland'scorporatewatchdoghassaiditfullyacceptsajudge'scriticismofitsinvestigationintotheformer
chairmanofAngloIrishBankafterhewasacquittedofmisleadingauditors.

SeanFitzpatrickwasontrialforthelast126daysaccusedof"artificiallyreducing"personalloansforafew
weeksaroundtheendofthedefunctbank'sfinancialyeartoavoidtheirfullvaluebeingshowninaccounts.

AfterthelongestcriminaltrialinIrishhistory,theformerbankbosswastoldthejurywillbegivena
directiontofindhimnotguiltyatahearingintheCircuitCriminalCourtinDublinonWednesday
morning.

TheOfficeoftheDirectorofCorporateEnforcement(ODCE)saiditacceptedwitnesseswerecoached
whengivingstatementsduringtheinvestigationandthattheirevidencewascontaminated.

Italsoadmittedthatotherdocumentsheldbythewatchdogwereshreddedbyoneitsownofficials.Hewas
saidtobeunderenormousstressatthetime.

"Thoseactionsclearlyshouldnothaveoccurred,"theODCEsaid.

MrFitzpatrick,whohasalwaysdeniedwrongdoingandpleadednotguilty,walkedfromtheCriminal
CourtsofJusticecomplexinDublinholdinghisdaughterSarah'shandafterbeingtoldthathewasbeing
acquitted.

"Iwanttosayitwasaverylongandtiringanddifficulttimeformyfamilyandmyselfandthankfully
todaythetrialisover,"hesaid.

Mr Fitzpatrick thanked his legal team by name and added: "As you can appreciate
it's a wonderful day for me and my family. I appreciated the media's restraint in
this current trial and I would hope that my privacy and that of my family is
respected over the coming days."

The ODCE said it accepted that witnesses from auditors Ernst and Young were
coached while making statements and that their evidence was contaminated.

In a lengthy statement following Mr Fitzpatrick's acquittal, the ODCE also said

there were "serious failures" in its investigations into the former banker's
personal loans.

It is clear at this remove that, at that time, the ODCE was simply not equipped to
undertake parallel investigations on the scale involved," the watchdog said.

It said the witness statements were taken by "civilian staff".

"Regrettably however, none of those individuals had any training or experience of

taking witness statements," the ODCE said.

"Moreover, the inappropriateness of the approach that was subsequently adopted

in obtaining those statements was not sufficiently appreciated nor were the
attendant risks responded to appropriately."
The ODCE said it has undergone "substantial organisational change" over the last
eight years.

It said: "It is a very different organisation to what it was."

Mr Fitzpatrick of Whitshed Road, Greystones, Co Wicklow had pleaded not guilty

to more than two dozen offences under company law, including making a
misleading, false or deceptive statement to auditors and furnishing false
information between 2002 to 2007.

The former banker's acquittal sparked criticism from opposition politicians over
the handling of the investigation.

Pearse Doherty, Sinn Fein's finance spokesman, claimed fraud investigators in

Ireland were under-resourced.

Alan Kelly, Labour Party deputy leader, called for an independent inquiry into the
ODCE's handling of the case.

The Director of Public Prosecutions declined to comment on the outcome of the

case.

Mr Fitzpatrick went on trial last September. Proceedings were scheduled to end

by Christmas but it was delayed by weeks of legal argument in the absence of the
jury and only began hearing evidence in December.

http://www.independent.ie/irishnews/courts/article35748516.ece

http://www.irishtimes.com/news/crime-and-law/garda%C3%AD-never-
investigated-shredding-of-sen-fitzpatrick-documents-1.2961421?
mode=sample&auth-failed=1&pw-origin=http%3A%2F%2Fwww.irishtimes.com
%2Fnews%2Fcrime-and-law%2Fgarda%25C3%25AD-never-investigated-
shredding-of-se%25C3%25A1n-fitzpatrick-documents-1.2961421
Investigator had
concerns garda did not
'buy into' FitzPatrick
probe
Updated / Friday, 3 Feb 2017
Sean FitzPatrick denies the charges against him
The main investigator into allegations that former Anglo
Irish Bank chairman Sean FitzPatrick mislead the
bank's auditors had concerns that garda had not
"bought into" the investigation.
Kevin O'Connell from the Office of the Director of
Corporate Enforcement has now finished his evidence
at Dublin Circuit Criminal Court.
Mr FitzPatrick denies misleading Anglo's auditors and
furnishing false information about loans to him and to
people connected with him.
The trial will resume before the jury next Thursday.
The court heard details of an email sent by Mr
O'Connell to the then Director of Corporate
Enforcement Paul Appleby in July 2011.
Mr O'Connell expressed concerns about the progress
of the investigation into allegations that Mr FitzPatrick
had misled Anglo's auditors about the extent of his
loans and arrangements, which had been put in place
to temporarily refinance them.
In the email, Mr O'Connell referred to an earlier meeting
at which the Departments of Justice and Enterprise,
Trade and Innovation had been assured the
investigation would be completed by the end of 2011.

Kevin O'Connell
Mr O'Connell told Mr Appleby that garda seconded to
the ODCE were concentrated on a different
investigation into breaches of section 60 of the
Companies Act and had not been reallocated to his
case, as he had expected.
He claimed the garda had not bought into his
investigation to anything like the same extent as the
other probe.
He told Mr Appleby he had expected the investigation
he was involved in to move to centre stage.
And he said he feared it was a mistake to allow it to
become subordinate to the Section 60 investigation

There was not enough garda to do everything,

court hears
Under cross examination for a seventh day by lawyers
for Mr FitzPatrick, Mr O'Connell denied the garda were
sceptical of his investigation.
He said there were simply not enough garda to do
everything.
He denied a suggestion from Senior Counsel Bernard
Condon that he did not put his foot down and refuse to
carry on without adequate resources because he
wanted to "get a result" and get a prosecution against
Mr Fitzpatrick.
Mr O'Connell was questioned again about the way the
investigation was carried out.
Lawyers for Mr FitzPatrick put it to him that more than
20 people from the ODCE, from accountancy firm EY
and their solicitors A&L Goodbody were involved in
drafting the statements of two auditors.
Mr O'Connell said he regretted that "amber flags" were
not raised by anyone else.
He regretted he had not received a kick or a nudge
under the table from anyone during meetings where the
statements were discussed.
He acknowledged Mr FitzPatrick's regret about this
would be greater as he was being prosecuted for a
criminal offence.
Mr O'Connell said he did not recall a comment made by
a solicitor for EY at one meeting that it would be worth
discussing the "political motivation" and that it would be
useful if there was a prosecution in this context.
He said he could not remember this being said,
although he said politicians at the time were crying out
for a prosecution.
Mr O'Connell also acknowledged that paragraphs from
the statement of one of the two auditing witnesses
appeared "word for word" in the statement of the other
witness.
He said the process by which the statements were
taken had become completely established and it had
been his understanding that everyone on his side was
aware of it and comfortable with it.
Lawyers for Mr FitzPatrick put it to him that the
investigation was a shambles, that he should take no
pride in it, and it should never be repeated by the
ODCE.
Mr O'Connell said he took no pride in the many ways in
which he had made mistakes.
He said the ODCE had since altered its procedures and
completely changed aspects which were deficient,
inappropriate and where it had been found unlawful
methods had been adopted.
Lawyers for Mr FitzPatrick put it to him that the manner
in which the investigation was conducted was driven by
a desire to get prosecutable offences against Mr
FitzPatrick and that witness statements were created
and crafted to get evidence against him.
Under re-examination by lawyers for the prosecution,
Mr O'Connell was again asked about documents he
shredded during Mr FitzPatrick's first trial in 2015.
Mr O'Connell said the investigations into Anglo had
generated roomfuls of paper documentation as well as
more than 800,000 electronic files.
He was shown the 16 pages that he initially found in his
office on 1 May 2015.
They were mainly notes of telephone conversations
with EY's solicitor.
He said he remembered only one of the four or five
pages he had subsequently destroyed.
He said it was a note of a meeting at EY's solicitors,
A&L Goodbody.
Mr O'Connell has now finished his evidence.
The trial will resume on Thursday as one of the jury is
not available until then.
https://www.rte.ie/news/2017/0203/849993-concerns-gardai-did-not-buy-into-
fitzpatrick-probe/

Botched investigation into

87m loans brought case
to shuddering halt
1Shane Phelan
May 24 2017

Kieran Kelly, an audit partner with EY, pictured leaving Dublin Circuit
Criminal Court. Photo: Collins Courts

Anglo Irish Bank was already on the brink of collapse when Sean FitzPatrick
tendered his resignation as chairman on December 18, 2008.

The decision had nothing to do with the general running of Anglo, but followed
the admission by Mr FitzPatrick that he had been temporarily moving directors'
loans of up to 87m out of the bank at the end of the financial year.

Some of the money was borrowed by Mr FitzPatrick personally, while other sums
related to property investment partnerships.
This "bed and breakfast" arrangement with Irish Nationwide Building Society
meant the loans did not show up in Anglo's audited accounts over a period of
eight years. While accepting his actions were inappropriate, Mr FitzPatrick
insisted he had not broken any laws. Paul Appleby, the then head of the State's
corporate watchdog, the Office of the Director of Corporate Enforcement
(ODCE), wasn't so sure.

The very next day he launched an investigation.

Within days, the ODCE found Anglo had not been keeping a register of loans to
directors, as required by law.

Mr Appleby and ODCE officials Sean Ward and Kevin O'Connell set about
obtaining orders for the disclosure of documentation from Anglo. Records from
Irish Nationwide were also sourced through the Central Bank.

ODCE officials believed Mr FitzPatrick had committed offences under Section 197
of the Companies Act and he may have deliberately misled Anglo's auditors about
the size of his directors' loans. By the following February, the ODCE had begun
seeking records from Ernst & Young, the financial services firm that had audited
Anglo.

Statements taken from two of its auditors, Vincent Bergin and Kieran Kelly,
would form the basis for 21 of the 27 charges Mr FitzPatrick would ultimately face
during two trials at Dublin Circuit Criminal Court.

Using these statements, the State argued that, between 2002 and 2008, Mr
FitzPatrick used refinancing arrangements to give the false appearance his
borrowings from Anglo were unexceptional.

Each year the bank had to furnish "letters of representation" to board members
for them to sign, providing details of their loans from Anglo.

These in turn were relied on by the auditors.

Prosecutors claimed Mr FitzPatrick misrepresented the size of his loans in these

letters, and failed to correct the record after the balance sheets were signed off.

No reference was made to the refinancing arrangement with Irish Nationwide.

But the court would hear the ODCE conclusions were reached following a deeply
flawed investigation involving the coaching of the two key witnesses.

At the centre of the malaise was Mr O'Connell, an ODCE legal adviser who
became the chief investigator. By his own admission he had no prior experience
of dealing with a case of this magnitude.
Mr O'Connell's investigation was very much the poor relation of all the Anglo
probes being conducted by Garda fraud officers and the ODCE.

Unlike other major Anglo probes, the FitzPatrick loans investigation was not led
by garda.

Instead it was to be led by the ODCE with Garda assistance.

How this came about is unclear. Mr O'Connell said the division of labour
occurred "organically" and denied he had put himself front and centre.

While he was supposed to have substantial Garda support, in reality he and his
colleagues were largely left to their own devices.

In an email to Mr Appleby in 2011, Mr O'Connell said he believed garda had

failed to "buy in" to his investigation to the extent they had with other Anglo
probes.

Mr O'Connell said a detective sergeant advised him there were two methods of
taking statements - asking questions and writing down answers in the presence of
the witnesses, or requesting a draft statement.

The second option was chosen, but crucial mistakes were made in its execution -
so much so that the ODCE has since changed its procedures and now only garda
are allowed take statements.

A "tripartite" procedure was agreed whereby the ODCE was to be given draft
statements by the EY auditors, compiled in consultation with the firm's solicitors
A&L Goodbody.

An ODCE legal adviser, Adrian Brennan, raised concerns about the process,
saying he was concerned witnesses might "shoehorn the facts" into the ODCE's
interpretation of the legislation.

However, his concerns went unheeded, something Mr O'Connell said he

regretted.

In the case of Mr Bergin, his initial statement was drawn up by EY's lawyers and
he was invited to expand on it. Over the course of several months various drafts
were circulated between legal staff in EY, its external legal advisors A&L
Goodbody, and the ODCE.

Changes were made to the statements at the suggestion of Mr O'Connell and then
ODCE director Mr Appleby.

A barrister hired by Ernst & Young, Neasa Cahill, also had an input. There was
evidence changes to the statement were discussed at meetings involving the
ODCE, and lawyers from EY and A&L Goodbody when Mr Bergin was not
present.

It wouldn't be until December 2010 that Mr Bergin's final statement was

completed after going through at least 53 different drafts. Work on the statement
by Mr Kelly did not start until the following year, and it would undergo at least 39
drafts before it was submitted.

More than 20 different people had some involvement or other in the statements.

Mr Kelly was shown his colleague's statement before completing his own and
large passages appeared word for word in both statements.

Mr FitzPatrick's barrister, Bernard Condon SC, said that not only had the
statements been "written by committee", it was clear there had been substantial
"coaching" of the witnesses and "cross-contamination" of their statements.

Judge John Aylmer, in an early application to stop the trial, decided the approach
used in taking the statements was unlawful.

But following much legal argument he allowed the case to proceed at that time.

However, the case drew to a shuddering halt yesterday.

Judge Aylmer said that after considering the arguments from both sides he had
decided that in the interests of the accused's constitutional right to a fair trial he
would direct the jury to find the former banking executive not guilty.

He said the most fundamental error was the manner in which the ODCE set
about taking statements from witnesses.

Today he intends to direct the jury to acquit Mr FitzPatrick of all counts.

http://www.independent.ie/irish-news/courts/botched-investigation-into-87m-
loans-brought-case-to-shuddering-halt-35749369.html
DPP knew in 2010 of fears
about key witness
statements
Shane Phelan

May 24 2017

1
Sean Fitzpatrick with his daughter Sarah, after he was acquitted of all
charges. Photo: Damien Eagers
The Office of the Director of Public Prosecutions (DPP) was made aware several
years ago of the questionable manner in which statements had been taken from
key witnesses in the Sean FitzPatrick loans case.

The disclosure has raised serious questions about the DPP's decision not to
intervene or raise concerns with the Office of the Director of Corporate
Enforcement (ODCE), which was leading the probe.

Defence lawyers questioned why the prosecution of Mr FitzPatrick proceeded at

all, when it was clear the methods used to take statements could give rise to
accusations of witness coaching. The manner in which statements were taken
from two of Anglo Irish Bank's auditors, EY partners Vincent Bergin and Kieran
Kelly, was ruled to be unlawful by trial judge John Aylmer. But he was initially
prepared to allow their evidence go before the jury in line with a Supreme Court
ruling that means illegally obtained evidence can be used in certain
circumstances.

Following a renewed, successful application by Mr FitzPatrick's defence to stop

the trial, Judge Aylmer yesterday ruled the statement-taking process led to the
statements of Mr Bergin and Mr Kelly being "scripted, coached, contaminated by
the views of others, including the ODCE and cross-contaminated in every
significant detail from start to finish".

In evidence given when the jury was not present, ODCE lead investigator Kevin
O'Connell told Dublin Circuit Criminal Court he informed the DPP's office in
2010 and again in 2012 of the "tripartite" manner in which statements were taken
from two auditors at Ernst & Young. "Aspects which it is now contended were
headline instances of coaching were being disclosed to the Office of the DPP at
that time," he said.

Instead of bringing the auditors to a Garda station to answer questions, as is the

norm in criminal investigations, the ODCE engaged in a lengthy process with EY
and its solicitors A&L Goodbody. Draft statements were initially drawn up by
lawyers and circulated between the auditors, legal staff in EY, and the ODCE over
several months. Changes were made to the statements at the suggestion of Mr
O'Connell and then ODCE director Paul Appleby.

The court heard there were at least 53 different drafts of a statement by Mr

Bergin, and 39 different drafts of Mr Kelly.

In December 2010, around a year after the probe began, Mr O'Connell submitted
a report to the Office of the DPP describing the process used.

In his ruling yesterday, Judge Aylmer said that had the defence cross-
examination in respect of certain matters of Mr Bergin and Mr Kelly been less
skilful, "no amount of warnings by the court to the jury of the dangers arising
from the fact that the evidence of these witnesses had been coached from start to
finish could have compensated for the pernicious effect that that process had on
the testimony of those witnesses".

This has cost us the tax payers "tens of millions" :-( :-(
#SeannieFitzpatrick #JohnathanSugarman #Anglobank
""Ex-Anglo chairman faced three trials
TRIAL ONE - April 2014
Sean FitzPatrick is acquitted by a jury of all charges of giving
illegal loans to the so-called Maple 10.
TRIAL TWO - June 2015
The jury in Mr FitzPatrick's first trial for his alleged failure to
disclose loans to Anglo's auditors is discharged after seven
weeks of legal argument in the absence of the jury. During
legal argument, it emerged ODCE investigator Kevin
O'Connell shredded a small number of documents.
The case was unable to proceed after Mr O'Connell became
ill and was unable to attend.
TRIAL THREE - May 2017
After 126 days (the longest-running criminal trial in Irish
history), Judge John Aylmer directs an acquittal on all
charges in Mr FitzPatrick's second trial for his alleged failure
to disclose loans to Anglo's auditors because the
investigation by the ODCE fell short of an unbiased,
impartial, balanced investigation that an accused is entitled
to.""
http://www.independent.ie/irish-news/courts/dpp-knew-in-2010-of-
fears-about-key-witness-statements-35749349.html
Sean FitzPatrick
acquitted on all charges
Updated / Tuesday, 23 May 2017

Sean FitzPatrick seen leaving court today

The former chairman and chief executive of Anglo Irish
Bank, Sean FitzPatrick, has been acquitted on all
charges against him at the Circuit Criminal Court.
Mr FitzPatrick faced 27 charges of misleading the
bank's auditors and furnishing false information about
multi-million euro loans to him and to people connected
to him between 2002 and 2007.
The prosecution alleged he misled the auditors about
the extent of his loans and arrangements in place to
refinance them at Anglo's year end.
But Judge John Aylmer ruled this morning on day 126
of the trial that the investigation carried out by the Office
of the Director of Corporate Enforcement fell short of
the impartial, unbiased investigation that an accused is
entitled to.
He said key witnesses had been coached and the
ODCE had failed to seek out evidence of innocence as
well as guilt.
Instead, he said, they had made assumptions and tried
to build a case against Mr FitzPatrick.
The judge said he also had a concern that material
shredded by the ODCE's chief investigator during Mr
FitzPatrick's first trial may have been material that could
have been of assistance to the defence and damaging
to the prosecution.
The jury is due to return to court tomorrow morning but
will be directed by the judge to acquit Mr FitzPatrick.
Following a media query, the judge said his decision
could be reported today.
Outside court, Mr FitzPatrick said it had been a very
long, tiring and difficult time for him and for his family.

Thankfully, he said, the trial is now over. He said it was

a wonderful day for him and his family.
He thanked his legal team and asked for his privacy to
be respected in the coming days.
He did not answer a question about the investigation
and his reaction to the judge's comments.
The trial was the longest criminal trial in the history of
the State.
Earlier in court, Judge Aylmer said the most
fundamental error was the way the ODCE went about
taking evidence from Anglo's auditors Kieran Kelly and
Vincent Bergin, both from the firm EY.
He said it was intended that their statements would be
taken in the normal way by members of An Garda
Sochna, attached to the ODCE.
But he said instead the ODCE obtained the statements
through EY's solicitors, A&L Goodbody.
Judge Aylmer, said EY at the time were at risk of being
sued by Anglo and were subsequently sued by the
IBRC and the ODCE were afraid they would not
cooperate.
He said the ODCE completely lost sight of the nature
and extent of the evidence in relation to guilt and
innocence.
Mr Bergin and Mr Kelly's statements were prepared by
EY's solicitors as if this was a civil case. The
statements had input from the ODCE who told the
solicitors what they wanted them to contain.
He said the ODCE adopted an inappropriate, biased
and partisan approach - and were trying to build a case
rather than investigating a case impartially.
Much of the case rested on letters of representation
signed by directors of Anglo during the audit.
The judge ruled that this issue was not properly
investigated.
He said those who prepared the letters of
representation in EY and Anglo were not sought out
and interviewed, and those in Anglo who knew about
Mr FitzPatrick's loans did not give evidence either.
The judge described the shredding of documents by the
ODCE's lead investigator Kevin O'Connell as
"extraordinary" and said it was not known what might
have been in those documents.
He said he had a significant doubt about why Mr
O'Connell singled out those documents to be destroyed
and disclosed others.
Judge Aylmer said there must be a concern that the
documents he shredded were of assistance to the
defence and damaging to the prosecution.
He said warnings to the jury would be inadequate to
address the issue of the coaching of witnesses.
ODCE accepts criticism
In a statement, the ODCE fully accepted the trial
judge's criticism.
But it pointed out the practices highlighted date back to
2009 and the ODCE has "undergone substantial
organisational change" since and "is a very different
organisation to what it was at that time".
The ODCE said it "was simply not equipped to
undertake parallel investigations on the scale involved".
The senior civilian staff who took a lead role in
obtaining the Ernst & Young witness statements did not
have the relevant training or experience to carry out the
task.
Since 2012 the ODCE says its organisational structures
have undergone significant change, staffing capabilities
have been considerably enhanced, and investigative
procedures have been overhauled - with garda now
taking the lead on all criminal investigations.
In its statement today, the ODCE also references the
shredding of a number of documents by one of its staff
members.
While accepting "those actions clearly should not have
occurred", the organisation said they happened "at a
time during which the staff member concerned was
under enormous stress and against a backdrop of
significant mental health issues".
The staff member concerned was hospitalised for
nearly two months in the immediate aftermath of those
events.
Labour TD Alan Kelly has called on the Director of
Corporate Enforcement in light of the judge's criticism
of the office, while Sinn Fin's Pearse Doherty said the
State must develop proper infrastructure to tackle white-
collar crime.

A judge has ordered that former Anglo Irish Bank chairman

Sean FitzPatrick be found not guilty of hiding millions of euro
in loans from auditors.

On day 126 of the State's longest running criminal trial,

Judge John Aylmer said that there was a real risk that the
former bank executive would be denied his constitutional
right to a fair trial. He said this resulted from alarming flaws
in the prosecution.

The judge said that he intended to direct the jury to acquit

Mr FitzPatrick (aged 68) of Whitshed Road, Greystones, Co
Wicklow of all remaining charges. His ruling was made in the
absence of the jury, which returns to court tomorrow
morning.

The prosecution alleged that the amount of loans connected

to Mr FitzPatrick was artificially reduced for a period of two
weeks around the bank's financial end of year statement by
short-term loans from other sources, including Irish
Nationwide Building Society.

Described as refinancing this practice was also known as

bed-and-breakfasting or warehousing, as the loans would
be allegedly put into short-term storage. During legal
argument, Dublin Circuit Criminal Court heard there was
nothing illegal about the loans arrangement.
Sean FitzPatrick outside court today. Pic: Collins

The State alleged that the former director was obliged to

disclose the full extent of his loans to the bank's auditors
Ernst & Young and instead he had concealed them.

After his arrest in 2010 Mr FitzPatrick denied to investigating

garda from the Garda Bureau of Fraud Investigation that he
had ever sought to conceal the multi-million euro loans.

He told detectives that there was no financial benefit to him,

his family or the bank in the annual refinancing of some of
his loans.

Speaking outside of court after the ruling Mr FitzPatrick said

it had been a long, tiring and difficult time for him and his
family. He said that thankfully the trial was over now and it
was "a wonderful day for him and his family".

Judge Aylmer had said that the investigation, carried out by

the Office of the Director of Corporate Enforcement (ODCE),
fell short of an unbiased, impartial and balanced
investigation that an accused is entitled to.
He said this was because the lead investigator for the ODCE,
Kevin O'Connell was inexperienced and made fundamental
mistakes.

He said the ODCE investigation failed to seek out evidence

as to the innocence as well as the guilt of the accused. He
said the ODCE adopted an inappropriate, biased and partisan
approach and were trying to build a case rather than
investigating a case impartially.

Much of the case rested on letters of representation signed

by each Anglo directors during the audit and the judge ruled
that this issue was not properly investigated.

He said the most fundamental error was the way in which

the ODCE set about taking statements from witnesses. He
said this involved coaching of witnesses, contamination of
their statements from third parties such as solicitors for the
auditors and cross-contamination between witness
statements.

He said warnings to the jury would be inadequate to address

these flaws.

Judge Aylmer also pointed to the extraordinary destruction of

documents linked to the investigation by the lead
investigator. This happened during legal argument in the first
trial in May 2015 and emerged during that trial.

The judge said there must be a concern that the shredded

documents were of assistance to the defence and damaging
to the prosecution.

The retrial of Mr FitzPatrick began last September. It was

scheduled to last three months but quickly became bogged
down in weeks of legal argument in the absence of the jury.

Mr FitzPatrick had pleaded not guilty to 27 offences under

the 1990 Companies Act. These include 22 charges of
making a misleading, false or deceptive statement to
auditors and five charges of furnishing false information in
the years 2002 to 2007. The DPP withdrew nine of these
charges earlier this month.

The prosecution came on foot of an investigation by the

ODCE that began shortly after the full size of Mr FitzPatrick's
personal loans emerged in December 2008.

Between 2002 and 2007 loans taken out by Mr FitzPatrick,

his wife and family members increased from in the region of
10 million in 2002 to around 100 million in 2007. The
revelations led to Mr FitzPatrick resigning as chairman.

The loans were used to finance development of shopping

centres, hotels and offices at a time when a lot of money
could be made in property development, the jury were told
at the start of the trial.

Judge John Aylmer's ruling in full

Beginning a 15-page judgement Judge John Aylmer said that

it would be a further unfairness to Mr FitzPatrick if he didn't
at the outset state his intention to direct an acquittal on all
counts.

The judge then noted that he was dealing with two defence
applications. One was to stop the trial on the basis that the
accused has been denied his constitutional right to a fair
trial.

The second defence application was to direct the jury to

acquit the accused on the basis that the prosecution has not
established a sufficient case to go to the jury

He said that the Kevin O'Connell, a legal advisor for the

ODCE who was designated to run the investigation for the
ODCE, had no previous experience relevant to the proper
investigation of indictable offences.

As a consequence of that inexperience, he has admitted in

evidence before me and before the jury that he made many
fundamental errors in the investigation.

As a result, the investigation fell far short of the standard

impartial, unbiased and thorough investigation in which the
paramount duty was to seek out and preserve all evidence
which was or might potentially be relevant to innocence as
well as guilt, which is guaranteed under the constitution in
this jurisdiction, Judge Aylmer said.

He said that the most fundamental error was the manner in

which the ODCE went about taking witness statements from
the two main prosecution witnesses, Kieran Kelly and Vincent
Bergin of EY, who were the statutory auditors for Anglo Irish
Bank.

Initially the ODCE intended to follow the usual protocol by

sending garda seconded to the ODCE to take statements
from witnesses but they quickly lost sight of that and
started a process of drafting statements through A&L
Goodbody, solicitors for EY.

Drafts of the statements were circulated to a number of

people in the ODCE, including Mr O'Connell and his then
boss, Paul Appleby, the director of corporate enforcement.

The jury saw various versions of the witness statements with

new sections inserted, other sections crossed out or deleted,
and others marked with the words drop or delete.
Bernard Condon SC, defending, compared the process of
producing the statement to the hokey cokey.

It goes in and it goes out. The statement is just shaken out.

A meeting of bits going in and bits going out, he said.

Mr O'Connell agreed during the trial that the process was

wrong and inappropriate. Mr Condon told the court that
rulings by Judge Mary Ellen Ring during the first trial in May
2015 and by Judge Aylmer during the current trial found that
it was an unlawful practice.

In his ruling Judge Aylmer noted that the ODCE were acutely
conscious that EY themselves were or were about to be
investigated by their professional regulator regarding the
adequacy of the statutory audits which they carried out for
Anglo.

He said EY were also at the time at risk of being sued by

IBRC, the successor to Anglo. In order to ensure EY co-
operated with the ODCE investigation investigators were at
pains to reassure EY...that they had no interest in
investigating the adequacy of the audit.

As a consequence the ODCE completely lost sight of the

need to identify the nature and extent of the evidence
relevant to both guilt and innocence which needed to be
obtained and preserved, the judge said.

He said the statement-making process involved intense

negotiations between investigators and A&L Goodbody and
resulted in witness statements included in the book of
evidence which had been drafted entirely by people other
than the witnesses.

Judge Alymer also said the the ODCE had taken an

inappropriately biased and partisan approach to the
investigation and said that internal memos showed that they
were trying to build or construct a case rather than to
investigate the case independently and impartially.

There were suggestions that questions ought not to be

asked, the answers to which might be 'unhelpful' to the case
being made by the ODCE, he said.

He said it was conceded by the prosecution that there was a

very high degree of suggestion or coaching and
contamination by others and cross-contamination in the
preparation of the statements. He said these issues were of
grave concern.

As a result of these it only emerged during cross-

examination of Mr Bergin and Mr Kelly just how little
involvement they had in obtaining the letters of
representation, which were the subject matter of 21 of the
charges.

The letters of representation ask directors to state their

loans from a company during the year. This was a standard
request from auditors to directors of ordinary firms but bank
directors were only obliged to declare the amount of loans
from their bank at financial year end.

During the trial Mr Condon put it to Mr O'Connell that his

client was in danger of being jailed because of a clanger of
a mistake made by the bank's auditors because they had
asked Anglo directors to sign the wrong types of letter
during some of the relevant years.

Judge Aylmer said that the lack of involvement by the two

lead auditors in putting these documents together might
have been more apparent had their statements been taken
in the usual and proper manner in a criminal investigation.
This might have led to further investigation at the time
regarding who in the EY audit team was involved in obtaining
the letters from each director.

He said this might have led to the gathering of evidence of

the extent to which the audit team were aware of Mr
FitzPatrick's borrowings and their refinancing at year end.
Judge Aylmer there was evidence that the full extent of his
loans from the bank were disclosed in the quarterly returns
to the Central Bank, which were on the EY audit file.

A very large number of banking staff within Anglo Irish Bank

were fully aware of the refinancing process and there was no
secret made of it within the bank at least below board level,
Judge Aylmer said.

The judge said that the ODCE and the solicitors for the
auditors scripted the evidence of Mr Bergin and Mr Kelly and
this was based on presumptions that the audit team did not
know about the extent of Mr FitzPatrick's loans and an
assumption that the auditors had required the information in
the letters of representation and in particular, the aggregate
total of directors' loans during the year.

He said the jury saw evidence of Mr Bergin's testimony to

the 2010 investigation by auditory regulatory body CARB in
which he said the disclosures in relation to loans in the
letters of representation complied with accounting standards
and company law and that there was no extra audit work
undertaken in 2008 after the refinancing came to light.

He said that it was most alarming that it was only in cross-

examination of the auditors that it emerged they only
required the end of year figures for directors' loans to be
included in the letters of representations.

He said this showed how the effect of the coaching on the

testimony of witnesses was pernicious.

Had the defence cross-examination of Mr Bergin and Mr

Kelly been less skillful and failed to expose the truth about
their lack of involvement in obtaining the letters of
representation and that their requirements were confined to
the year-end position in relation to directors' loans, no
amount of warnings by the court to the jury of the dangers
arising from the fact that the evidence of these witnesses
had been coached from start to finish could have
compensated for the pernicious effect that that process had
on the testimony of those witnesses, he said.

Judge Alymer described the shredding of six documents by

lead investigator Mr O'Connell as extraordinary.

We do not know what might have been in those documents.

Notwithstanding the investigator's insistence that he did not
know the shredded documents to contain anything of
particular relevance to the defence, there must be a doubt
as to why he singled them out for destruction while at the
same time preparing a schedule of disclosure for the other
16 documents, he said.

He said that the court retained a significant doubt that

those shredded documents may in fact have contained
material which might have been of assistance to the defence
or damaging to the prosecution.

Judge Aylmer listed the flaws in a five year long prosecution

as the total lack of investigation as to how the letters of
representation came into being, a failure to seek out the
evidence of those on the audit team actually involved in
procuring them, the coaching, contamination and cross-
contamination of the auditor's evidence, the partisan and
biased nature of the investigation and the shredding of
documents by the lead investigator.

He said given these he was satisfied that there was a real

risk of an unfair trial, incapable of being rectified by
directions to the jury and I would have directed them to
acquit on that basis.

He added that the effect of the coaching is the issue of

greatest concern to me and I have already indicated why I
think warnings to the jury would be inadequate in this case.
Sean Fitzpatrick trial further delayed
07/05/2015

Further delays have hit the trial of former Anglo Irish Bank Chairman Sean
Fitzpatrick.

Judge Mary Ellen Ring has sent the jury away until next Wednesday on the basis
that an unforeseen illness is "causing some serious timetable problems".

The jury was sworn in over three weeks ago but no evidence has been heard since
then.

The case has been in legal argument.

Former Anglo Irish Bank Chairman Sean Fitzpatrick denies 27 charges relating to
the disclosure of loans from Irish Nationwide Building Society between 2002 and
2007.

Judge Mary Ellen Ring gave the jury an update this morning. She said an
unforeseen illness was causing some serious timetable problems.

Some of the jurors made their own scheduling difficulties known, including the
upcoming birth of a child, a holiday, and a problem with an employer.

The jury is due back in court next Wednesday but Judge Ring told them she was
being optimistic and to keep their phones on in case the date changes

Former Anglo Irish Chairman Sean FitzPatrick told garda that he

had no reason to hide the full extent of his loans from the bank,
his trial has heard.
It is the prosecution's case that multi-million euro loans taken out
by Mr FitzPatrick (aged 68) and his family were artificially
reduced for a period of two weeks around the bank's financial
end of year statement by short term loans from other sources,
including Irish Nationwide Building Society (INBS).
On day 115 of the country's longest running criminal trial,
prosecuting counsel told Dublin Circuit Criminal Court their case
was complete.
Defence Counsel, Bernard Condon told the court then that the
defence had some applications to make and these would take
some time. The jury was asked to return on May 11.
Earlier, the court heard that after his arrest by investigating
garda, Mr FitzPatrick told them that there was no financial
benefit to him, his family or Anglo Irish Bank in the annual
refinancing of some of his loans.
He said he never came up with the suggestion that the
refinancing should be done. He said it was done by someone
else and he just signed it off.
I never went and spoke to anyone in INBS. I never came up with
the suggestion that should be done. Every year someone in the
accounts department did it and it was done, done, done and I
just signed it, he told garda.
He denied that he was seeking to conceal the extent of his loans
from the bank's board, shareholders or auditors.
This was not being done behind closed doors. It was not being
done secretly.
There was no secrecy about the loan process. No prohibition on
anyone being told about it, he told Detective Sergeant Brian
Mahon, during interviews at Bray Garda Station.
He said around 40 staff in the bank knew. Asked if he was trying
to conceal his loans from the auditors he said that the bank's
loans figures were returned every quarter to the Central Bank.
Asked if the refinancing was a deliberate attempt to mislead the
auditors about the true extent of your loans Mr FitzPatrick
replied: Why would I want to do that? Where was the benefit for
me? Where was I making money?
All of the loans up to 2008 were performing, approved by the
credit committee, where was the benefit for me in refinancing?
He told Sergeant Mahon that the media would have been at the
back of his mind as he was concerned there would not be a
misleading picture.
He said he didn't believe loans he had taken out as part of
investment partnerships he was involved with had to be
disclosed in Anglo's figures as he was only liable for a part of
those loans.
He said the refinancing was done for the first four or five years to
ensure a misleading picture was not put out.
If there was no refinancing, the bank would have included the
entire partnership loans and the question was which was more
misleading?, he told garda.
He said that it was suggested by the bank in 1995 that this was
the route he should take to more accurately reflect the level of
real borrowing by him. He said he didn't know who came up with
the solution.
There was no financial benefit to me, my family or the bank, he
added.
Asked about the temporary transfer of monies from his own
deposit accounts he said he had no recollection of he or his wife
giving instructions for that to happen.
Garda asked him how it could have happened without
instruction he replied: Exactly. How did it happen?.
He said he didn't know if any other directors, non executive
directors or Anglo senior management know about the full extent
of your borrowings.
Mr FitzPatrick of Whitshed Road, Greystones, Co Wicklow has
pleaded not guilty to 27 offences under the 1990 Companies Act.

These include 22 charges of making a misleading, false or

deceptive statement to auditors and five charges of furnishing
false information in the years 2002 to 2007.
https://www.breakingnews.ie/ireland/sean-fitzpatrick-trial-further-
delayed-676057.html

Sean FitzPatrick lawyers accuse investigators of

'crafting and creating witness statements'
Friday, February 03, 2017

Lawyers defending Sean FitzPatrick have accused

investigators of crafting and creating statements in order to
get evidence to prosecute the former Anglo Irish Bank
chairman.

Mr FitzPatrick (aged 68) is accused of misleading auditors

about multi-million euro loans from 2002 to 2007. He has
denied all charges.

On day 75 of the trial at Dublin Circuit Criminal Court,

Bernard Condon SC, defending, finished his lengthy cross-
examination of Kevin O'Connell, a lead investigator from the
Office of the Director of Corporate Enforcement (ODCE).
Kevin O'Connell

During seven days in the witness box, Mr O'Connell admitted

that the methods used to produce statements from
witnesses in the investigation were wrong and unlawful.

He told Mr Condon that the mistakes he made were down to

his inexperience of investigating criminal offences and
denied they were part of a deliberate effort to get a
prosecution at all costs.

Today, Mr Condon put it to him that the investigation was a

shambles and one which you should not take any pride in
and one which the ODCE should never repeat.

Mr O'Connell replied that he took no pride whatsoever in all

the manifold mistakes made by him. He said that since these
mistakes were deemed unlawful by Judge Mary Ellen Ring
during the first trial in May 2015, the ODCE has modified its
practices.

The jury heard that in February 2012, Mr O'Connell's then

boss, previous director of corporate enforcement, Paul
Appleby, wrote to an ODCE colleague thanking her for her
work.

He said: Let's hope we get prosecutable offences out of all

your work.

Mr Condon said this comment by Mr Appleby spoke volumes

about a desire of the ODCE to prosecute Mr FitzPatrick.

Nothing was going to stop you, counsel said.

The witness replied that they would have been stopped if

relevant evidence had not been available.

So what you did was crafted and created witness

statements so you could get evidence, Mr Condon said. Mr
O'Connell repeated that his inexperience and a lack of input
from other colleagues led to mistakes being made.

Mr Condon said the statements of witnesses from Anglo's

auditors EY (formerly Ernst & Young) were a result of
coaching and contamination.

He said they were statements by a committee formed by a

triangle of three separate bodies, the ODCE, EY and A&L
Goodbody, a legal firm representing EY.

He named 22 people. These included five garda, four people

and other unknown persons from EY and Liam Kennedy, a
partner with A&L Goodbody.

Mr O'Connell agreed that these people were involved to one

degree or another in the drafting of statements using
methods later ruled to be unlawful.

Earlier this week the jury saw a note to garda management

stating that no garda were involved in the drafting of the
statements.
The jury also heard previously that during the first trial in
May 2015, Mr O'Connell shredded documents relevant to the
investigation.

Today he told Dominic McGinn SC, prosecuting, that the five

pages destroyed would have been jottings and scribbled
notes of phone calls.

He said that the investigation into Anglo had created

thousands of paper documents, as well as 850,000 electronic
documents.

He said not all of these would be relevant to the audit fraud

offences before the court.

Mr FitzPatrick, of Whitshed Road, Greystones, Co Wicklow,

has pleaded not guilty to 27 offences under the 1990
Companies Act.

These include 22 charges of making a misleading, false or

deceptive statement to auditors and five charges of
furnishing false information in the years 2002 to 2007.
Tuesday June 15 2010
Anglo Irish Bank chairman and bankrupt Sean Fitzpatrick
has a net
income of just 188 per month, documents furnished to the
High Court
have revealed.

A statement of affairs, provided to the court as

part of Mr Fitzpatrick's bankruptcy proceedings yesterday,
also
disclosed that the former bank chief has debts of more than
145m,
compared to assets of just over 47m.

The High Court was also

informed during today's brief hearing that now state-owned
Anglo Irish
Bank withdrew their application to have their own trustee
appointed to
control Fitzpatrick to replace the court-appointed official
assignee Mr
Chris Lehane, who was given control over Mr Fitzpatrick's
assets.

Paul
Gardiner SC for Anglo, who claim they are owed 110m by
Mr Fitzpatrick,
told Ms Justice Elizabeth Dunne that the bank no longer
wished to
proceed with its motion to have a trustee appointed over the
bankruptcy
to replace Mr Lehane. Anglo sought to have its own trustee
appointed in
order to have more control over the bankruptcy process.

Mark
Sanfey SC for Mr Fitzpatrick, who was present in court, said
that his
client had furnished a statement of his affairs as required
under the
bankruptcy proceedings. Ken Bredin Bl for Mr Lehane said Mr
Fitzpatrick
was cooperating with the process.

The Judge also made an order

passing the statutory hearing, which means that the
bankruptcy process
will continue under Mr Lehane, who will discharge Mr
Fitzpatrick's
assets for the benefit of creditors. There were no objections
against
the court making that order.

In the statement of affairs, Mr

Fitzpatrick revealed that his current income is 188 per
month. He
receives 3,693 per month net of tax, as payment from an
Irish Life
annuity. However the statement shows that Mr Fitzpatrick
makes a net
loss of 3,505 per month on three properties, he jointly
owns, which he
rents out.

Mr Fitzpatrick receives a rental income of more than

50,000 per year from a house in Bray, and apartments at
Smithfield
Market, Dublin and Killiney Court, Killiney. However the
figures show
that when mortgage repayments and other overheads such
as insurance and
management fees are taken into account, he makes a net
monthly loss of
3,505 on the properties.

Mr Fitzpatrick's statement also shows

that he is joint owner of his family home and another house
in
Greystones, and an apartment in Marbella, Spain. Only the
Marbella
apartment is not subject to a mortgage

The statement lists his

assets, which include property interests in the UK, France,
Hungary,
South Africa and the US. The statement shows other assets
including his
interests in Nigerian oil and gas firm Ekeh and with the
Quinlan
property group.

He also holds a number of investment portfolios,

including ones with a number of stockbrokers firms NCB,
Davys and
Goodbody's as well as investment banks Goldman Sachs and
Merrill Lynch.
He also has 4.9 million Anglo shares that are worth nothing.

He
also provided details of money he has held in various bank
accounts in
Dublin. His other listed assets include a 1992 BMW, which
has no value,
and an 2008 Volkswagen Passat worth 10,000.

According to the
statement of affairs, sworn by Mr Fitzpatrick earlier this
week, the
former Anglo boss has secured debts, mainly owed to
financial
institutions, of 84.299m. The vast majority of that debt,
more than
73m, is owed to Anglo. The other debtors include Ulster
Bank, AIB, Bank
Of Ireland Scotland, Friends First and Haven Mortgages Ltd.

The
statement also lists Mr Fitzpatrick's unsecured debts as
61m. These
include contingent liabilities of 9.3m for personal
guarantees made in
respect of Mr Fitzpatrick's adult children and 46.65m for
personal
guarantees he made in respect of various

The trial continues before Judge John Aylmer next Thursday.

reckon this was a 100% political stunt....the
governemnt knows that Anglo will* be publishing new
figures that are
going to leave us shell shocked ..with potential losses of
anything up to
another euro8000,000,000 ..and they need some one to do
a perp walk
before they raid the national pension* fund again .

The Garda walked into his house with a box already in his
hand..and
came out with a box in his hand....!

FORMER ANGLO Irish Bank chairman Sen FitzPatrick has

failed in a bid to have a case related to his personal debts
held in private. Mr Justice Brian McGovern said he was
uneasy about such matters being heard in private.

The former banker had applied to the High Court to appoint

himself an arranging debtor under the Bankruptcy Act
1988.

Under the Act, an individual with extensive debts may make

such an application. He must set out the reason for his
inability to pay his debts and request that he and his
property are protected from any legal action against him.

The court may then grant an order protecting him from his
debtors and allowing him time to devise a scheme of
arrangement where creditors would be repaid some or all of
their debts on an orderly basis over an extended period.

The arrangement must be approved by three-fifths of

creditors in number and value of debt. The protective
measure had been rarely used, but in the last few months it
has become more popular.
Many of the cases have been heard in camera in the
Bankruptcy Court, which sits on Monday mornings.

Mark Sanfey SC, for Mr FitzPatrick, asked Mr Justice

McGovern yesterday if the case could be heard in camera.
The judge said he was aware it had become practice recently
that such cases where held in camera, but there was no
statutory basis for it.

I am uneasy about these matters being held in private, he

said.

Mr Sanfey pointed out that under section 134 of the

Bankruptcy Act the court may direct that the case be heard
in private.

Well Im not going to, the judge responded.

The initial order to protect Mr FitzPatrick (61) under the Act

was made on March 15th. It set out a timeframe in which Mr
FitzPatricks creditors could submit claims and a meeting of
creditors could be held to consider a scheme of
arrangement.

However, the court was told, there may be some delay as

there could be disputes around some of the debts.

Mr Sanfey said that technically the order would be breached

if the meeting of creditors was held later than the date
specified and he asked the judge to amend his original order
to allow for a change of date.

Mr Justice McGovern agreed to amend the order. The case

was adjourned until June.

It is still open to Mr FitzPatrick to apply to the court have

further hearings held in private.

If they really were after this guy in any serious way he

would have
been interview a long time ago and his house raided when
they raided
the anglo offices.* I doubt this guy will ever do a day's
time

It was politically choreographed, but the rest is incorrect. We

are not
operating under the US legal system of arrest first get the
evidence
after. It's a complicated scenario which the Gardai have no
experience
of. I personally think they won't be able to criminally charge
him on, I
do think they ll get Drumm, but because SF has been made
the media
poster boy they had to go after SF first.
THE wife of disgraced banker Sean FitzPatrick has more than
1.1m in a number of different bank accounts, recently filed
court documents reveal.

An analysis of the documents -- part of Mr FitzPatrick's

bankruptcy proceedings -- reveals Catriona FitzPatrick had
bank balances totalling 1,135,000 just two months ago.
The sums represent her 50pc share in three joint bank
accounts held with her husband.

The records do not include any accounts that may be held

solely in Mrs FitzPatrick's name.

None of Mrs FitzPatrick's money can be touched by her

husband's creditors, who are owed almost 146m by the
bankrupt former Anglo Irish Bank chairman.

Documents also reveal that Mrs FitzPatrick is entitled to

3.4m -- double the amount previously reported -- out of
her husband's 6.8m pension pot.

However, a court official appointed to disperse the banker's

assets may now seek to review Mrs FitzPatrick's interest in
her husband's pension.

Other records also showed how the Revenue Commissioners

trawled through Mr FitzPatrick's affairs dating back to 1997
before hitting him with tax demands totalling 3.5m.

Mr FitzPatrick is currently appealing most of the demands.

The revelations come just a week after the former Anglo

chief claimed his income was now just 188 a month.

An official assignee in bankruptcy, Chris Lehane, was

formally appointed last week to divide Mr FitzPatrick's 49m
worth of assets among his creditors.
These assets include bank accounts, investment funds and
property interests in Ireland and abroad.

They also include the banker's 50pc portion of the bank

accounts held jointly with his wife.

However, Mrs FitzPatrick's half of those accounts cannot be

interfered with.

Records seen by the Irish Independent revealed the value of

Mrs FitzPatrick's portion of the joint accounts as of July 12.

Three accounts were described as being split 50/50 between

Mr FitzPatrick and his wife.

They included a joint ICS Building Society Account, where

Mrs FitzPatrick's portion stood at 341,992.

A joint Bank of Ireland US dollar account held just over $2m.

In euro, Mrs FitzPatrick's 50pc portion amounted to
791,631.

A joint Bank of Ireland account also contained just over

3,000.

Three other accounts were listed as being held by both Sean

and Catriona FitzPatrick, but the proportion each benefited
from was not described.
These included an Anglo Irish Bank easy-access account
holding 38,692 and a Bank of Ireland account holding less
than 900.

The third account, held at Ulster Bank, contained 358,633

last February. But it was virtually empty two months ago.

The account was used to pay 250,024 to Mr FitzPatrick's

legal firm, O'Grady &amp; Company, on March 12.

Records also show Mr FitzPatrick purchased an annuity from

Irish Life Assurance at a cost of 1.75m in December 2009.

The annuity is now providing Mr FitzPatrick and his wife with

a gross annual income of 55,245 and is guaranteed for 15
years.

However, Mr FitzPatrick claimed that when mortgage

payments, insurance, taxes, service charges, letting fees
and other costs were taken into account, his income was
now just 188 a month.

The arrangement under which the annuity was created could

be examined by Mr Lehane, who has the power to examine
Mr FitzPatrick's financial transactions for the five years prior
to him being declared bankrupt.

Mr FitzPatrick was declared bankrupt in July after failing to

get sufficient support from his creditors for a private
settlement scheme to pay off his debts.

He had tried to negotiate with his creditors, but his

proposals to repay debts were rejected by the largest
creditor, Anglo.

SURPRISE move by the Director of Public Prosecutions (DPP)

to halt a
public interrogation of former Anglo Irish Bank boss Sean
FitzPatrick
by the Complaints Committee of the Chartered Accountants
Regulatory
Board (CARB) intensifies speculation that the bankrupt
former banker may
face criminal prosecution.

Mr FitzPatrick faced questioning

in public at the Complaints Committee of CARB hearing into
his
activities at Anglo, scheduled to commence on April 4 next.

Yesterday, the CARB confirmed it had adjourned its

disciplinary
proceedings against Mr Fitzpatrick following a request from
the DPP
James Hamilton.

"The DPP expressed his concern that the

holding of public hearings and the publication of findings
might
prejudice future criminal proceedings in the event that a
prosecution is
directed against any party arising from the investigations of
An Garda
Siochna and the Office of the Director of Corporate
Enforcement," the
CARB stated.

The tribunal will be adjourned until early October 2011 at

which stage the circumstances will be re-considered.

CARB said it is considering whether to proceed with the

establishment
of three other Disciplinary Tribunals to hear the cases
against three
members of Chartered Accountants Ireland against whom a
prima facie case
was established by the Special Investigator John Purcell in
light of
the concerns expressed by the DPP.

At the time Mr Purcell

found a prima facie case against Mr FitzPatrick, he also
found that
prima facie cases existed against former Anglo Irish Bank
chief
executive David Drumm and former Anglo Irish Bank finance
director and
chief risk officer William McAteer.

As part of his probe the

special investigator found that there was a prima facie case
in
respect of the following against Mr FitzPatrick:

* His role in
relation to the temporary transfer of his own loans of close
to 100
million and their non disclosure in the financial statement of
Anglo
Irish Bank.
* His role in relation to the transactions involving
billions of euro between Anglo Irish Bank and Irish Life and
Permanent
plc at key reporting dates in 2008.

* His role in relation to a loan made to William McAteer in

2008.

Fitzpatrick deserves to go to jail, he was wholly irresponsible

for some shocking bank dealings. The state are building a
case against him & he will go down.

As an aside, he was party responsible for the other banks

lowering their thresholds due to shareholders demands. The
other banks have to take responsibility but he caused untold
damage. Without that one guy the country would be in a
much better position.

Yawn. Might want to check your quotes again (and defo

dates) but I m happy enough with what I said at the time.
Family homes in parts of Dublin were of good value at the
time (and still are) if you are buying at 3/4 times salary.
Indeed, anyone who lives in Dublin will know that there is
huge demand from couples in late 20s early 30s in specific
areas in Dublin. That is completely irrelevant anyway to this
arguement, and merely just you throwing fat head in for a
giggle before your pre-sleep handshandy.

Exhibit 1 -Tobyglen

I lent loads of money to a fella earning 25k to buy a house

in Leitrim for 900k because big bad Seanie was lending
money. Any CEO who makes the argument you are spinning
is an idiot. And any shareholder who buys that argument is a
bigger idiot.

The country would be in a better position - pretty vague.

Both the banks, the Government and the individuals in this
state were in on one big pyramid scheme, and very few
were intelligent enough to see it for what it was. That would
have happened if there wa Seanie of no Seanie. Not just
Ireland by the way, most of the western world. Seanie isnt
to blame for the vote buying social welfare budgetary policy
of the 2000 to 2007 period. (increase of 60odd% between
2002 and 2007, cost of living increase over same period
40%).

Dont get me wrong, if he has broken the law, he goes to jail.

But there is so much evidence that the regulator was fully
aware of all that was going on (the Neery 'Fair play to you
Willie' quote springs to mind), this is all political at this
stage.

This story appeared in the printed version of the Irish

Examiner Tuesday, March 22, 2011

http://www.irishexaminer.com/breakingnews/ireland/sean-fitzpatrick-
lawyers-accuse-investigators-of-crafting-and-creating-witness-
statements-775473.html
GARDA NEVER
INVESTIGATED STATE
OFFICIALS DESTRUCTION OF
DOCUMENTS, TRIAL HEARS
THURSDAY, FEBRUARY 02, 2017
Garda have never investigated a State officials
destruction of documents related to the investigation of
alleged crimes by former Anglo Irish Bank chairman Sean
Fitzpatrick, a trial has heard.
Mr FitzPatrick (aged 68) is on trial at Dublin Circuit Criminal
Court accused of misleading auditors about multi-million
euro loans in the years 2002 to 2007.

The jury has already heard that in May 2015 Kevin

OConnell, a lead investigator from the Office of Director of
Corporate Enforcement (ODCE), shredded documents
which were relevant to the investigation.
He told Bernard Condon SC, defending, that he panicked
when he discovered the five pages in his office and made
a wrong decision to destroy them. He admitted it was
unethical and said he was ashamed of his actions.
He said he disclosed his actions to his boss, director of
corporate enforcement Ian Drennan, three days later.
This morning Mr Condon began a sixth day of cross-
examining Mr OConnell. The witness agreed that it was a
criminal offence to destroy documents relevant to an
investigation.
He also agreed that there had been no garda investigation
into his shredding of the documents.
He said when he told Mr Drennan about his actions he did
so knowing it could have led to very serious outcomes
such as criminal investigations or disciplinary proceedings.
He agreed with counsel that none of these things
happened.
Mr Condon said there had been no garda investigation and
hence there had been no prosecution.
He said that at the start of the current trial last October
the Director of Public Prosecutions (DPP) offered Mr
OConnell what counsel described as effective immunity
from prosecution.
This offer came while Mr OConnell was giving evidence
during legal argument and he indicated to the court that
he may wish to rely on the privilege against self
incrimination.
Mr Condon told the jury that this was a legal right available
here and known in the U.S. as pleading the fifth, where a
person does not have to answer a question that may
incriminate them.
On October 12 last, 2016 the Chief Prosecution Solicitor for
the DPP wrote to solicitors for Mr OConnell stating that no
evidence given by him concerning the destruction of
documents would be used in evidence in any criminal
proceedings against him.
The court heard that lawyers for the DPP have firmly
rejected that the letter amounted to an immunity against
prosecution. Mr Condon submitted that it was a qualified
but effective immunity.
Mr FitzPatrick of Whitshed Road, Greystones, Co Wicklow
has pleaded not guilty to 27 offences under the 1990
Companies Act.
These include 22 charges of making a misleading, false or
deceptive statement to auditors and five charges of
furnishing false information in the years 2002 to 2007.
The trial continues before Judge John Aylmer and a jury.

http://www.wexfordecho.ie/2017/02/02/gardai-never-investigated-state-
officials-destruction-of-documents-trial-hears/
GOVERNORS LETTER TO HOLDERS OF ORDINARY STOCK NOTICE OF
THE ...
investorrelations.bankofireland.com/.../gov041.pdf

(The Governor and Company of the Bank of Ireland)

GOVERNORS LETTER TO ... Mr RichardBurrows, ... Act 2003, we have reviewed

https://investorrelations.bankofireland.com/wp-
content/assets/gov041.pdf

Ireland's participation in International Standards Organisation Technical

... Mr. John Butler (FAS) ... N163 Annual report QMSC 2008 2008
https://www.nsai.ie/NSAI/files/fd/fd3f54b1-a5ab-475c-b6f5-
58866cc4feea.pdf

Anglo Irish Bank bosses face court on

fraud charges
Marathon trial of bailout trio to draw crowds
Anglo Wrish was liquidated last year

By Christopher Williams

5:19PM GMT 02 Feb 2014

It may invoke painful memories of Irelands financial crisis, but court authorities in Dublin are
expecting the marathon trial of the trio who ran Anglo Irish Bank to be a hot ticket.

In anticipation of unprecedented public demand, a special overspill viewing room will be

opened at the Phoenix Park courts complex as Sean FitzPatrick, the former chairman, Willie
McAteer, the former finance director and Pat Whelan, the former chief financial officer, face
fraud charges and an angry nation.

The trial beginning on Tuesday is expected to be the longest in Irish criminal history,
involving 24 million documents and 800 witness statements. In a legal first, 15 jurors will sit
through the evidence, to ensure that 12 are still available to deliver verdicts after months of
arguments.
The case has come to court after a five-year investigation into loans to favoured clients who,
it is alleged, bought shares in Anglo Irish during the credit crunch to prop up its share price.

Many of the clients were linked to the bankrupt tycoon Sean Quinn, who at the time was
rated Irelands richest man. He had secretly built up a 25pc stake in the bank and made
massive losses once its reckless lending to property speculators was fully exposed.

Anglo Irish itself was bailed out by Irish taxpayers at a cost of nearly
30bn, merged with another lender and wound up last year.

The trial of its top managers represents the first time Irish bankers
have faced criminal justice for their role in pushing the nations
finances to the brink of collapse and forcing it to go cap in hand to the
EU for assistance in return for years of strict austerity. All three of the
accused men are expected to plead not guilty.

Another former Anglo Irish executive was arrested in December on

further allegations the bank fiddled its accounts during the financial
crisis.

PUBLISHED UNITED STATES COURT OF APPEALS

Sean Fitzgerald appeals the district courts application of a ... mail fraud and
wire fraud. The district court released Fitzgerald on a ... construction case

http://www.ca4.uscourts.gov/Opinions/Published/044820.P.pdf
IBRC "may have uncovered fraud" claim
Updated / Thursday, 5 Jan 2012
TheHighCourtinBelfasthasheardthatfraudandcontemptofcourtproceedingsmaybeinitiatedbyIrish
BankResolutionCorporationaspartofitslegalbattleagainstthebusinessmanSenQuinn.

ThebankisseekingtotakecontrolofpropertieslinkedtotheQuinnGroupinEasternEurope.

Itclaimsthebusinessman,whodeclaredhimselfbankruptinNorthernIrelandinNovember,owesitmore
than2billion.

IBRCisseekingtoseizevaluablepropertiesinUkraineandRussiawhicharelinkedtoloanswhichwere
giventocompaniesownedbythefamilyofthebusinessmanSenQuinn.

AjudgeattheHighCourtinBelfasthasgrantedcontinuinginjunctionsagainstcreditorswhoareseeking
towindupacompanywhichownsashoppingcentreinKiev.Asimilarorderinvolvingapropertyin
Moscowwasalsogranted.
TheinjunctionsrelatetotwocompanieswhichhaveofficesinCoFermanaghDemesneInvestmentsand
InnishmoreConsultancyandtwooffshorefirmsonebasedintheBritishVirginIslands,theother
registeredinBelize.

ThesecompaniesarenowpreventedfromdealingwithloanagreementslinkedtothepropertiesinEastern
EuropewhichwereoriginallyboughtbytheQuinnfamilyandmortgagedagainstloansissuedbyAnglo.

TheQuinnswerenotrepresentedincourttoday.SenQuinn,onceIreland'srichestman,isinvolvedina
numberofcomplexlegalbattleswithIBRC.Itiscurrentlyseekingtooverturnhisbankruptcystatusin
NorthernIreland.

AbarristerforthebanktoldtheHighCourtitslegalactionagainsttheQuinnfamilymayhaveuncovered
evidenceoffraud,butMarkHornerQCdidnotgivefurtherdetailsaboutwhatthebankclaimstohave
discovered.Hetoldthejudgethatcontemptofcourtproceedingsmaybeinitiatedatafuturedate.

ExtendingtheinjunctionorderstoJanuary26,MrJusticeMcCloskeysaidhebelievedtherecouldbe
significantdevelopmentsinthecaseoverthecomingmonths.

https://www.rte.ie/news/business/2012/0105/310582-ibrc/

Sean FitzPatrick - the

banking chief who
provoked public ire
Updated / Wednesday, 24 May 2017 08:28
In 1986 when Sean FitzPatrick became chief executive of what would
become Anglo Irish Bank, it only had four employees

By David Murphy
Business Editor

Sean FitzPatrick bathed in an aura of success in the

years before the crash. He was highly regarded by
investors, the media and business community.
His admirers considered him a financial visionary who
brought new entrepreneurial skill to the old world of
banking.
In 1986 when he became chief executive of what would
become Anglo Irish Bank, it only had four employees.
Initially the bank grew by offering small and medium
business owners faster decisions on loan approvals
stealing the march on rivals Bank of Ireland and AIB.
Anglo grew fat on the credit bubble and property boom.
It borrowed money from savers and the bond market
and loaned it to developers to buy property at inflated
prices.

When Sean FitzPatrick stood down from the position of

Anglo's chief executive after almost three decades in
the hot seat it had become Europe's fastest growing
bank, it had operations in the UK and US, and was a
darling of the stock market.
He became the bank's chairman in 2004 but
was almost always considered the public face
of the financial institution.
He was a regular public speaker and he joined the
boards of Aer Lingus, packaging company Smurfit
Kappa, and food group Greencore.
When the crash came, all of the Irish banks were in an
unsustainable situation and had to be bailed out by the
taxpayer.
However, Anglo Irish Bank which had become the
lender of choice to many developers was far more
exposed and cost the taxpayer more than any other
bank.
Days after the government issued a blanket guarantee
for the banks in 2008, Sean FitzPatrick appeared on
RT Radio 1 and refused to apologise to the Irish
people.
Instead he offered a "Thank you" to taxpayers and
argued the Anglo's problems were caused by a global
liquidity crisis instead of home-grown problems.
Two months later he abruptly resigned as the bank's
chairman when it emerged he had loans of 87m from
the bank, which had not been disclosed in its annual
report.
The borrowings had been temporarily re-financed with
Irish Nationwide Building Society and did not appear in
a list of borrowings of Anglo directors.
Upon resigning Mr FitzPatrick said: "The transfer of the
loans between banks did not in any way breach
banking or legal regulations. However it is clear to me,
on reflection, that it was inappropriate and
unacceptable from a transparency point of view."
The court case that concluded today centred on this
alleged offence of providing false and misleading
statements to Anglos auditors.
The end of the case brings to an end the
State's legal actions against Sean FitzPatrick.
In 2014 he was on trial for allegedly providing loans to
investors to buy shares in Anglo contrary to company
law. He denied the accusations.
After a lengthy trial he was acquitted.

The cost of bailing out Anglo was 30 billion. That

works out at 6,250 for every person living in Ireland on
the basis of a population of 4.8 million people.
It was the enormous expansion of the bank that
imposed a huge burden on the taxpayer.
But overlending by bankers was not an offence. To see
what went wrong the government commissioned a
series of reports and held the banking inquiry.
It laid part of the blame for the crisis on the regulatory
failure of the Central Bank and Financial Regulator,
which never blocked the banks from lending huge
sums.
But it also blamed the actions of bankers for stoking the
credit bubble.
Despite the outcome of the legal actions
against Sean FitzPatrick, he is also viewed by
many as one of the main the architects of the
Anglo's expansion and he has been the target
of public opprobrium.
Sean FitzPatrick may fade from the public
consciousness in future years.
But the Irish taxpayer will continue to pay for the
banking collapse for decades to come.
That is a long time.
https://www.rte.ie/news/business/2017/0523/877325-the-financial-
wizard-who-provoked-the-ire-of-the-public/
Irish Bank Resolution Corporation (IBRC ... BankChecks report ... conspired with the
Irish Government to conceal its fraud. The Bank
http://s3.documentcloud.org/documents/997657/1-main.pdf
IBRC involved in over A THOUSAND legal
cases
The Irish Banking Resolution Corporation is trying to reduce legal fees, says Michael
Noonan, despite all the legal spats.

Aug 2nd 2014

THE IBRC IS currently involved in growing number of legal

cases, both as plaintiffs and defendants.
It was revealed in a parliamentary question put to Minister for
Finance Michael Noonan that the IBRC (Irish Banking
Resolution Corporation) is involved in over 1,100 disputes.
The question was asked by Fianna Fils finance spokesperson
Michael McGrath and related to the amount being spent by the
IBRC in undertaking their liquidation duties.
While the Finance Minister was unable to specify the amount
the department anticipated spending on the cases, he noted
that the Special Liquidator KPMG had informed him that a
legal panel of Irish law firms were in place to help deal with the
cases the IBRC are currently involved in.
Source: photocall/Sam Boal
Deputy Noonan made the point that the Special Liquidator
remain extremely mindful of the imperative to reduce
expenditure on legal fees. As of last month the winding up of
the IBRC had cost the tax payer 112 million, according to a
report by the Special Liquidator.
Here are a few of the major spats the IBRC have been caught
up in:
Sen Quinn
The IBRC has been intrinsically tied to Irelands former richest
man and his stake in the Anglo Irish Bank. Last month the
former major shareholder hit out at the IBRC for using stolen
goods to finance a campaign against Quinn and his family.
Having declared bankrupt in 2012, Quinn went to prison for
nine weeks late last year in relation to the case. The Quinn
family are currently taking a court case against the office of
Minister for Finance, the Central Bank and ten former
directors of Anglo Irish Bank over the Quinn familys liability
for 2.34 billion worth of loans.

Source: photocall/Sam Boal

These were given by Anglo to Quinn are being contested on the
grounds that they were illegal loans designed to prop up
Anglos share price. IBRC in turn are pursuing Quinn for
money it claims is still owed.
Century homes
Eco-friendly developer Gerard McCaughey was in the Supreme
Court earlier this month, contesting that he is not yet liable to
repay a loan from Anglo Irish Bank relating to investment in
two New York hotels. The court found that McCaughey would
be entitled to a full hearing.
McCaugheys contention against paying back the loan centres
around a collateral agreement with Anglo that he would not
have to repay the loans until the connected investment projects
had concluded. In January of this year, it was ruled in the
commercial court that McCaughey would be liable for 5.2
million.
Century Homes was bought over by Kingspan in 2005.
Blackrock Clinic
Attempts by the IBRC to offload loans relating to Blackrock
Clinic came up against opposition from one of the private
clinics major shareholders, Johnny Flynn.
However, the US Bankruptcy Court in the State of Delaware
ruled against Flynns attempt to block the IBRC from selling
loans. This allowed joint Special Liquidators Kieran Wallace
and Eamonn Richardson to complete the sale.

Source: photocall
They were ordered at the time to set aside an amount of $36
million for a period of 60 days to allow the Flynn parties an
opportunity to seek a stay on the order, pending an appeal.
Joan Collins
Although not taken directly against the IBRC, United Left
Alliance TD Joan Collins took a case against the 31 billion
promissory note deal supporting Anglo Irish Bank in
November last year. Collins contested that the legislation
behind the deal gave the Minister for Finance an
unconstitutional power of being able to approve payments to
the bank without Dil approval.
Source: photocall/Laura Hutton
In November last year, the court ruled against Deputy Collins.
In judgement on the issue, the High Court said: It is not part
of this Courts function to express any view on and still less to
review the political or economic wisdom of the decisions which
culminated in the 2008 Act
Image: /Photocall Ireland
THE ACCELERATED WIND-up of the Irish Banking
Resolution Corporation has cost the state just under 112
million so far.
The figure is contained in a progress report compiled by
special liquidator KPMG for finance minister Michael Noonan,
published today.
Total fees came to 119.2 million, with KPMG agreeing a
rebate of 7.6 million to the state at the prompting of the
minister.
The majority of the fees will go to the KPMG special
liquidation team, which has billed just shy of 48.5 million.
Legal advisors were paid just under 27 million, while other
professional service firms bagged 14.9 million.
The finance minister said that the original estimated wind up
costs of IBRC, which was supposed to be shuttered in 2020,
had been 1.1 billion.
In addition, the report states that the 12.9 billion advanced by
NAMA to the IBRC in the form of bonds at the time of the
prom note deal will be repaid in full by the end of the third
quarter of this year.
It is understood that IBRC will essentially be wound up as a
going concern before the end of the year, although the
company will continue to exist to fight legal actions it is
currently engaged with, most notably the case against the
Quinn family.
Under the bonnet
The report allows a rare view of the workings of IBRC as it
wound up.
Since the decision to wind up the company was taken on the
night of the revision of the promissory note guarantee, it has
sold 21.7 billion of loans, or 90 per cent of the total loan book.
The sales were spread across 52 separate processes, with a
total of 345 different parties registered as potential buyers
throughout the process, hailing from 13 different countries.
In all, 201 individual bids were registered across six different
portfolios. with the Irish originated corporate loan book
named project evergreen attracting the most interest with a
total of 58 indicative and 20 binding bids.
In addition to the loan portfolios, an interest originally held by
INBS, which was acting as a joint venture partner, in an
apartment block in South County Dublin was also sold.
It is understood that the entire Anglo Irish Bank art collection
has now been sold, with the exception of three pieces.
Project Sand
Project Sand, which related to mortgages originated in Ireland,
has proved the most difficult to shift, with only two binding
bids out of 13 original suitors for the portfolio.
Only around 64 per cent of Project Sand was originally sold,
with the remainder returned to the IBRC.
It is thought that a new valuer will now be appointed to run the
rule over the remaining mortgage assets in Project Sand and
elsewhere before they are released for sale at current market
rates.
Sources indicated that the remaining residential mortgages are
likely now to be sold as a single entity, rather than breaking
them up and allowing individual mortgage borrowers the
chance to buy back their own loans, as had been mooted.
Finance Minister Michael Noonan today commended the staff
of IBRC, the special liquidator, and the staff of professional
and legal advisors retained to work on the wind up.
The total cost saving to the state of the promissory note deal, of
which the liquidation of IBRC was a part of, is thought to be
around 20 billion over the next ten years, according to the
report.

Image: Laura Hutton/Photocall Ireland

FORMER BILLIONAIRE SEAN Quinn has alleged that IBRC is
illegitimately using income from former Quinn group assets to
fund a campaign against him on his family.
Speaking to the Pat Kenny show on Newstalk, Quinn launched
a vitriolic attack on the IBRC pursuit of assets he described as
stolen from the Quinn family.
[IBRC] are using our money to beat us up and put us in prison
and make us the most hated family in Ireland.
He continued:
The simple facts of it are they were always our assetsAnglo
are handling stolen goods, theyre using stolen good to finance
the case against us.
Members of Quinns family last month filed a 4.5 billion legal
action against the office of Minister for Finance, the Central
Bank and ten former directors of Anglo Irish Bank, alleging
that the parties were involved in a conspiracy to illegally lend
over 2 billion to the Quinns.
IBRC, in turn, is pursuing the Quinn family through the courts
for money which it alleges it is still owed.
The Quinn saga has seen both Quinn and his son, Sean Jr,
placed in Mountjoy for contempt of court.
FitzPatrick
Quinn also told Pat Kenny that he was pleased that three
former executives of Anglo Irish Bank Sean FitzPatrick, Pat
Whelan and Willie MacAteer had avoided jail time after
standing trial for illegal lending to support the banks share
price.
FitzPatrick was found innocent while the latter two were
convicted but avoided jail time.
Im pleased they didnt go to prison. Why send three if theres
another 20 or 30 just as complicit?
I didnt see any reason why they should go to prison, even
though Im very angry with the bankI dont want to see
anyone go to prison.
He also rounded on what he described as attempts to slur his
business associate Gerry Reilly, who had been named as an
intermediary in the process of trying to hide Quinn assets by
unidentified informants of IBRC.
Describing the claims as originating in cloud cuckoo land, he
said: Theres nothing in this. Zero.
What Im saying is that they are trying to deliberately destroy
this man because hes a supporter of the Quinns.
Attacks
Quinn explicitly condemned attacks on his former properties
and companies, as well as death threats to newly-installed
executives at former Quinn Group assets, saying nobody can
condone that sort of activity.
He said that the last thing he wanted to see was people
destroying assets he created.
However, he told Kenny of the high level of anger in Cavan and
the surrounding counties, where the Quinn group was a major
employer.
He also alleged that agents of IBRC were no saints.
These boys went along to some of our pubs in Dublin and at
five in the morning went along with hammers and chisels to
break the doors down.
He revealed that local people in Derrylin had been actively
financing his court actions, and thanked both them and his
legal team, which he said has been working for reduced fees,
for their support in an action which he said he is confident of
winning.
Quinn also repeatedly attacked the Dublin media for vilifying
him and his family, alleging that there is a campaign underway
to discredit him.

http://www.thejournal.ie/
ibrc-legal-cases-
litigation-sean-quinn-
1596586-Aug2014/
Using AIB money to pay
debt won't win sympathy
Updated / Wednesday, 24 May 2017

Many economists and central bankers have deep reservations about

banks being in state ownership

By David Murphy
Business Editor

Whoever becomes the next finance minister will have

three big items on their in-tray.
The first item on the agenda will be the flotation of AIB,
second is the budget, and the third is the enormous
challenge of Brexit.
The sale of one quarter of the Governments stake in
the bank is rapidly becoming a hot political topic.
It is likely to be the biggest flotation in Europe this year.
It is possible Minister Noonan will trigger the process by
issuing an "intention to float" letter before he leaves
office.
That document will set out the timetable for the
flotation.
The bank is almost 100% State-owned and the policy of
the Government is to extricate itself from the business
of owning banks.

It currently holds 75% of Permanent TSB and 14% of

Bank of Ireland.
Many economists and central bankers have deep
reservations about banks being in state ownership.
They highlight political interference in banks that has
occurred in other countries.
There is always the danger that public representatives
could try to pressurise state-owned financial institutions
to offer soft loans for a client or go easy on some
customers.
The policy of getting the taxpayers money back from
the banks is laudable.
Selling 25% of AIB will generate in the region of 3
billion in comparison to the original 20.8 billion the
taxpayer paid to save the bank from going bust.
Although the State has received substantial money
back from the bank, it will be a long time before it
recoups the full amount.
Arguably it should take its time selling the remaining
shares over the coming years to ensure it gets the best
value for the taxpayer.
There has been criticism about the price the State
received for assets sold by the National Asset
Management Agency (NAMA).
In that case the Troika set a tight timetable for the
agency to reduce its borrowings.
In hindsight, given the recovery there is no doubt that if
NAMA waited longer it would have raised more funds.
In the case of AIB there is less pressure to sell the
Governments shareholding now.
Last Thursday the Labour Party succeed in getting a
motion passed in the Dil, which called on the
Government to use the proceeds of the sale for
spending on infrastructure instead of paying off the
national debt.
There is undoubtedly a good point here.
In the midst of a homelessness crisis 3 billion could
build a lot of houses.
On the other hand the national debt is very high at 200
billion.

Last year the Government spent 6.7 billion paying the

interest bill on that debt.
Paying off some of the borrowings does lower the
amount paid on interest.
The Department of Finance argues it is prohibited from
using the funds from the AIB flotation on one-off gains
under EU spending rules.
The Irish electorate agreed to those rules in the
referendum on the Fiscal Compact Treaty in 2012.
The Department points out it can, however, borrow
money from the European Investment Bank for
infrastructure.
It argues this debt could be kept off the States balance
sheet if money is spent on a project that has an income
stream, for example, a toll road.
There may be merit in that argument.
But the Government is likely to win little sympathy by
using the money from AIB to pay off debt when there is
a housing crisis.
Regardless of Government promises to rapidly fix the
homelessness problem, it is clear the issue will be a
long-term one.
It is safe to assume families in emergency
accommodation are not too concerned about budgetary
arithmetic.
The bottom line is that it will be difficult for Michael
Noonan or his successor to convince people that the
AIB proceeds should be used to pay off borrowings,
even if it is an EU requirement.
https://www.rte.ie/news/business/2017/0519/876555-using-aib-money-
to-pay-debt-wont-win-sympathy/

Irish bank seeks to

reverse tycoon's UK
bankruptcy
Shawn Pogatchnik, Associated Press
APNovember 24,
2011
DUBLIN (AP) -- An Irish bank pursuing Ireland's former
richest man for euro2.16 billion ($2.9 billion) in unpaid
loans appealed Thursday to a Northern Ireland judge to
overturn his bankruptcy judgment.
Justice Donal Deeny agreed to hear the case Dec. 19
between the Irish Bank Resolution Corporation and fallen
tycoon Sean Quinn, who in 2008 had an estimated net
worth of euro4.7 billion ($6.3 billion) but claims today to
have barely euro11,000 ($15,000) left in three bank
accounts.
At stake is whether Quinn and his family will be able to
retain much of their fortune in property and investments
beyond Ireland's shores and whether the beleaguered
Irish taxpayer will be left to cover bills that Quinn can't
or won't pay.
State-owned IBRC which until last month was called
Anglo Irish Bank is seeking to reverse Quinn's 2-week-
old bankruptcy judgment in Northern Ireland, which is
part of the United Kingdom.
The 64-year-old Quinn sought shelter in British
bankruptcy law just days after IBRC sued him in a Dublin
court for the outstanding billions. The Belfast-filed
bankruptcy, if allowed to stand, would weaken the
bank's ability to pin down Quinn in Republic of Ireland
courts.
The bank did win a judgment Wednesday in a Dublin
court for Quinn to repay euro417 million ($560 million).
The judge handling that case said he was likely next
week to impose a further order for another outstanding
euro1.75 billion ($2.34 billion).
But it's far from clear if either order could ever be
enforced if Quinn's remaining assets are to be managed
in Belfast rather than Dublin.
Quinn, a Republic of Ireland resident who lives nearby
his empire's most luxurious spa hotel and golf resort,
testified when seeking British bankruptcy protection that
his interests were primarily in neighboring Northern
Ireland. The bank argues this is false.
One of the bank's lawyers, Mark Horner, told the judge
Thursday it was "absolutely critical this is dealt with as
soon as possible."
Quinn lawyer Paul McLaughlin argued that his client
would require months to assemble documents showing
that his business interests should be amenable to British,
rather than Irish, bankruptcy law. But Deeny said Quinn
should have gotten that material together before filing
for bankruptcy at all.
One key difference between UK and Irish bankruptcy law:
Quinn could return to business within a year under the
British system, whereas the Irish would bar him for a
minimum of 12 years.
Quinn boasts one of the most famous rags-to-riches
stories ever produced in Ireland. He grew up on a border
farm in Northern Ireland, left school barely literate at 14
and started his first construction-gravel business with a
100-pound ($150) bank loan.
Within three decades Quinn had transformed his quarry
into a nationwide cement company. He built and bought
luxury hotels and shopping centers throughout Ireland,
Britain, Eastern Europe and Asia; founded Ireland's third-
largest insurance company; and took interests in
glassworks, packaging and radiators.
But Quinn gambled it all on the continued success of
Anglo Irish Bank, the biggest risk-taker in Ireland's long
property boom. Its shares soared amid the Celtic Tiger
economy and Quinn sought to build the biggest stake in
its shares using a complex financial instrument that
allowed him to conceal his 15 percent ownership.
When Ireland's property bubble burst in 2008, Anglo
faced collapse and was rescued by the Irish government
at a cost exceeding euro29 billion ($39 billion) the
biggest single bill forcing Ireland to accept a humiliating
international bailout last year.
The government this year rebranded Anglo as IBRC. Its
main function today is to pursue its legions of fleeing
debtors, chiefly among them Quinn.
In April IBRC seized control of Quinn's Irish-based
businesses and soon sold his insurance company to the
U.S. insurers Liberty Mutual.
But Quinn had already transferred ownership of key
foreign assets to his children and third-party companies
allegedly linked to his family circle. He and the bank are
waging lawsuits in Cyprus, Sweden, Russia and Ukraine
over which side should own dozens of the Quinn family's
apartment blocks, shopping centers and office
complexes in Russia, Ukraine, Turkey and India.
Separately, Quinn's children are suing IBRC in Dublin
contending that Anglo Irish Bank committed fraud when
it loaned billions to Quinn in 2007 and 2008, therefore
they shouldn't have to pay any of that money back.
The key question in that dispute is whether Anglo knew
it was providing billions to Quinn specifically for him to
buy more Anglo shares, which were collapsing in value at
the time, in a bid to manipulate the market.
http://www.finance.gov.ie/sites/default/files/FOI
%20060%202015%20Schedule.pdf
Online:
Irish Bank Resolution Corporation,
http://www.ibrc.ie/

Quinn business empire,

http://www.quinn-group.com/
MC Cann Fitzgerald, LiquidationofIrishBank
ResolutionCorporation
http://www.mccannfitzgerald.com/McfgFiles/knowledge/5
009Liquidation%20of%20Irish%20Bank%20Resolution
%20Corporation.pdf
THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF
...
INTHEUNITEDSTATESBANKRUPTCYCOURT...RESOLUTIONCORPORATIONLIMITED
(INSPECIALLIQUIDATION),...aIrishBankResolutionCorporationLimited(IBRC2013

https://ftalphavillecdn.ft.com/wp
content/uploads/2013/09/Chap15_IBRC.pdf

Irish Bank Resolution Corporation Act 2013

http://www.irishstatutebook.ie/eli/2013/act/2/enacted/en/pd
f

DiscussionofSiteservwithIBRC11June2012
http://www.finance.gov.ie/sites/default/files/6%20Discussi
on%20of%20Siteserv%20with%20IBRC%2011%20June
%202012.pdf
BriefingSiteservTransation
http://www.finance.gov.ie/sites/default/files/7%20Briefing
%20Siteserv%20Transation.pdf
Details of meetings held between the Minister for Finance and
Department officials and senior officials of IBRC between 1 March 2012
and 1 September 2012 and any briefing notes prepared for such
meetings and any reports prepared on foot of such meetings
http://www.finance.gov.ie/newscentre/pressreleases/ibrc
foidocuments
Irish Bank Resolution Corporation Limited (In Special
Liquidation) (IBRC ... IBRC in SL Irish Bank Resolution
Corporation Limited
http://www.finance.gov.ie/sites/default/files/DOF_IBRC_P
rogress%20update%20report%20to%2031%20Dec
%2014.pdf
IRISH BANK RESOLUTION CORPORATION BILL 2013 ... means Irish
Bank Resolution Corporation Limited; ... of the Special
Liquidation Order in relation to IBRC .
http://www.oireachtas.ie/documents/bills28/bills/2013/913/
b913d.pdf

IBRC Special Liquidation Order Legal Office

Notice No. 3 of 2013
IrishBankResolutionCorporationSpecialLiquidationOrder

Background:

Pursuanttoadutyandobligation,imposedunderSection4oftheIrishBankResolutionCorporationAct
2013,(theAct),theMinisterforFinancesignedtheIrishBankResolutionCorporation(Special
Liquidation)Order2013(S.I.No.36of2013)(theOrder)on7thFebruary2013.

KieranWallaceandEamonnRichardsonbothofKPMG,1StokesPlace,St.StephensGreen,Dublin2are
appointedasjointSpecialLiquidatorsoftheIBRC.Theirvariousfunctions,powersanddutiesmaybe
exercisedandfulfilledbyeitherorbothofthejointSpecialLiquidators,actingjointlyorindividually.

PartVIoftheCompaniesAct1963appliestotheSpecialLiquidatorstotheextentsetoutinSection10and
Part1oftheScheduletotheAct.Thisincludes,amongstothermatters,theprovisionsofSection231(2)of
theCompaniesAct1963.ThustheSpecialLiquidatorsmaysellthepropertyofIBRCbypublicauctionor
privatecontract.Theymaydoallactsandexecute,inthenameofandonbehalfofIBRC,alldeeds,
receiptsandotherdocuments,andforthatpurposeuse,whennecessary,thecompanyseal.
UnderSection13oftheAct,theMinisterforFinancemaydirectorNAMAmayelectthatit,oroneofits
entities,acquiretheassets,obligationsandliabilitiesofIBRC.Certainloanfacilitieshavebeentransferred
toNationalAssetLoanManagementLimited(NALM),asubsidiaryoftheNationalAssetManagement
Agency(NAMA),pursuanttotheNationalAssetManagementAgencyAct,2009.IrishBankResolution
CorporationLimited(inSpecialLiquidation)ismanagingthesefacilitiesonbehalfor/forthebenefitof
NAMA/NALM.

TransfersbyMortgageesinPossession:

Form24oftheLandRegistrationRules2012istheprescribedFormofTransferofpropertybyaregistered
ownerofachargeinexerciseofapowerofsale.Inviewofthecomplexitiesinvolved,inparticularthefact
thatIBRCassetsmayformretainedassets,whichareheldbytheSpecialLiquidators,orassetsvestedin
NALM,ithasbeenacceptedthatcertainalterationsandadditionsbeallowedtotheprescribedForm24,
pursuanttoRule52(1)oftheLandRegistrationRules2012.

RetainedAssets:

Withregardtoretainedassets,theTransferwillcontainanextendedpartiesclauseandrecitalsthatwill
refertothefollowingeventsontitle:

The creation of the original charge

The powers of the chargee as mortgagee under the relevant

Conveyancing Acts

(In the case of Irish Nationwide Building Society charges) The

Transfer Order made in the High Court on 1st July 2011
transferring assets of INBS to Anglo Irish Bank Corporation
Limited and reciting that the assets so transferred included the
Premises (subject property)

Special Resolution dated 14th October 2011 whereby Anglo Irish

Bank Corporation Limited changed its name to Irish Bank
Resolution Corporation Limited

The Irish Bank Resolution Corporation Act 2013 (Special

Liquidation) Order 2013 made on 7th February 2013

The appointment of the Special Liquidators

The power of the Special Liquidators to act jointly or solely

The contract for sale of the property to the purchaser

TheDeedwillbeexecutedundersealofIBRC(inSpecialLiquidation)affixedinthepresenceofoneor
bothSpecialLiquidators.TheSpecialLiquidators(s)willalsoexecutetheDeedinhis/theirname(s)inthat
capacity.
AssetsacquiredbyNALM,aNAMAEntity:

TheopeningparagraphoftheDeedofTransferbyNationalAssetLoanManagementLimitedwillsetout
thecertificate,pursuanttoSection108NationalAssetManagementAgencyAct2009thatthechargeisan
acquiredbankassetthatisheldbyNALMasatthedatethereof.

Subjectasabove,theTransferbyNALMasmortgageeinpossessionwillbesubstantiallyassetoutin
Form24.

Discharges:

Chargesthatareretainedwillbedischargedasheretofore,usingtheedischargeprocedure.

ChargesthathavebeenacquiredbyNALMwillbedischargedinForm57A,adaptedtoincludetheSection
108certificate.

FergusHayden

DeputyRegistrar

20thMarch2013

http://www.prai.ie/693/
Irish Investor Sells Belgian Real Estate Portfolio
CBREadvisedIrishBankResolutionCorporationAssuranceCompanyLimited(IBRCACLtd)inthesale
ofitsBelgianrealestateportfoliomanagedbyTribecaCapitalPartners.

IBRCACLtdisasubsidiaryofIrishBankResolutionCorporationLtd(inSpecialLiquidation),specializes
inpensionsandinvestmentproducts.Theportfoliowasmadeupofthreepropertiesacquiredin2006from
thefinancialservicescompanyCrditSuisse.ThesepropertiesarealllocatedinBelgianprimelocations.

TheMeir23(Antwerp)isamixedusepropertytotaling1.119mprimeretailand3.010mofficespace.
TheMeirisoneoftheverybestretaillocationsinBelgium.

TheCentreEtoileislocatedontheBoulevardBischoffsheim(Brusselsinnerringroad)andoffersabout
15.707mofficespace.TheLouise165propertyisalsolocatedinBrussels.This6.152mofficeproperty
accommodatesaretailsurfaceonthegroundfloor.BothBrusselspropertiesofferauniqueopportunityto
securetwohighlyvisibleandaccessibleprojectsintheheartoftheEuropeancapital.Residentialandoffice
projectscanbeenvisaged.

Thesimultaneousnegotiationswithtwodifferentbuyershasbeenatruechallenge.Moreovertheongoing
liquidationofIBRCACLtdprovidedverystrictsalesconditions(pricingandguarantees).Thetotal
divestmentvalueexceeds59millioneuros.

TheMeir23wasacquiredbyGHGroupforaninvestmentvalueinofabout35millioneuros.Thisreflects
ablendedyieldof3.60%correspondingtoayieldbelow3.00%fortheretailunitsandslightlyabove
6.00%fortheoffices.

GhelamcoInvesthasacquiredbothBrusselspropertiesforaninvestmentvalueinexcessof24million
euros.Basedonthecurrentareas,thepricingcorrespondtocirca1.500euros/mandcirca1.000euros/m
respectivelyforLouise165andCentreEtoile,parkingandarchivesincluded.

CBREisconvincedthatthebuyerswillbenefitfromfurthermarketimprovementsinthesesegmentswhile
thevendorhasrealizedafullysatisfactoryexit.ThetransactionswereledbyArnauddeFroidmont
(TribecaCapitalPartners)andMichalNiego(CBRE).

Contactusformoreinformation

Publishedon:27022015

http://www.cbre.be/be_en/news_events/news_detail?
p_id=18050
TheIrishGovernmentenactedtheIrishBankResolutionCorporationAct2013(the"IBRCAct")inthe
earlyhoursof7February2013inordertosecureandstabilisetheassetsoftheIrishBankResolution
Corporation("IBRC")(formerlyknownasAngloIrishBank).

IBRC Act: Purpose

TheIBRCActisdesignedtohelpaddress"thecontinuingseriousdisturbanceintheeconomyoftheState"
andto"protecttheinterestsoftaxpayers".ItprovidesforthewindingupofIBRCtobringtoanendthe
financialexposureoftheStateandtheIrishCentralBanktoIBRC.Itisstatedthatitishopedthatitwill
"helprestorethefinancialpositionoftheState"andrestoreconfidenceinthebankingsectorby"furthering
thereorganisationoftheIrishbankingsystem".

Special Liquidators
TheIBRCActprovidesfortheappointmentbytheMinisterforFinanceofoneormorespecialliquidators
towindupIBRC.Jointspecialliquidatorshavenowbeenappointedwhohavefullcustodyandpowerover
allIBRCassets.

Allborrowers'loanswillinitiallybemanagedbythespecialliquidatorsandalldebtsduetoIBRCwill
remaindueandenforceable.

Loan Sales to Third Parties

PortfoliosofassetsincludingthemortgagebookofIBRCwillbeidentifiedbythespecialliquidatorswho
willoverseeanindependentvaluationandsalesprocessofsuchassetstothirdpartybidders.Thebidding
processwillbeconductedinanopenandtransparentmanner.Ifacceptablebidsequaltoorinexcessofthe
independentvaluationareobtainedthentheywillbesoldtothirdparties.Otherwise,therelevantportfolio
willbesoldintotheNationalAssetManagementAgency("NAMA")attheirvaluationprice.

TheproceedsofthesesaleswillbeusedtorepaycreditorsinaccordancewithnormalIrishCompaniesActs
priorities,withpreferredcreditorspaidfirst,andthenNAMAinrespectoftheIBRCdebt.Totheextent
thatthereareproceedsavailableafterrepaymentinfulloftheNAMAdebt,theseproceedswillbeapplied
toremainingunsecuredcreditorswhohavenotbeenpaidundertheguaranteeschemes(thestatutory
DepositGuaranteeSchemewhichcoverretaildepositsupto100,000withallIrishauthorisedcredit
institutionsandtheEligibleLiabilitiesGuaranteewhichappliestodepositsover100,000withcertain
creditinstitutionsincludingIBRC).TheseremainingunsecuredcreditorswillincludetheMinisterfor
Financetotheextentthathehaspaidoutundertheguaranteeschemes.Similarly,iftheproceedsarenot
sufficienttopayIBRC'sdebttoNAMA,theshortfalltoNAMAwillbemetbytheexistingMinisterial
guaranteeundertheCreditInstitutions(FinancialSupport)Act2008.TherearealsoprovisionsintheIBRC
Actenablingthevaryingofprioritiesforcertaincreditors.

Special Liquidation Order: Effect

TheSpecialLiquidationOrder(the"Order")madebytheMinisterforFinanceprovides:

a. for an immediate stay on all proceedings against IBRC;

b. that no further actions or proceedings can be issued against IBRC

without High Court consent;

c. that no action or proceedings for the winding up of IBRC, or the

appointment of a liquidator or an examiner can be taken, issued,
continued or commenced;

d. for the removal of any liquidator or examiner appointed prior to

the Order; and

e. that it constitutes notice of termination of employment for each

employee with immediate effect.

TheappointmentofareceiverpursuanttoadebentureorchargecreatedbyIBRCdoesnotconstitute
proceedingsforthepurposesoftheOrder.

Thespecialliquidatorswillhavethesamedutiesandpowersasanormalliquidatorexceptthattheyare
appointedbytheMinisterforFinanceandareobligedtocomplywiththeinstructionsgiventothembythe
MinisterforFinanceandactintheinterestsofthetaxpayer.

TheOrdershallforthepurposesofanycontract,deedoragreementhavethesameeffectasthemakingofa
windingupbycourtorderorappointmentofanofficialliquidator.

TheIrishofficeofMaplesandCalderhasbeenadvisingfinancialinstitutions,privateequityfirmsand
assetmanagersonallaspectsofIrishdistressedrealestateloanportfoliosales.

Originally published 12 February 2013

Thecontentofthisarticleisintendedtoprovideageneralguidetothesubjectmatter.Specialistadvice
shouldbesoughtaboutyourspecificcircumstances.

High Court of Ireland Decisions - europeanrights.eu

IRISHBANKRESOLUTIONCORPORATIONLTD(INSPECIAL...IrishBankResolution
Corporation(IBRC)formerlyAngloIrishBank....commencementoftheliquidation

http://www.europeanrights.eu/public/sentenze/Irlanda
21maggio2015High_court.pdf
 DAVID K. DRUMM, Debtor.
IRISHBANKRESOLUTIONCORPORATIONLIMITED(INSPECIALLIQUIDATION),...
PlaintiffIrishBankResolutionCorporationLimited...Doc126Filed05/19/14Entered05

http://docz.io/doc/1534369/davidk.drumm
debtor.chapter

E&Y in dock over collapse of Anglo

Irish Bank
30Nov2012

Chris Warmoll

Ernst&YoungisbeingsuedbytheIrishBankResolutionCorporation(IBRC),thestateownedbodythat
tookoverthemanagementoffailedAngloIrishbankin2009.

PaperswerefiledattheHighCourtinDublinbyIBRCovertheallegedfailingsofE&Ywhenitwas
auditortothecollapsedbank.

TheBigFourfirmhasvowedto"vigorouslydefend"itselfagainstitsaccuserandtheroleitplayedinthe
bank'scollapseamovethattheRepublicofIreland'sthenfinanceminister,BrianLenihan,saiditwould
bringdownthewholecountryandsaddleitsbeleaguredtaxpayerswitha34bn(27.5bn)bailoutnoose.
Thatfigurehassincebeenrevisedtoaround25bn.

Thebankhasbeenunderinvestigationforfraudforthepastfouryears.Threeformerexecutives,including
exchiefSeanFitzPatrick,facechargesnextyear.Thebankallegedlyprovidedloanstocustomerssothat
theycouldpurchasesharesinthebankandusedepositsfromyetanotherlendertohidethesizeofmassive
withdrawals.

InFebruary2009E&YwithdrewitsDecember2008auditreportofAnglo'sSeptember2009financial
statementandissuedanewauditreport.Deloittereplaceditasthebank'sauditorsthefollowingyear.

E&Yhasalreadysustainedatwoyearindustryprobeintoitspartinthescandal.JohnPurcelltheformer
Irishcomptroller&auditorgeneral,ruledthattheauditorsdidhave"acasetoanswer".Disciplinaryaction
hasbeenpostponedduetorequestfromtheDirectorofPublicProsecutions.
InMay2011E&Yunsuccessfullytriedtostoptheinquirysayingit"fundamentallydisagrees"withthe
viewsandthat"noadversefinding"hadbeenmadeagainstit.IBRCappearstohavemadeitsmoveon
Tuesdayinabidtobeatasixyearlimitationperiod,which,ifmissed,wouldhavehaltedtheaction.The
accountsforthebankfortheyeartoSeptember2006,weresignedoffon5December2006.

E&Ysaid:'AlthoughErnst&YoungisawareofproceedingsissuedbyIBRC,wehavenotformerlybeen
servedwith,norhavewereceived,astatementofclaimsettingoutthedetailsofIBRC'sclaim.

'Withoutmoredetailitisdifficultforustocommentfurther.Wehaveconsistentlysaidwestandbythe
qualityofourworkperformedintheAngloauditandwillvigorouslydefendanysuchproceedings.'

Earlierthisyear,IBRCissuedproceedingsagainstexIrishNationwidechiefexecutiveMichaelFingleton
andotherformerboardmembersinMarchinasimilarmovethatbeatalegaldeadlinethatwouldhave
barredacase.

IBRC'slegalchallengeagainstE&YechoesmovesbytheadministratorsofQuinnInsuranceagainsttheir
formerauditors,PwC.

https://www.cchdaily.co.uk/eydockovercollapseanglo
irishbank?qtaclive_hot_topics=0

Lawyers for Denis O'Brien have begun an application for an

injunction to stop RT broadcasting details of his banking
arrangements with IBRC.
High Court judge Mr Justice Donald Binchy has agreed to put in
place reporting restrictions for the duration of the hearing.
The High Court has heard the report, by RT's business editor
David Murphy, was supposed to go out on the Six One news on
May 1, but it is now on hold.
Businessman Denis O'Brien contends that the story breaches his
privacy rights by giving details of his loan facilities with the state-
owned bank IBRC.
Opening the case, his barrister Michael Cush asked why Mr
O'Brien was named in the report when RT has said the focus of
the piece is on the governance of IBRC, rather than the personal
finances of his client.
IBRC has joined Mr O'Brien in making this injunction application.
The case resumes tomorrow.
Reporting restrictions are in place as one of the affidavits
contains the script of the RT report at the centre of the row.
Shredding played key role in
downfall of FitzPatrick inquiry
Legal adviser taken aback by Garda Commissioners note about witness
statements
May 24, 17
Colm Keena
One law for the rich..

Ireland in a nutshell
Can t pay your tv lincense jail
Rob millions as a banker
Walk free
Say no more
seanie fitz trial lasted 126 days the longest trial in the
history of the state. when you think of the barrels of ink, the
reels of film, the reams of paper (nay) forrests of paper
wasted and yet it seems like only yesterday the case started
actually it was only yesterday as the media seanie thanked
today for privacy only covered jury selection with its
restrictive eligibility process and the collapse of the case
today. how that for protection of the privileged predators in
our unequal society?

Shredding played key role in downfall of FitzPatrick

inquiry
Legal adviser taken aback by Garda Commissioners claim about
witness statements
IRISHTIMES.COM

May 24, 17

ThespectacularendingofthetrialoftheformerchairmanofAngloIrishBank,Sen
FitzPatrick,hascomeaboutinpartbecausedocumentsrelevanttothecasewere
shreddedbyasolicitorinvestigatingtheallegedoffences.

Theextraordinaryshreddingofdocumentsledtoacollapseofanearliertrialand
contributedtothedecisionbythejudgeonTuesdaythathewoulddirectthejuryto
acquitinthistrial.

KevinOConnell,alegaladviserwiththeOfficeoftheDirectorofCorporate
Enforcement,tookonaleadroleintheinvestigationbut,accordingtoevidencehe
gaveintheabsenceofthejury,shreddeddocumentsduringapanicattackinhis
officeinMay2015.
 HeinformedtheDirectorofPublicProsecutionsastowhathehaddone,thensought
psychiatrichelp.ThefirsttrialofFitzPatrick,thenongoing,collapsedasaresult.

Thecollapseofoneofthemostsignificantwhitecollarcrimecasestocomebefore
thecourtsinthewakeoftheIrishbankingcrisisisahugeblowtothereputationof
theOfficeoftheDirectorofCorporateEnforcement(ODCE),theagencyestablished
toinvestigatecorporatecrime.Itledtheinquiry.Itisalsoablowtothereputationof
AnGardaSochnaandtheOfficeoftheDirectorofPublicProsecutions.

FitzPatrick(68),ofWhitshedRoad,Greystones,CoWicklow,hadpleadednotguilty
to27chargesundertheCompaniesActsrelatingtogivingfalseormisleading
informationtoAnglosauditorsErnst&Young(nowEY).

InannouncinghisdecisiononTuesday,JudgeJohnAylmerreferredtoOConnells
evidencethatthedocumentsheshreddedwerenotesofphoneconversationssimilarto
othersuchnoteshehaddiscoveredtotheDPP.

However,thejudgesaidthefactwaswedidntknowwhatwasinthemandthere
mustbeadoubtaboutwhytheyweresingledout.

OConnellhadgivenevidencetothefirsttrialofFitzPatrick,oversixdays,inthe
absenceofthejury,asitwasbecomingevidentthattheinvestigationhadbeen
mishandledinrelationtothetakingofstatementsfromtwokeywitnesses.

InevidenceheardbythecourtintheabsenceofthejuryitemergedthatOConnell
fearedlastyear,atthetimeoftheshredding,thathewasgoingtobehungoutto
dryifthecasecollapsed.

Garda correspondence

Morerecently,internalGardacorrespondence,releasedtothetrialbyGarda
CommissionerNirnOSullivan,showedseniorGardaofficersbeingadvisedinthe
wakeoftheshreddingthatnomembersoftheforcewereconnectedwiththe
destructionofdocumentsorwiththetakingofwitnessstatementsfromtwokey
witnesses.

FitzPatrick always appeared a little bitter at treatment

 No criminal inquiry into shredding of files in Sen FitzPatrick case

Ex-Anglo chief Sen FitzPatrick acquitted in long-running loans case

OConnell,inthewitnessboxintheabsenceofthejury,saidhewastakenabackby
thelatterclaim,giventhatGardacolleaguesintheODCEhadbeeninvolvedinthe
inquiryalongsidehimandhadbeencopiedinemailcorrespondenceandhadattended
meetingsconcernedwiththetakingofstatementsfromthetwowitnesses.

DefencecounselBernardCondonSCcommentedtothecourtthattheGardawere
attemptingtofindabustoputhim[OConnell]under.AnassistantGarda
commissioner,thecorrespondencerevealed,hadbeenwarnedthatthecasemight
produceadversepublicityfortheforce.

Extendedlegalargumentheardintheabsenceofthejuryoutlinedhowtheinquiry
washandledasifitwasacivilcasebeforetheHighCourtratherthanacriminalcase.
Theprocessoftakingwitnessstatementsfromtwokeywitnesses,thecourtheard,
waslawyerled.

Thetwokeywitnesses,EYpartnersKieranKellyandVincentBergin,were
coachedandtheirwitnessstatementscontaminated,withsomeofthewordingin
bothstatementshavingbeenactuallywrittenbytheformerDirectorofCorporate
Enforcement,PaulAppleby,thecourtwastold.Theinterferenceincludedthe
suggestedchangingofkeyphrasesinthestatements.Thetakingofstatements
occurredasiftheywereaffidavitsbeingpreparedforacivilcase.

Thetwokeywitnesses,bothformerauditorsofAnglosbooks,signedwitness
statementsthatweretheproductofalongengagementinvolvinganumberof
individualsintheODCE,aswellaslawyersinEYandinthelawfirmthatactsfor
EY,A&LGoodbody.

Itwasstatementbycommittee,Condontoldthejudge,duringtheextendedlegal
argument.

Potential conflict

Therewasalsoanissueofpotentialconflict.SomeofthelawyersactingforEYinthe
draftingofthestatementswerealsoactingforEYina50milliondamagesclaim
fromtheIrishBankResolutionCorporation(IBRC).TheStateownedbodyscase
includesmattersrelevanttotheFitzPatricktrial.

ThelawyerswerealsoactingforEYinrelationtoaninquirybythefirmsregulatory
body,theCharteredAccountantsRegulatoryBoard(Carb),whichisinvestigatingthe
adequacyoftheauditworkdonebyEYonAnglosbooks.CondonsaidtheCarb
inquirycouldpotentiallyleadtoEYlosingitslicence.

OneofthecomplaintsfromFitzPatricksdefenceteamwasthattheODCEdidnot
seekoutinformationthatwenttotheirclientspotentialinnocenceaswellashis
potentialguilt,apointthathasnowbeenacceptedbythejudge.TheODCEhadbeen
tryingtobuildacase,thejudgesaid.

FitzPatrickwalksawayaninnocentman.Itisthesecondtimehehasfacedcharges
thatcametotrialandfromwhichhehasemergedwithhisinnocenceintact.In2014a
juryfoundhiminnocentofchargesofprovidingunlawfulfinancialassistanceto10
individualsknownastheMaple10,inJuly2008,sothattheycouldbuysharesin
AngloIrishBank.

Duringthattrial,JudgeMartinNolandirectedthatFitzPatrickbefoundnotguiltyof
otherchargesrelatingtoloansissuedtomembersofthefamilyofthebusinessman
SenQuinn.

ThechargesonwhichFitzPatrickisnowtobeacquittedrelatedtothetreatmentof
loansfromthebankwhichweretransferredeachyearendtotheIrishNationwide
BuildingSociety,beforebeingtransferredbacktothebank.Thismeanttheydidnot
havetobedisclosedinAnglosendofyearaccounts.

ThesocalledwarehousingoftheloansledtoFitzPatricksresignationwhenit
emergedinDecember2008,andcontributedtothelossinconfidenceinthebankthat
inturnledtoitbeingnationalisedinJanuary2009.TheODCEbeganinvestigating
thematterinDecember2008.

OConnellsaidthedocumentsheshreddedhadbeenoverlookedwhendisclosurewas
beingmadetotheFitzPatrickdefence,andwhenhediscoveredthemonatrayonthe
floorofhisoffice,herealisedhewasgoingtohavetogobacktothewitnessboxand
givemoreevidence.AfterheinformedtheStatelegalteamofwhathehaddone,he
soughtpsychiatrichelp.

Dramatic development

Thebizarreanddramaticdevelopmentturnedacrisiscausedbyhowtheinvestigation
hadbeenconducted,intoafullblowncatastrophe.AlthoughOConnellsaidhe
wasntsurewhatthedocumentsheshreddedwere,hesaidhebelievedtheywere
notestakeninmeetingsorduringphonecallsassociatedwiththecase.Complaints
aboutdisclosurehadfeaturedduringhisgivingofevidencein2015,andwhenhe
returnedtotheofficeandfoundmoredocumentsthathadnotbeendisclosed,he
panicked,hesaid.

In2015hereferredtoeightorninepagesofnotes,whilethisyearhesaidhethought
aboutthreeorfourpagesmayhavebeeninvolved.Herefusedtoletthecourthave
accesstoreportsconcerninghismentalhealth.

OConnellhadplayedakeyroleingatheringevidenceagainstFitzPatrickeven
thoughhehadneverplayedaroleininvestigatinganindictableoffencebefore.

Thecourtheardthat,asproblemswiththeinvestigationemergedduringthetrial,the
newDirectorofCorporateEnforcement,IanDrennan,whohadtakenoverfrom
ApplebyinAugust2012,informedhisstaffthatonlyGardaofficerswereto
henceforthtakewitnessstatements.

HealsosaidthatwhenthedetailsofwhathadhappenedintheFitzPatrickcase
emerged,itwaslikelythattheagencywouldsufferveryseverereputational
damageaswellasparliamentaryscrutiny.

AlloftheinterviewswiththeEYpartnersoccurredinthepresenceofthesolicitors
fromA&LGoodbody,includingpartnerLiamKennedy,withwhomOConnellwas
inregularcontact.

Therewereupto40versionsoftheKellyandBerginstatementsinthehuge
discoveryofdocumentsreleasedtothedefencelastyear.Itwasafterthemultiple
draftswerereceivedthatthedefencelearnedoftheflawsitarguedexistedinrelation
tohowtheinvestigationhadbeenconducted.
SomeofthedraftshadbeengoingbackandforthbetweentheODCEandA&L
Goodbody,somewithintheODCE,andsomewithinA&LGoodbody.Itwas
statementbycommittee,Condonsaid.Conspicuousbytheirabsencewerethe
guards.Hesaidstandardsininvestigatingasuspectedcrimecouldnotbelowered
justbecauseitwasanallegedwhitecollarcrime.Everyonegoestothesameprison.

http://www.irishtimes.com/news/crime-and-
law/courts/circuit-court/shredding-played-key-role-
in-downfall-of-fitzpatrick-inquiry-
1.3093582#.WSSahhHU0kM.facebook
VERY IMPORTANT
this a copy of an Article from 2010
But just shows the Arrogance of the man
(interesting to note the 4th last paragraph)?
""Party-on Seanie puts all his troubles behind him
Occasional heckle a minor inconvenience for disgraced ex-
Anglo boss
Liam Collins and Ronald Quinlan
July 4 2010 5:00 AM
HE is staring bankruptcy in the face, and the bank he built and
broke has been officially declared as the worst performer in the
world for 2009.
But that doesn't mean that Sean FitzPatrick can't enjoy himself
while the taxpayer foots the 22bn bill for the extraordinary
mismanagement of Anglo Irish Bank.
Last weekend, the silver-haired career banker was showing no
sign of having learned any of the harsh lessons of the
recession, as he enlisted the help of event rental specialists
Select Hire for a party at his substantial home in Greystones,
Co Wicklow.
It is believed that the bash was attended by a select cross-
section of Mr FitzPatrick's family and loyal friends, and may
have been held to celebrate the former high-flier's 62nd
birthday, which Companies Office records state fell on June 25
last.
Efforts by the Sunday Independent to elicit the finer details of
the celebrations were unsuccessful, with a number of those
who would have been on his guestlist in years gone by
claiming to know nothing about the party when contacted.
Commenting on the event, one close friend of Mr FitzPatrick's
said: "He did what? Oh, Jesus! I don't understand why he
doesn't just stay out of the way and stop drawing attention to
himself . . . That's crazy behaviour altogether."
The Sunday Independent has also learned that the former
Anglo boss found himself on the receiving end of harsh words
from a heckler as he stepped up to take his prize for second
place in the prestigious Captain's Prize at Greystones Golf
Club recently.
It is understood the heckler may now be called before the club
committee to explain his reasons for loudly shouting out
"where's our 22bn" as Mr FitzPatrick was being presented
with his award during a dinner in the clubhouse.
According to a club insider, there was consternation earlier
among some members when it looked as if Mr FitzPatrick
might win the Captain's Prize himself.
However, in the end a relatively new member won the
competition and Mr FitzPatrick picked up the second prize and
an earful of verbal abuse on behalf of the Irish taxpayer.
Sources at Greystones Golf Club say that the former Anglo
chairman receives a "mixed reception" whenever he tees off.
Many of those who have suffered in the economic collapse
blame the golf- loving banker for their predicament.
However, older members of Greystones, one of several clubs
of which Mr FitzPatrick is a member, believe that he should be
remembered for the generous support he and Anglo Irish
Bank gave to the club in the past.
Indeed, such was the level of support at the now-nationalised
Anglo Irish Bank that from 2006 to 2008, the golf-mad bank
management spent 1.13m on golfing events -- including more
than 200,000 on golf balls alone.
Prior to being taken over by the State, Anglo executives
enjoyed the benefit of a corporate membership at the
prestigious Druid's Glen Golf Club, which is located within a
five-minute drive of Mr FitzPatrick's Greystones home.
Since his departure from Anglo Irish Bank, Mr Fitzpatrick has
continued to work on his handicap at Druids' Glen, Greystones
and at the exclusive Las Brisas Golf and Country Club in the
Spanish resort of Marbella.
Representatives for Mr FitzPatrick, meanwhile, are due to
meet with his creditors this Wednesday in a last ditch effort to
reach an agreement that would see the former Anglo Irish
Bank chairman avoid bankruptcy.
It is understood that Mr FitzPatrick is looking for his creditors'
consent to a private deal called a 'scheme of arrangement',
under which they would receive full security over what he
claims is a potentially valuable oil project in Nigeria.
Mr FitzPatrick claims his creditors, who are led by Anglo Irish
Bank, would recoup 8m more from him were they to agree to
the deal.
It is widely anticipated that Anglo Irish Bank, which is owed
110m and represents 40 per cent of Mr FitzPatrick's
indebtedness, would move to block any such scheme of
arrangement should it come to a vote of the creditors.
In an affidavit on the matter, Mr FitzPatrick has expressed his
view that Anglo Irish Bank had decided to proceed against
him, even at the expense of its ability to maximise its potential
to recover its borrowings.
He said he believed the bank's policy was being driven by
public perception that its former executives should not be let
off the hook. That claim has been rejected by the bank.
State watchdog 'fully accepts' it
coached witnesses in FitzPatrick
trial, Media We Speak for
Orselves, not The Irish People
of Ireland Does
But the state corporate watchdog says that its practices have since
changed.
May 24, 17

THE STATES CORPORATE watchdog has accepted heavy

criticism from the judge in the Sean FitzPatrick trial that
evidence was contaminated, but said that the organisations
practices had changed since that evidence was collected.
Earlier today, judge John Aylmer ended the longest-running
criminal trial in the history of the State when he acquitted
former Anglo Irish Bank chair Sean FitzPatrick of all charges.
His ruling came after lengthy submissions from the defence
arguing that the case should not go before the jury because of
flaws in the investigation process and in the prosecution case.
The Office of the Director of Corporate Enforcement (ODCE)
was accused of coaching two audit partners from Ernst &
Young witnesses central to the prosecution and as a result,
their evidence was contaminated.
But the ODCE has also defended its current processes, with a
statement released this evening.
The ODCE fully accepts that criticism. However, the practices
that were so heavily criticised by the trial judge date as far back
as to early 2009.
Over the intervening years, the ODCE has
undergone substantial organisational change and as a result,
some eight years later, it is a very different organisation to
what it was at that time.

It also outlined how its practices had changed over the past
decade.

Source: ODCE
Shredded documents
In January it came to light that a lead ODCE investigator into
allegations against FitzPatrick shredded documents related to
the case in what he called a calamitous error.
The state watchdog sought to clarify this issue as well:
[The incident] occurred at a time during which the staff
member concerned was under enormous stress and against a
backdrop of significant mental health issues, certain of which
pre-dated the incident and which culminated in the staff
member concerned being hospitalised for almost two months
in the immediate aftermath of those events.
The ODCE was tasked with investigating allegations that
FitzPatrick failed to disclose multi-million euro loans to
auditors, in what it called the most high profile case it has
been involved with to date.
A JUDGE HAS ordered that former Anglo Irish Bank chairman
Sean FitzPatrick be found not guilty of hiding millions of euro
in loans from auditors.
On day 126 of the States longest running criminal trial, Judge
John Aylmer said that there was a real risk that the former
bank executive would be denied his constitutional right to a
fair trial.
He said this resulted from alarming flaws in the prosecution.
The judge said that he intended to direct the jury to acquit
FitzPatrick (68) of Whitshed Road, Greystones, Co Wicklow of
all remaining charges.
His ruling was made in the absence of the jury, which returns
to court tomorrow.
The prosecution alleged that amount of loans connected to
FitzPatrick was artificially reduced for a period of two weeks
around the banks financial end of year statement by short
term loans from other sources, including Irish Nationwide
Building Society.
Described as refinancing this practice was also known as
bed-and-breakfasting or warehousing, as the loans would
be allegedly put into short term storage.
During legal argument, Dublin Circuit Criminal Court heard
there was nothing illegal about the loans arrangement.
The State alleged that the former director was obliged to
disclose the full extent of his loans to the banks auditors Ernst
& Young and instead he had concealed them.
After his arrest in 2010 FitzPatrick denied to investigating
garda from the Garda Bureau of Fraud Investigation that he
had ever sought to conceal the multi-million euro loans.
He told detectives that there was no financial benefit to him,
his family or the bank in the annual refinancing of some of his
loans.

Follow

Declan Brennan
Trial judge will direct the jury to acquit Sean Fitzpatrick of all
 counts relating to refinancing of loans from 2002 - 2007
11:40 AM - 23 May 2017
` 8 8 Retweets1 1 like
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Source: Declan Brennan/Twitter

Speaking outside of court after the ruling FitzPatrick said it

had been a long, tiring and difficult time for him and his
family. He said that thankfully the trial was over now and it
was a wonderful day for him and his family.
Judge Aylmer had said that the investigation, carried out by
the Office of the Director of Corporate Enforcement (ODCE),
fell short of an unbiased, impartial and balanced investigation
that an accused is entitled to.
He said this was because the lead investigator for the ODCE,
Kevin OConnell was inexperienced and made fundamental
mistakes.
He said the ODCE investigation failed to seek out evidence as
to the innocence as well as the guilt of the accused. He said the
ODCE adopted an inappropriate, biased and partisan approach
and were trying to build a case rather than investigating a case
impartially.
Much of the case rested on letters of representation signed by
each Anglo directors during the audit and the judge ruled that
this issue was not properly investigated.
He said the most fundamental error was the way in which the
ODCE set about taking statements from witnesses.
He said this involved coaching of witnesses, contamination of
their statements from third parties such as solicitors for the
auditors and cross-contamination between witness statements.
He said warnings to the jury would be inadequate to address
these flaws.
Judge Aylmer also pointed to the extraordinary destruction of
documents linked to the investigation by the lead investigator.
This happened during legal argument in the first trial in May
2015 and emerged during that trial.
The judge said there must be a concern that the shredded
documents were of assistance to the defence and damaging to
the prosecution.
The retrial of FitzPatrick began last September. It was
scheduled to last three months but quickly became bogged
down in weeks of legal argument in the absence of the jury.
FitzPatrick had pleaded not guilty to 27 offences under the
1990 Companies Act. These include 22 charges of making a
misleading, false or deceptive statement to auditors and five
charges of furnishing false information in the years 2002 to
2007. The DPP withdrew nine of these charges earlier this
month.
The prosecution came on foot of an investigation by the ODCE
that began shortly after the full size of FitzPatricks personal
loans emerged in December 2008.
Between 2002 and 2007 loans taken out by FitzPatrick, his
wife and family members increased from in the region of 10
million in 2002 to around 100 million in 2007. The
revelations led to FitzPatrick resigning as chairman.
The loans were used to finance development of shopping
centres, hotels and offices at a time when a lot of money could
be made in property development, the jury were told at the
start of the trial.
THE FORMER CHAIRMAN and chief executive of Anglo Irish
Bank Sean FitzPatrick said its a wonderful day as he was
today acquitted on all charges against him at the Circuit
Criminal Court.
FitzPatricks trial had been the longest-running criminal trial
in the history of the State.
This morning the 126th day of proceedings presiding judge
John Aylmer said he will direct the jury to acquit the 68-year-
old on all counts.
Outside the court, FitzPatrick told RTE reporters that the trial
had been a very long, tiring and difficult time for his family and
for himself.
Thankfully today the trial is over, he told reporters.
He thanked his legal team and his lawyers.

Follow

RT News

 Former Anglo Irish Bank chairman Sean FitzPatrick thanked

his legal team and said "it's a wonderful day for me and my
family"
12:23 PM - 23 May 2017
` 18 18 Retweets10 10 likes
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Source: RT News/Twitter

Its a wonderful day for me and my family, FitzPatrick said.

I appreciate the medias restraint in this current trial and I

would hope that my privacy and that of my family is respected
over the coming days.
He stated that he had no further comments to make.
The former chairman of Anglo Irish Bank was on trial in
relation to an alleged failure to disclose the extent of loans to
the banks auditors. He had pleaded not guilty to all charges.
His ruling came after lengthy submissions from the defence
arguing that the case should not go before the jury because of
flaws in the investigation process and in the prosecution case.
Lawyers for the Director of Public Prosecution argued that the
trial should continue and should be decided by the jury.
Judge Aylmer said that after considering the arguments from
both sides he had decided that in the interests of the accuseds
constitutional right to a fair trial he would direct the jury to
find the former banking executive not guilty.
The jury will be told tomorrow that all charges have been
dropped and the jurors will be dismissed.
http://www.thejournal.ie/sean-fitzpatrick-trial-
evidence-contaminated-3405087-May2017/
Sean FitzPatrick speaking on steps of courts today
May 22nd 2017
https://soundcloud.com/thejournal_ie/sean-
fitzpatrick-speaking-on-steps-of-courts-today
The judge in the Sean Fitzpatrick case will tomorrow direct the jury to acquit him on all 27
charges of deception and fraud.

The case collapsed due to incompetence in the investigation by the DPP, which included the
unexplained shredding of documents relevant to the case.

"People like us never lose......"

www.mickblakemusic.com

https://video-ams3-1.xx.fbcdn.net/v/t42.1790-
2/18710698_1847699572217848_3554978601659006976_n.mp4?
efg=eyJybHIiOjMyMiwicmxhIjoxMDEwLCJ2ZW5jb2RlX3RhZyI6InN2ZV9zZCJ9&rl=3
22&vabr=179&oh=388059bc8eb878c51ea91a6073007c82&oe=592503C6

Watchdog accepts criticism after judge acquits ex-

Anglo chief Sean FitzPatrick
Tuesday, May 23, 2017
The Office of the Director of Corporate Enforcement (ODCE)
has said it fully accepts a judge's criticism of its investigation
into the former chairman of Anglo Irish Bank after he was
acquitted of misleading auditors.
Sean FitzPatrick was on trial for the last 126 days accused of
"artificially reducing" personal loans for a few weeks around
the end of the defunct bank's financial year to avoid their full
value being shown in accounts.
After the longest criminal trial in Irish history, the former
bank boss was told the jury will be given a direction to find
him not guilty at a hearing in the Circuit Criminal Court in
Dublin on Wednesday morning.
The Office of the Director of Corporate Enforcement (ODCE)
said it accepted witnesses were coached when giving
statements during the investigation and that their evidence
was contaminated.
It also admitted that other documents held by the watchdog
were shredded by one its own officials. He was said to be
under enormous stress at the time.
"Those actions clearly should not have occurred," the ODCE
said.

Mr FitzPatrick, who has always denied wrongdoing and

pleaded not guilty, walked from the Criminal Courts of Justice
complex in Dublin holding his daughter Sarah's hand after
being told that he was being acquitted.
"I want to say it was a very long and tiring and difficult time
for my family and myself and thankfully today the trial is
over," he said.
Mr FitzPatrick thanked his legal team by name and added:
"As you can appreciate it's a wonderful day for me and my
family. I appreciated the media's restraint in this current trial
and I would hope that my privacy and that of my family is
respected over the coming days."
The ODCE said it accepted that witnesses from auditors
Ernst and Young were coached while making statements and
that their evidence was contaminated.
In a lengthy statement following Mr FitzPatrick's acquittal,
the ODCE also said there were "serious failures" in its
investigations into the former banker's personal loans.
"It is clear at this remove that, at that time, the ODCE was
simply not equipped to undertake parallel investigations on
the scale involved," the watchdog said.
It said the witness statements were taken by "civilian staff".
"Regrettably however, none of those individuals had any
training or experience of taking witness statements," the
ODCE said.
"Moreover, the inappropriateness of the approach that was
subsequently adopted in obtaining those statements was not
sufficiently appreciated nor were the attendant risks
responded to appropriately."
The ODCE said it has undergone "substantial organisational
change" over the last eight years.
It said: "It is a very different organisation to what it was."
Mr FitzPatrick of Whitshed Road, Greystones, Co Wicklow had
pleaded not guilty to more than two dozen offences under
company law, including making a misleading, false or
deceptive statement to auditors and furnishing false
information between 2002 to 2007.
The former banker's acquittal sparked criticism from
opposition politicians over the handling of the investigation.
Pearse Doherty, Sinn Fin's finance spokesman, claimed
fraud investigators in Ireland were under-resourced.
Alan Kelly, Labour Party deputy leader, called for an
independent inquiry into the ODCE's handling of the case.
The Director of Public Prosecutions declined to comment on
the outcome of the case.
Mr FitzPatrick went on trial last September. Proceedings were
scheduled to end by Christmas but it was delayed by weeks
of legal argument in the absence of the jury and only began
hearing evidence in December.
https://www.irishexaminer.com/breakingnews/ireland/watchdog-
accepts-criticism-after-judge-acquits-ex-anglo-chief-sean-fitzpatrick-
790914.html
Ex-Anglo chief Sen FitzPatrick acquitted in
long-running loans case
As you can appreciate its a wonderful day for me and my family

Colm Keena
May 23, 17

The judge in the trial of the former chairman of Anglo Irish Bank Sen FitzPatrick
is to direct his acquittal.

The development came as Judge John Aylmer strongly criticised the investigation
by the Office of the Director of Corporate Enforcement (ODCE).

He opened a lengthy ruling by announcing his decision, promoting an emotional

gasp from Mr FitzPatricks daughter Sarah, who was in court. Not to declare his
decision at the outset, he said on Tuesday, would be a further unfairness.

Mr FitzPatrick (68) looked straight ahead and listened as the judge strongly
criticised the ODCE. It emerged last year that documents relevant to the case had
been shredded by ODCE solicitor Kevin OConnell, who later sought medical
treatment.

Mr OConnell played a lead role in the investigation, but had no previous

experience of investigating indictable offences. The investigation fell short of the
duty to seek out evidence as to a persons innocence as well as their guilt, the
judge said.

He was giving his ruling following a submission from the defence that the charges
be withdrawn. The jury is to return on Wednesday to be told of the development.

Difficult time
Speaking outside the Criminal Courts of Justice on Tuesday afternoon, the
former bank executive said he wanted to say it was a very long and tiring and
difficult time for my family, myself but thankfully today the trial is over. As you
can appreciate its a wonderful day for me and my family.
He paid tribute to his legal team and also said he appreciated the medias
restraint during the current trial, adding: I would hope that my privacy and that
of my family is respected in the coming days.

Mr FitzPatrick of Whitshed Road, Greystones, Co Wicklow, had pleaded not

guilty to 27 offences under the 1990 Companies Act. These included 22 charges of
making a misleading, false or deceptive statement to auditors and five charges of
furnishing false information in the years 2002 to 2007.
It was the prosecutions case that multi-million euro loans taken out by Mr
FitzPatrick and his family were artificially reduced for a period of two weeks
around the banks financial end of year statement by short term loans from other
sources, including Irish Nationwide Building Society (INBS).

The prosecution alleged Mr FitzPatrick failed to disclose the extent of these loans
to the banks auditors in the years 2002 to 2007. Mr FitzPatrick had denied all
charges.

Legal aid
The case ran for 126 days in what was the countrys longest running criminal
trial. Mr FitzPatrick, a former bankrupt, was receiving legal aid.
Judge Aylmer said a fundamental error was made when statements were being
taken from witnesses Vincent Bergin and Kevin Kelly, who were audit partners
with EY, auditors to Anglo Irish Bank.

At the time the financial services firm was aware that it was being investigated by
its regulatory body, Carb, and was being sued by the IBRC, in relation to matters
linked to Anglo. The ODCE assured the firm that as part of its inquiry into Mr
FitzPatrick, it would not be investigating the adequacy of its audit of Anglo.

The process of taking the statements took two years and involved EYs solicitors,
A&L Goodbody. It was more in the manner of preparing an affidavit for a civil
action, than witness statements for a criminal trial, the judge said.

The ODCE adopted an inappropriate, biased and partisan approach, the judge
said. It was trying to build and defend a case against Mr FitzPatrick rather than
investigate the alleged crimes.

The preparation of the witness statements involved coaching and cross-

contamination, the judge said.

The trial began in Dublin Circuit Criminal Court last September and was
scheduled to end by Christmas.

It was delayed by weeks of legal argument in the absence of the jury and only
began hearing evidence in December.

https://www.irishtimes.com/news/crime-and-law/courts/circuit-court/ex-
anglo-chief-sen-fitzpatrick-acquitted-in-long-running-loans-case-
1.3093217?mode=amp
Sean FitzPatrick calls today 'a wonderful day for me'
after acquittal
Tuesday, May 23, 2017
Former Anglo Irish Bank chairman, Sean FitzPatrick has said
his prosecution for allegedly misleading the bank's auditors
about millions of euro in loans was a difficult time for him
and his family.

Mr FitzPatrick was speaking outside the Criminal Courts of

Justice in Dublin city after a judge said that he intends to
direct the jury tomorrow to acquit him of all charges.

Judge John Aylmer said that the investigation into the alleged
refinancing of loans at the bank's year end dates between
2002 and 2007 was flawed by witness coaching and
contamination of witness statements.

Speaking after the ruling the former bank executive said: "I
want to say it was a very long and tiring and difficult time for
my family, myself but thankfully today the trial is over.

"As you can appreciate it's a wonderful day for me and my

family."
 Follow

Frank Greaney

VIDEO Sean Fitzpatrick says "it's a wonderful day" as he

leaves court after the collapse of his trial
12:13 PM - 23 May 2017
` 46 46 Retweets20 20 likes
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He paid tribute to his legal team and also said he

appreciated the media's restraint during the current trial,
adding: "I would hope that my privacy and that of my family
is respected in the coming days."

The trial at Dublin Circuit Criminal Court was a retrial after

the first trial in May 2015 ended following weeks of legal
argument over the flaws in the ODCE investigation.
Mr FitzPatrick was charged in December 2012 after being
arrested at the Bridewell Garda Station.

He was brought before Dublin District Court where fraud

squad Detective Inspector Raymond Kavanagh told the court
that Mr FitzPatrick said "no comment" in reply to 12 charges
of knowingly or recklessly making false, misleading or
deceptive statements to Anglo's auditors from 2002 to 2007.

This morning Mr FitzPatrick looked initially taken aback when

Judge Aylmer made it clear at the start of a lengthy ruling,
that he intended to direct an acquittal. Judge Aylmer said it
would give rise to further unfairness if he didn't inform the
defendant immediately.

He said he was making his ruling because of real concerns

that the defendant was being denied his constitutional right
to a fair trial.

Mr FitzPatrick broke into a smile as the decision sunk in and

his daughter Sarah, who was present during much of the trial
process, broke into tears.

After Judge Aylmer finished his ruling and rose, Ms FitzPatrick

stepped into the dock and cried while she and her father
embraced.
https://www.irishexaminer.com/breakingnews/ireland/sean-fitzpatrick-
calls-today-a-wonderful-day-for-me-after-acquittal-790860.html
Judge acquits Sean FitzPatrick on grounds he 'would
be denied his constitutional right to a fair trial'
A judge has ordered that former Anglo Irish Bank chairman
Sean FitzPatrick be found not guilty of hiding millions of euro
in loans from auditors.
Tuesday, May 23, 2017

On day 126 of the State's longest running criminal trial,

Judge John Aylmer said that there was a real risk that the
former bank executive would be denied his constitutional
right to a fair trial. He said this resulted from alarming flaws
in the prosecution.

The judge said that he intended to direct the jury to acquit

Mr FitzPatrick (aged 68) of Whitshed Road, Greystones, Co
Wicklow of all remaining charges. His ruling was made in the
absence of the jury, which returns to court tomorrow
morning.

The prosecution alleged that the amount of loans connected

to Mr FitzPatrick was artificially reduced for a period of two
weeks around the bank's financial end of year statement by
short-term loans from other sources, including Irish
Nationwide Building Society.

Described as refinancing this practice was also known as

bed-and-breakfasting or warehousing, as the loans would
be allegedly put into short-term storage. During legal
argument, Dublin Circuit Criminal Court heard there was
nothing illegal about the loans arrangement.

Sean FitzPatrick outside court today. Pic: Collins

The State alleged that the former director was obliged to
disclose the full extent of his loans to the bank's auditors
Ernst & Young and instead he had concealed them.
After his arrest in 2010 Mr FitzPatrick denied to investigating
garda from the Garda Bureau of Fraud Investigation that he
had ever sought to conceal the multi-million euro loans.

He told detectives that there was no financial benefit to him,

his family or the bank in the annual refinancing of some of
his loans.

Speaking outside of court after the ruling Mr FitzPatrick said

it had been a long, tiring and difficult time for him and his
family. He said that thankfully the trial was over now and it
was "a wonderful day for him and his family".

Judge Aylmer had said that the investigation, carried out by

the Office of the Director of Corporate Enforcement (ODCE),
fell short of an unbiased, impartial and balanced
investigation that an accused is entitled to.

He said this was because the lead investigator for the ODCE,
Kevin O'Connell was inexperienced and made fundamental
mistakes.

He said the ODCE investigation failed to seek out evidence

as to the innocence as well as the guilt of the accused. He
said the ODCE adopted an inappropriate, biased and partisan
approach and were trying to build a case rather than
investigating a case impartially.

Much of the case rested on letters of representation signed

by each Anglo directors during the audit and the judge ruled
that this issue was not properly investigated.

He said the most fundamental error was the way in which

the ODCE set about taking statements from witnesses. He
said this involved coaching of witnesses, contamination of
their statements from third parties such as solicitors for the
auditors and cross-contamination between witness
statements.
He said warnings to the jury would be inadequate to address
these flaws.

Judge Aylmer also pointed to the extraordinary destruction of

documents linked to the investigation by the lead
investigator. This happened during legal argument in the first
trial in May 2015 and emerged during that trial.

The judge said there must be a concern that the shredded

documents were of assistance to the defence and damaging
to the prosecution.

The retrial of Mr FitzPatrick began last September. It was

scheduled to last three months but quickly became bogged
down in weeks of legal argument in the absence of the jury.

Mr FitzPatrick had pleaded not guilty to 27 offences under

the 1990 Companies Act. These include 22 charges of
making a misleading, false or deceptive statement to
auditors and five charges of furnishing false information in
the years 2002 to 2007. The DPP withdrew nine of these
charges earlier this month.

The prosecution came on foot of an investigation by the

ODCE that began shortly after the full size of Mr FitzPatrick's
personal loans emerged in December 2008.

Between 2002 and 2007 loans taken out by Mr FitzPatrick,

his wife and family members increased from in the region of
10 million in 2002 to around 100 million in 2007. The
revelations led to Mr FitzPatrick resigning as chairman.

The loans were used to finance development of shopping

centres, hotels and offices at a time when a lot of money
could be made in property development, the jury were told
at the start of the trial.

Judge John Aylmer's ruling in full

Beginning a 15-page judgement Judge John Aylmer said that
it would be a further unfairness to Mr FitzPatrick if he didn't
at the outset state his intention to direct an acquittal on all
counts.

The judge then noted that he was dealing with two defence
applications. One was to stop the trial on the basis that the
accused has been denied his constitutional right to a fair
trial.

The second defence application was to direct the jury to

acquit the accused on the basis that the prosecution has not
established a sufficient case to go to the jury

He said that the Kevin O'Connell, a legal advisor for the

ODCE who was designated to run the investigation for the
ODCE, had no previous experience relevant to the proper
investigation of indictable offences.

As a consequence of that inexperience, he has admitted in

evidence before me and before the jury that he made many
fundamental errors in the investigation.

As a result, the investigation fell far short of the standard

impartial, unbiased and thorough investigation in which the
paramount duty was to seek out and preserve all evidence
which was or might potentially be relevant to innocence as
well as guilt, which is guaranteed under the constitution in
this jurisdiction, Judge Aylmer said.

He said that the most fundamental error was the manner in

which the ODCE went about taking witness statements from
the two main prosecution witnesses, Kieran Kelly and Vincent
Bergin of EY, who were the statutory auditors for Anglo Irish
Bank.

Initially the ODCE intended to follow the usual protocol by

sending garda seconded to the ODCE to take statements
from witnesses but they quickly lost sight of that and
started a process of drafting statements through A&L
Goodbody, solicitors for EY.

Drafts of the statements were circulated to a number of

people in the ODCE, including Mr O'Connell and his then
boss, Paul Appleby, the director of corporate enforcement.

The jury saw various versions of the witness statements with

new sections inserted, other sections crossed out or deleted,
and others marked with the words drop or delete.
Bernard Condon SC, defending, compared the process of
producing the statement to the hokey cokey.

It goes in and it goes out. The statement is just shaken out.

A meeting of bits going in and bits going out, he said.

Mr O'Connell agreed during the trial that the process was

wrong and inappropriate. Mr Condon told the court that
rulings by Judge Mary Ellen Ring during the first trial in May
2015 and by Judge Aylmer during the current trial found that
it was an unlawful practice.

In his ruling Judge Aylmer noted that the ODCE were acutely
conscious that EY themselves were or were about to be
investigated by their professional regulator regarding the
adequacy of the statutory audits which they carried out for
Anglo.

He said EY were also at the time at risk of being sued by

IBRC, the successor to Anglo. In order to ensure EY co-
operated with the ODCE investigation investigators were at
pains to reassure EY...that they had no interest in
investigating the adequacy of the audit.

As a consequence the ODCE completely lost sight of the

need to identify the nature and extent of the evidence
relevant to both guilt and innocence which needed to be
obtained and preserved, the judge said.
He said the statement-making process involved intense
negotiations between investigators and A&L Goodbody and
resulted in witness statements included in the book of
evidence which had been drafted entirely by people other
than the witnesses.

Judge Alymer also said the the ODCE had taken an

inappropriately biased and partisan approach to the
investigation and said that internal memos showed that they
were trying to build or construct a case rather than to
investigate the case independently and impartially.

There were suggestions that questions ought not to be

asked, the answers to which might be 'unhelpful' to the case
being made by the ODCE, he said.

He said it was conceded by the prosecution that there was a

very high degree of suggestion or coaching and
contamination by others and cross-contamination in the
preparation of the statements. He said these issues were of
grave concern.

As a result of these it only emerged during cross-

examination of Mr Bergin and Mr Kelly just how little
involvement they had in obtaining the letters of
representation, which were the subject matter of 21 of the
charges.

The letters of representation ask directors to state their

loans from a company during the year. This was a standard
request from auditors to directors of ordinary firms but bank
directors were only obliged to declare the amount of loans
from their bank at financial year end.

During the trial Mr Condon put it to Mr O'Connell that his

client was in danger of being jailed because of a clanger of
a mistake made by the bank's auditors because they had
asked Anglo directors to sign the wrong types of letter
during some of the relevant years.
Judge Aylmer said that the lack of involvement by the two
lead auditors in putting these documents together might
have been more apparent had their statements been taken
in the usual and proper manner in a criminal investigation.
This might have led to further investigation at the time
regarding who in the EY audit team was involved in obtaining
the letters from each director.

He said this might have led to the gathering of evidence of

the extent to which the audit team were aware of Mr
FitzPatrick's borrowings and their refinancing at year end.
Judge Aylmer there was evidence that the full extent of his
loans from the bank were disclosed in the quarterly returns
to the Central Bank, which were on the EY audit file.

A very large number of banking staff within Anglo Irish Bank

were fully aware of the refinancing process and there was no
secret made of it within the bank at least below board level,
Judge Aylmer said.

The judge said that the ODCE and the solicitors for the
auditors scripted the evidence of Mr Bergin and Mr Kelly and
this was based on presumptions that the audit team did not
know about the extent of Mr FitzPatrick's loans and an
assumption that the auditors had required the information in
the letters of representation and in particular, the aggregate
total of directors' loans during the year.

He said the jury saw evidence of Mr Bergin's testimony to

the 2010 investigation by auditory regulatory body CARB in
which he said the disclosures in relation to loans in the
letters of representation complied with accounting standards
and company law and that there was no extra audit work
undertaken in 2008 after the refinancing came to light.

He said that it was most alarming that it was only in cross-

examination of the auditors that it emerged they only
required the end of year figures for directors' loans to be
included in the letters of representations.

He said this showed how the effect of the coaching on the

testimony of witnesses was pernicious.

Had the defence cross-examination of Mr Bergin and Mr

Kelly been less skillful and failed to expose the truth about
their lack of involvement in obtaining the letters of
representation and that their requirements were confined to
the year-end position in relation to directors' loans, no
amount of warnings by the court to the jury of the dangers
arising from the fact that the evidence of these witnesses
had been coached from start to finish could have
compensated for the pernicious effect that that process had
on the testimony of those witnesses, he said.

Judge Alymer described the shredding of six documents by

lead investigator Mr O'Connell as extraordinary.

We do not know what might have been in those documents.

Notwithstanding the investigator's insistence that he did not
know the shredded documents to contain anything of
particular relevance to the defence, there must be a doubt
as to why he singled them out for destruction while at the
same time preparing a schedule of disclosure for the other
16 documents, he said.

He said that the court retained a significant doubt that

those shredded documents may in fact have contained
material which might have been of assistance to the defence
or damaging to the prosecution.

Judge Aylmer listed the flaws in a five year long prosecution

as the total lack of investigation as to how the letters of
representation came into being, a failure to seek out the
evidence of those on the audit team actually involved in
procuring them, the coaching, contamination and cross-
contamination of the auditor's evidence, the partisan and
biased nature of the investigation and the shredding of
documents by the lead investigator.

He said given these he was satisfied that there was a real

risk of an unfair trial, incapable of being rectified by
directions to the jury and I would have directed them to
acquit on that basis.

He added that the effect of the coaching is the issue of

greatest concern to me and I have already indicated why I
think warnings to the jury would be inadequate in this case.
https://www.irishexaminer.com/breakingnews/ireland/judge-acquits-
sean-fitzpatrick-on-grounds-he-would-be-denied-his-constitutional-
right-to-a-fair-trial-790910.html

Official would have considered alleged refinancing

arrangement as significant, court hears

Tuesday, February 14, 2017

The man in charge of auditing Anglo Irish Bank for seven

years has told a jury that he would have considered an
alleged refinancing arrangement of loans to Sean FitzPatrick
as significant to the audit.

Mr FitzPatrick (aged 68), the bank's former chairman, is

accused of misleading auditors about multi-million euro
loans from 2002 to 2007. He has denied all charges.
On day 79 of the trial at Dublin Circuit Criminal Court,
Dominic McGinn SC, prosecuting, showed Kieran Kelly, a
partner with audit firm EY (previously Ernst & Young) a
number of loan facility letters from Irish Nationwide Building
Society for the years 2002, 2003 and 2004.

The purpose of the loans from Irish Nationwide were listed

variously as the refinancing of Anglo loans in the name of
the accused as well as loans in the name of Triona, J and D
FitzPatrick and loans linked to the accused's shareholding in
the Beacon partnership.

The loan facilities, offered in September of each year, went

as high as 18.3m in 2004. The jury saw the figure for
directors loans was given in the bank's 2004 annual
accounts as just over 10m.

Mr Kelly said in 2002 that he was not aware of a 4.4m loan

arrangement Mr FitzPatrick had with Irish Nationwide (INBS).

The witness also viewed documents, known as letters of

representation, presented by the bank to the auditors. He
said representation letters were very important for
confirming important aspects of an audit.
Mr McGinn told the witness that it will be for the jury to
decide if the prosecution has proved what the INBS facility
letters amount to and whether those refinancing
arrangements should have been part of the letters of
representation.

He asked Mr Kelly about the significance of the loans to his

audit in the case where the jury were to conclude Mr
FitzPatrick's loans were in existence during the financial year
and Mr Kelly had not been told about the loans during the
audit process.

Mr Kelly said that the drawing down of the loans from Anglo
wouldn't have had a big impact on the audit.

Directors may take loans during the year and may repay,
whatever their personal circumstances may have been and
there may well have been a pattern of such activity, he
said.

Mr McGinn then asked Mr Kelly would his view change if the

jury were to conclude that arrangements were put in place at
the year end specifically for those loans to be refinanced.

The witness replied: I would consider that to be of a greater

significance to the audit.

He said he would first seek to understand the precise nature

of the refinancing. He would also seek to understand that
all accounting and disclosure obligations in relations to our
duties as auditors have been properly addressed.

He added that if he judged what was happening to be

unusual he would be obliged to make reports to the bank's
board and audit committee.

Mr FitzPatrick of Whitshed Road, Greystones, Co Wicklow has

pleaded not guilty to 27 offences under the 1990 Companies
Act.

These include 22 charges of making a misleading, false or

deceptive statement to auditors and five charges of
furnishing false information in the years 2002 to 2007.

The trial continues before Judge John Aylmer.

Irish Bank Resolution Corporation (IBRC ... LAK Document 1 Filed ... to
conceal its fraud. The Bank Fails and the Irish
http://s3.documentcloud.org/documents/997657/1-main.pdf

BW BANK IRELAND PLC - lbbwie.com SOLICITORS A & L Goodbody ...

LBBW Bank Ireland plc INDEPENDENT AUDITORS REPORT TO THE
MEMBERS OF LBBW BANK IRELAND PLC ... LBBW Bank Ireland plc
statements. 2006
http://www.lbbwie.com/downloads/FullFinancialStatements2006.pdf
In the Matter of the - Taoiseach In the Matter
of the ... Liquidators of Irish Bank Resolution
Corporation (IBRC) (the Special Liquidators)
... Messrs A&L Goodbody November 2015
http://www.taoiseach.gov.ie/eng/IBRC_Commission/Determination_1_Do
cuments_furnished_by_the_Special_Liquidators_of_IBRC.pdf
Irish Bank Resolution Corporation (IBRC), which is controlled by the
Irish Government, (iii) the Banks ... at A & L Goodbody, Sean
Fitzpatrick Heres some real evidence he was Corrupt Dec 20th 2013
http://s3.documentcloud.org/documents/997657/1-main.pdf
Bank Ireland plc COMPANY INFORMATION ... SOLICITORS A & L
Goodbody ... We have been instructed by LBBW Bank Ireland plc (the
Bank) 2007
http://www.lbbwie.com/downloads/LBBW_BANK_IRELAND_PLC_INTERIM
_30_06_07.pdf
Central Bank of ... whether it can be concluded from the information
available within the IBRC and relevant evidence and ... A&L
Goodbody,2015
http://www.taoiseach.gov.ie/eng/IBRC_Commission/First_Interim_Report
.pdf
Irish Water Financial Statements Fitzgerald A & L Goodbody ...
provided in note 8 to the financial statements. Irish Waters operations
include several
https://www.water.ie/docs/Irish-Water-Financial-Statements-2014.pdf

Launch of the ODCE Annual Report for 2011 The investigative phase
of our Anglo Irish Bank investigations is almost complete Director
http://www.odce.ie/Portals/0/EasyDNNNewsDocuments/191/Annual_Rep
ort_Press_Statement_010612.pdf

The Governments Balance Sheet after the Crisis- A ... Sheet after the
Crisis- A Comprehensive Perspective ... of assets and liabilities can be
misleading. ... state-owned Irish Bank Resolution Corporation (IBRC).
http://static.rasset.ie/documents/news/ifac-report.pdf

Mr. OConnell reports on the Irish economy and different aspects of the
Central Bank of Irelands activities Statement by the Governor of the
Central Bank of Ireland, Mr. Maurice OConnell,

http://www.bis.org/review/r980309a.pdf

Irish SME Finance- Oireachtas committee calls for less dependency on

traditional banking 2014

http://www.oireachtas.ie/parliament/media/committees/jobsenterprisea
ndinnovation/Access-to-Finance-for-SMEs-with-links-15-July.pdf

Standard Life Investments Liquidity Fund plc ... Depositarys Report 11

Independent Auditors' Report 12 ... A & L Goodbody ANNUAL REPORT
AND AUDITED FINANCIAL STATEMENTS For the financial year ended
31 December 2016

https://uk.standardlifeinvestments.com/AR_SLI_Liquidity_Fund_PLC.pdf

The Government also made an Order on 27 July 2016 amending the

Commissions Terms of Reference. A copy of that Order

http://www.irishstatutebook.ie/eli/2016/si/417/made/en/pdf

Commissions final report on its first module. A copy of the publication

in Iris Oifigiil

http://www.irisoifigiuil.ie/currentissues/IR020816.pdf

Commission by the Joint Special Liquidators of IBRC. A copy of the

Determination is available here
http://www.taoiseach.gov.ie/eng/IBRC_Commission/Determination_1_Do
cuments_furnished_by_the_Special_Liquidators_of_IBRC.pdf
The hundreds of suicides, the destroyed families, the mega homeless problem caused directly by Sean
Fitzpatricks criminal greed didn't matter...... Only taking care of banker gangsters mattered......... The hall
mark of a Fine Gael, Fianna Fail, Labour Irish Government......

How much more of this are we going to stomach before we say enough is enough?
The UN Have Unveiled Their Master Plan
For The Next 14 years: Its Terrifying
http://www.un.org/pga/wp-
content/uploads/sites/3/2015/08/120815_outcome-
document-of-Summit-for-adoption-of-the-post-
2015-development-agenda.pdf

SEAN FITZPATRICK has been

ACQUITTED of ALL CHARGES
by the Trial Judge
We're pretty speechless here, but at the same time is anyone truly surprised?

Let's cut to the chase. Yes the judicial system is corrupt, but that's not the full story and it's not
just an Irish problem. The state was never designed to protect us from people like Sean
Fitzpatrick, it was designed to protect Sean Fitzpatrick from us.

If we dont look at the root of the problem, well go to our graves reading headlines about major
business gangsters going free and people like us dragged through the courts for speaking out.

The only solution to corruption is desperately trying to put in more honest politicians, more
honest judges, more honest garda, more honest bankers. And a bit of common sense reminds
us that this hasnt gotten us anywhere.

What if the whole system was corrupt? What if what we call corruption was actually built in, like
smoke is built into lighting a fire? What if the real problem was letting a tiny group of people over
there run our institutions while were too busy working or whatever else to keep them in line? How
would we solve it?

Theres a truism in life, if you keep doing the same thing to solve a problem and the same thing
keeps happening, its time for a different approach.

Weve a crazy idea: democracy. Democracy everywhere. Instead of a pantomime (parliament)

wed have a federation of directly democratic councils. Instead of our workplaces being organised
like military dictatorships wed have economic democracy (co-ops). Why do we let banks hoard
all the money and control us? Get rid of them. Why do we bow down to courts which are for
protecting the privileged rather than right and wrong. Get rid of them. Start again and do it right
this time.

This is how we take the power back. And lucky for us, other people have tried this with success
over the years, which obviously most of us have never heard of because thats dangerous
information to Fitzpatrick, Burton, Coveney, O'Brien, O'Sullivan.

Or else if this sounds like going 'too far' we can wait for Sean Fitzpatrick the 2nd and see what a
difference our votes made. The choice is ours.

Ah now people of Ireland did ye really think he was going to be charged. Now now down with that sort of thing.
TRANSPARENCY INTERNATIONAL IRELAND CALLS FOR IRISH AND NORWEGIAN INVESTIGATIONS
INTO PAYMENTS TO FINE GAEL AND FORMER COMMUNICATIONS MINISTER
Dublin, 24 March 2011 - Transparency International (Transparency) Ireland has asked that the
Garda, Criminal Assets Bureau, Office of the Director of Corporate Enforcement and Norwegian
authorities lead investigations into any prima facie criminal activities or company law
violations surrounding the award of Irelands second mobile licence in 1995.; The Organisation
for Economic Cooperation and Development (OECD) will also be asked to review progress in
the case.

The statement comes after Tuesdays publication of the final Moriarty Tribunal report on
payments to Irish politicians which found that the former Minister for Communications Michael
Lowry had received over 500,000 in secret payments in respect of his time as Minister
overseeing the award of the telecommunications licence.
The anti-corruption group has also called for:

1. The identification and potential freezing of profits arising from any illicit payment made
directly or indirectly to Mr Lowry by Mr Denis OBrien, or any other members of the winning
Esat Digifone consortium, or their agents.

2. The Norwegian authorities to investigate an attempt by Telenor Mobile to make a

secret 50,000 (63,000) donation to the Fine Gael party after the award of the
licence to the Esat Digifone consortium of which Telenor Mobile was a member.

3. The Irish authorities to investigate alleged corrupt payments by Mr Ben Dunne to Mr Michael
Lowry T.D. and any apparent illicit enrichment arising from Mr Dunnes payments.

If evidence of criminal wrongdoing is uncovered by the Garda and Norwegian authorities,

prosecutions must follow. Where there is sufficient evidence to show that profits have arisen
from corrupt transactions, those profits must be seized by the Irish State, said John Devitt,
Chief Executive of Transparency Ireland. It is also worth noting that if a finding were made of
corrupt enrichment arising from the award of the second mobile licence, the proceeds from a
seizure could more than recoup the running costs of the Moriarty Tribunal for the Irish
taxpayer, Mr. Devitt added.

Transparency Ireland has also called on Mr Justice Moriarty to forward any evidence of
obstruction or attempts to mislead the Tribunal to the Director of Public Prosecutions
Link: Transparency International Ireland calls for Irish and Norwegian
investigations into payments to Fine Gael and former Communications
Minister | Transparency International Ireland
http://transparency.ie/content/transparencyinternationalirelandcallsirishandnorwegianinvestigations
paymentsfine0

The Fine Gael Party says that it has contacted lawyers for the Moriarty Tribunal about the
33,000 donation it received from the telecommunications company, Telenor, in May
1997. Party leader, Michael Noonan, earlier told RT News that Fine Gael thought the
payment from the businessman David Austin in 1997 was a private contribution; it
was the following year, 1998, that it found out the money came from Telenor.

Mr Noonan said that he still wanted to return the donation. Dag Vangsnes of Telenor said this
evening that his company had also been in contact with counsel for the Moriarty Tribunal and
was making all relevant documents available to them. The Progressive Democrats have
meanwhile called on the Joint Committee on Public Enterprise and Transport to examine fully
all the circumstances surrounding the granting of the mobile licence to Esat Digifone.

Meanwhile, in a statement this evening, businessman Denis O'Brien said that ultimately
Telenor had been responding to an approach made by Fine Gael. Telenor was a 40%
shareholder in Esat Digifone when it made the donation in 1997. Attempts by the
party to return the donation failed. Mr Noonan said that he still wanted to return the
donation to Telenor. He added that he had reversed John Bruton's stance on informing the
Tribunal of the matter.

Fine Gael informs Moriarty of Telenor donation

6 Mar 2001

The Fine Gael Party says that it has contacted lawyers for the Moriarty Tribunal about the
33,000 donation it received from the telecommunications company, Telenor, in May 1997. Party
leader, Michael Noonan, earlier told RT News that Fine Gael thought the payment from the
businessman David Austin in 1997 was a private contribution; it was the following year, 1998, that
it found out the money came from Telenor.
Mr Noonan said that he still wanted to return the donation. Dag Vangsnes of Telenor said this
evening that his company had also been in contact with counsel for the Moriarty Tribunal and was
making all relevant documents available to them. The Progressive Democrats have meanwhile
called on the Joint Committee on Public Enterprise and Transport to examine fully all the
circumstances surrounding the granting of the mobile licence to Esat Digifone.

Meanwhile, in a statement this evening, businessman Denis O'Brien said that ultimately Telenor
had been responding to an approach made by Fine Gael. Telenor was a 40% shareholder in Esat
Digifone when it made the donation in 1997. Attempts by the party to return the donation failed.
Mr Noonan said that he still wanted to return the donation to Telenor. He added that he had
reversed John Bruton's stance on informing the Tribunal of the matter.

A spokesman for Fine Gael earlier said that the party made a mistake in not informing the
Moriarty Tribunal about a controversial donation of $50,000 from the Norwegian
telecommunications company. Fine Gael's Justice and Security spokesman Alan Shatter said that
in spite of legal advice to the contrary the party should have given information concerning the
donation to the Tribunal.

The former leader of the party, John Bruton, told RT News that when the party attempted to
discover the source of the money it agreed with Telenor to keep its discussions confidential. Mr
Bruton said that this meant the party was bound not to disclose the information unless obliged to
by law.

In a personal statement this morning, Mr Bruton said that when he became aware of the origins of
the donation in February, 1998, he directed that it be returned. He said that he wrongly assumed
that the refund of the money had gone ahead. Mr Bruton conceded that he did not inform himself
as fully as he should have about the matter but he said that Fine Gael had nothing to hide.

Last night, the Fine Gael general secretary, Tom Curran, said that the party had decided not to
report the donation to the Moriarty Tribunal because it would have been "politically disastrous".
He said that he feared that if the donation was revealed a connection might be made between
Fine Gael and the granting of a mobile telephone licence to Esat Digifone.

Later, he said that he wished to withdraw the words "politically disastrous" because it was his
impression there had been a political decision not to inform the Tribunal based on legal advice. A
Fine Gael statement said that the party had tried to return the money to Telenor but the cheque
had not been cashed. The statement said that the party had now decided to make another
attempt to return it by means of a bank draft.

The Minister of State at the Department of Finance, Martin Cullen, said that the statement raises
more questions than answers. Labour said that the Moriarty Tribunal should investigate the
matter. The party said that all parties involved should make themselves available to the Tribunal's
legal team.
Yesterday, the multi-millionaire businessman, Denis OBrien, and Telenor gave conflicting
accounts of the $50,000 donation to Fine Gael. Mr OBrien categorically denied making or
arranging a payment of $50,000 or 50,000 or any similar amount to Fine Gael in late 1995 or
early 1996. He said that he was approached about a party fundraiser in New York but declined to
attend. He said that, instead, he put a long time supporter of the party who was resident in Jersey
in touch with Telenor.

Telenor has said to RT that it made a payment of $50,000 to Fine Gael but on behalf of ESAT
Digifone. Mr OBrien, in his statement, said that Telenor sought reimbursement for the payment.
ESAT initially refused but did so around April 1996. Two years later Telenor sent ESAT a cheque
for the sum involved saying that it was a refund from Fine Gael. Mr OBrien understood that the
cheque was returned to Telenor and he had no knowledge of what happened to it afterwards.

The Dept of Finance has confirmed that the payment for the judge will come from
the special liquidator's funds, Who was the special liquidator ?Who is conducting the
review.Oh what a tangled web we weave, We must also now take into account, that
Mr
Dukes has declined to comment because of a government ordered inquiry,It would
be
unfair to ask him anything now,especially given the lead by Mr Kenny when he vowed
he
would break no law while the Fennelly commission was investigating.
Sean O Rourke put it to Noonan that he was less than fortcoming with answers in the
Dail.
Mr Shatter used the same term, an on going court case, Soon nobody will talking in
F.G.
even to each other by the look of things.
All that big talk from FG about robbing wages and welfare payments is swiftly
dismissed -

For a start, it says that we can't have someone simply asserting that someone else
owes them money: "a court order confirming that a debt is actually due to a creditor
is required". So, the courts will be bubbling over with Irish Water cases

And as for FG being the business friendly party -

Employers are already uneasy about acting as debt collectors. Wait 'til they get a
load of paragraph 5.103 of the LRC report, which calls for "sanctions for any person
who dismisses an employee or injures the employee in his or her employment, or
alters the employee's position to his or her prejudice, by reason of the circumstances
that an attachment of earnings order has been made".

Anyway, after all the self important huffing and puffing on Wednesday(?) did the
cabinet actually decide anything at all?
The paragraph headed 'Write-Off' is of particular interest.

And these same people are issuing diatribes against Catherine Murphy!
When we have big business telling an Independent elected TD to behave in an honourable
fashion when she raises questions in the Dail about the spending of taxpayers money,
The minister is not fortcoming with his answers and will not allow an Independent inquiry.
We must give Catherine Murphy our support. Its not so long ago since Clare Daly was
under attack in a similar context.Transparency and accountability must survive not be
smothered,Mr Noonan telling a TD to get her answers through F.O.I.s and when they get
them they are 90% redacted, Very insulting, Dangerous times indeed.
That's the same Clare Daly TD who was accused of drunkdriving and handcuffed,
wasn't the story leaked too?
Guess what she was compliant with alcohol rules.
Yet the former sinister minister Shatter was able to avoid a road block as he had
asthma, though he knew of Mick Wallace's waiving of speeding points.

Then the Garda Commissioner is visited at home & he resigns.

This whole corporatist like behaviour by FG - Noonan pushing for Aer Lingus to be
taken over by his appointee Willie Walsh (who will in his Noonan appointed role as
head of New Era will opine on his own bid)
Most in national media pushing for the transaction but it is all stories not analysis or
substance.

Then the utter farrago of IW - not being run as a national utility with cost savings
and proper national investment in infrastructure.
Then add on Siteserv the share price movement, the bids ignored, the previous
owners running the sale.
KPMG investigating itself

The whole thing is like a pathetic fascist state - like Portugal under Salazar, or one of
the Latin American countries until the 90's.
Take to task at every opportunity and preferably loudly and publically, if you meet
them on the street, in the local shop, anywhere at all, your local FG/"labour" TD (and
any other two faced lying hypocritical tosspot of a TD) who voted against an
independent inquiry and backed the corrupt sleaze of FG/"labour" having voted to
allow KPMG is investigate KPMG, overseen by a politically appointed judge, appointed
by uber sleaze bag Alan Shatter, and where the stinking smell of insider trading by
Davy stockbrokers is being investigated by the Irish Stock Exchange whom of course
Davy stockbrokers is the biggest shareholder!
That's the same Clare Daly TD who was accused of drunkdriving and handcuffed, wasn't the
story leaked too?
Guess what she was compliant with alcohol rules.
Yet the former sinister minister Shatter was able to avoid a road block as he had asthma,
though he knew of Mick Wallace's waiving of speeding points.

Then the Garda Commissioner is visited at home & he resigns.

This whole corporatist like behaviour by FG - Noonan pushing for Aer Lingus to be taken over
by his appointee Willie Walsh (who will in his Noonan appointed role as head of New Era will
opine on his own bid)
Most in national media pushing for the transaction but it is all stories not analysis or
substance.

Then the utter farrago of IW - not being run as a national utility with cost savings and proper
national investment in infrastructure.
Then add on Siteserv the share price movement, the bids ignored, the previous owners running
the sale.
KPMG investigating itself

The whole thing is like a pathetic fascist state - like Portugal under Salazar, or one of the Latin
American countries until the 90's.
The first shock that voters got who supported this government was when we read in
the papers that this government
was giving top-ups to cronies as well as stuffing state Quangos with other failed
election candidates, former officers etc.
Thats not what we voted for but thats what we got.
A copy of the terms of reference and further details of the KPMG investigation into
IBRC deals of greater than 10m. (Link to document via thestory.ie at end)

IN THE MATTER OF

IRISH BANK RESOLUTION CORPORATION LIMITED (IN LIQUIDATION)

AND IN THE MATTER OF THE

IRISH BANK RESOLUTION CORPORATION ACT 2013

Ministerial Direction to the Special Liquidators pursuant to Sections 9 of the Irish

Bank

Resolution Corporation Act 2013

Pursuant to the power conferred on me by Section 9(2) of the Act and being of the
opinion that
it is necessary to do so for the achievement for the purposes of the Act and in
particular those
purposes set out in sections and of the Act, I hereby direct you to:

perform a review of certain activities of (the Review) and produce a report

(the Report) setting out the findings of the Review in cooperation with the
independent oversight of an appropriate independent person as referred to in

provide the Report to me and cooperate fully with any further investigation arising
from
the Report by agencies of the State for these purposes;

obtain any necessary external advices or assistance and ensure that any actual or
perceived conflicts of interest which may arise are properly managed in connection
with the Review,

appoint, with the prior approval of the Minister, an appropriate independent person
to monitor the Review in respect of any actual or perceived conflicts of interest and
(ii)
to review the process pursuant to which the aforesaid Review under 1( a) and the
Report
under 1(a) is conducted; and
comply with the terms of this Direction as expeditiously as possible and, in any case,
before 31 August, 2015, or as soon as practicable thereafter.

Terms of Reference

The scope and purpose the Review shall be as follows:

(3)

Scope of Review

The Review shall consider all transactions, activities and management

decisions, other than those relating solely to the acquisition of assets by the
National Asset Management Agency, which occurred between 21 January,
2009 (being the date of the nationalisation of and 7 February
2013(being the date of the appointment of the Special Liquidators to IBRC)
(the Relevant Period); and which either:

(A) resulted in a capital loss to of at least 6 10,000,000 during the

Relevant Period (?Relevant Write or

(B) are speci?cally identified by the Special Liquidators as giving rise or

likely to give rise to potential public concern, in respect of the

ultimate returns to the taxpayer,

'ACtt6212275. 1'4

Purpose of Review

The Review shall investigate, in relation to each such decision, transaction and
activity within the scope of the Review:

(A) the processes procedures and controls which were operated by IBRC
in relation to Relevant Writeoffs

(B) whether there is prima facie evidence of material de?ciencies in the

performance of their functions by those acting on behalf of IBRC,
including the board, directors, management and agents, in
respect of ny transactions, activities and management decisions
identified under 2(a) A and above.

(C) whether it can be concluded from any relevant documentation, data or

interviews with relevant individuals as appropriate that any of the
transactions were not commercially sound in reSpect of the manner
in which they were conducted, the decisions made or the outcomes
achieved having regard to the purposes section 3 of the Act.

Michael Noonan TD
Minister for Finance

April 2015
Alan Kelly is to introduce attachment orders for the benefit of IW. This man is also
responsible for housing the homeless. We all know that so many cannot afford to
rent in the private sector market so Kelly decides that all tenants must put down a
bigger deposit to rent a property ( landlords to collect IW tax) How is this going to
help the housing problem? We all wonder why Kelly never opens his mouth, well he
doesn't have to because what he says actually comes out the other end. Attachment
orders could be very useful if used properly. If these orders were put in place to help
the public they could be regarded as some of the measures ever introduced. Imagine
attachment orders put on pensions and future earnings of civil servants, politicians
etc. who through negligence, incompetence or corruption cost us money. Of course
we know that will never happen. Attachment order for the poor write downs for the
rich.
IBRC/Siteserv investigation terms of reference
https://assets.documentcloud.org/documents/2069
200/ibrc-siteserv-investigation.pdf
The second Siteserv FOI
https://assets.documentcloud.org/documents/2067
503/ibrc-foi.pdf
Second Interim report IBRC/Siteserv
investigation
https://assets.documentcloud.org/documents/2819
744/Commission-of-Investigation-IBRC-Second-
Interim.pdf

The OHiggins Report

https://assets.documentcloud.org/documents/2829
333/Commission-of-Investigation-Certain-
Matters.pdf
Central Bank and Financial Services Authority of Ireland (Amendment) Bill 2014- Report
and Final Stages (Deputy Pearse Doherty)
http://www.oireachtas.ie/documents/bills28/bills/2
014/8814/b8814d.pdf
Dil ireann - Private Members Business (Labour)
Tuesday 9 May 2017
That Dil ireann:

is confident that capital investment can provide both social benefits as well as economic
growth, rather than presenting a false choice in relation to such investment;

together with the International Monetary Fund, the Irish Congress Trade Unions and the
Irish
Business and Employers Confederation believes that, in order to tackle infrastructural
bottlenecks, make up for historical underinvestment, deal with the rapid growth within the
domestic economy, deal with a growing and ageing population, as well as tackle the
particular
challenges posed by Brexit, much greater capital investment is required than the 2.65
billion
envisaged in the Capital Plan;

notes that the Irish national debt-to-Gross Domestic Product (GDP) ratio continues to fall
at a
rapid pace, due to economic growth and continued achievement of budgetary targets,
the costs
of servicing the national debt have consistently been declining and the banking system
poses no
systemic threat to the economy;

is concerned that the Governments debt-to-GDP target of 45 per cent, significantly

below the
Stability and Growth Pact target of 60 per cent, and its commitment to establishing a 1
billion
per year rainy-day fund from 2019 are unnecessary obstacles to tackling our significant
public
investment deficit;

further notes that the States long established rainy-day fund, the Irish Strategic
Investment
Fund, has a discretionary portfolio of 8.1 billion and a directed portfolio valued at 12.6
billion, consisting of State shareholdings in Allied Irish Banks (AIB) and Bank of Ireland
that
were paid for out of the National Pension Reserve Fund;

believes that the directed portfolio, as it grows, should be made available for commercial
investment in projects of national significance and commercial potential in the public
sector
and asserts, in particular, that the proceeds of a sale of bank shares should be used for
additional capital investment;

further asserts that the European Union (EU) Stability and Growth Pact and fiscal rules
currently prevent appropriate levels of investment and should be amended in order to
facilitate
a much needed increase in capital spending;
notes, with approval, efforts currently underway to achieve these reforms and calls on
Irish
political parties to advance this agenda through their EU political groups and also on the
Government to vigorously pursue the issue at the European Council;

in the circumstances believes that, in advance of such changes to the fiscal rules, the
sale of
shareholdings in AIB and Bank of Ireland should not proceed; and

calls on the Government to postpone the sale of AIB shares until the fiscal rules are
changed to
permit enhanced capital spending, rather than remit the moneys to the Exchequer simply
to pay
down debt. Brendan Howlin, Joan Burton, Alan Kelly, Jan O'Sullivan, Willie Penrose,
Brendan Ryan, Sean Sherlock.

http://www.oireachtas.ie/viewdoc.asp?
DocID=35142&&CatID=62

Banking Inquiry: The lows and lows of Irelands last

socialist, Bertie Ahern
Friday, July 17, 2015
From the Teflon Taoiseach to the man who panicked FF with
talk of a run for the ras,
looks back on Berties adventures since his fall from grace
The Banking inquiry is now into its main investigation. It has been hearing evidence
from senior bankers and department officials, and over the next couple of months well
finally get to hear from the politicians themselves. To date, the focus of the inquiry has
been on the night of the guarantee and this is because it is still unclear as to what
actually happened that night. Witness by witness, though, we are getting closer to
finding out and coming to a conclusion regarding what was by far the biggest, and most
disastrous, decision taken by any Southern Irish government since partition.

The guarantee of course is not the full story. National government policy from 1990 to
2007 regardless of the political makeup prioritized commercial and residential property
speculation over genuine and cohesive social development. This was coupled with a
loosening of financial regulation and the promotion of the south of Ireland as a de facto
tax haven.

From 2002 to 2007, Irish banks started to compete with each other for the same small
pool of developers. In order to grow quickly and leapfrog each other, Irish banks got
involved in widely speculative land and commercial property ventures, using
international wholesale funding to do so.

The shaky foundations of the growth was exposed by the 2007-2008 credit crunch. Irish
banks couldnt get access to international loans to pay off their earlier loans and this
came to a head in September 2008.

Since then, the real struggle in the crisis has been not so much over its resolution all
crises come to an end sometime but who pays for the resolution. And in the south of
Ireland, those who paid were the ordinary citizens, while those who partied walked away
from their obligations. And each day of the bank inquiry this becomes clearer those
who took out mortgages did not party, but the 29 developers with debts of 32 billion
between them certainly did, before using the Government to dump those debts onto
our shoulders.

The relationship between these developers and Irish finance is the essential dynamic of
Irish capitalism, and the banking inquiry, almost in spite of itself, is looking at this
institutional framework and the manner in which it operated.

The focus on individual developers and bankers, and, more recently, Denis OBrien and
Siteserv, has obscured somewhat this structural dynamic. Systems are of course
operated by and developed through people, but in order for a system to reproduce
itself it needs an institutional framework.

The inquiry allows us to peer under the bonnet of Irish capitalism and get a sense of
how the machine works, its internal contradictions and outputs. We are beginning to
see that the indigenous troika, the one that really matters, is the Central Bank, the
Department of Finance and the Department of the Taoiseach.

The main clients of this apparatus are not the citizens of the State but the indigenous
banks and the IFSC. The regulatory rules, tax laws and supposed strictures and censures
all are developed and written with the needs of finance in mind.

He has promoted a Nigerian business investment

opportunity, pocketed a fortune to hide in a cupboard,
attracted the attention of a no-nonsense tribunal ruling,
panicked his party by pondering a presidential bid, and even
been caught up in a short-lived expenses storm.
For someone said to have kept firmly out of the public eye in
recent years, ousted ex-taoiseach Bertie Ahern has led a far
from uneventful life since being forced from power in May
2008 and from politics completely in 2011.
In the wake of a brewing Mahon Tribunal scandal which saw
him infamously shed a tear during a September 26, 2006,
RT News interview, the former Dublin Central TD resigned
as Taoiseach just as the economy was toppling over the
fiscal cliff in April 2008 before being replaced by Brian
Cowen the following month.
Over the next three years as a TD the former Fianna Fil
leader made sparse public appearances, with his only Dil
speech taking place days before the February 2011 general
election, when he spoke about the late Independent TD John
Gregorys work for inner city Dublin communities.
However, that did not mean he was entirely out of the
limelight, with a bizarre TV advert for his News of the World
column in autumn 2010 showing the former head of
government hiding in a kitchen cabinet dishing out football
predictions and meekly saying: I never thought Id end up
here.
After choosing not to contest the Dil seat he held in
February 2011, Mr Ahern appeared to have finally exited
stage left.
However, he was soon back on the political agenda when
then Labour TD Anne Ferris obtained figures showing he had
claimed more than 377,000 in expenses since resigning as
Taoiseach three years before. The revelation, which included
366,000 to employ secretarial assistants from May 2008
and February 2011 and 10,655 in mobile phone costs and
5,682 in VIP airport costs, led to uproar.
In response, the Fine Gael-Labour government decided to
scrap expenses for all former taoisigh, hoping to resolve the
issue. However, it emerged later that same year that despite
the move Mr Ahern had continued to receive expenses for
three months after the decision.
In autumn 2011, he courted more negative publicity when
his family paid for a glitzy 60th birthday party at his
spiritual home in Croke Park just as Ireland was facing a
bailout.
At the same time, Mr Ahern who still has a profile on the
partys website despite no longer being a member openly
hinted at his interest in running as a presidential candidate,
a suggestion that was quickly and definitively shot down by
his replacement as party leader, Michel Martin.
The acres of bad press Mr Ahern had received since the
crash was reason enough for the de facto veto, and why the
party instead thought a better option would be to run no
candidate at all although it was happy to cosy up to
Independent businessman Sen Gallagher, who himself is no
stranger to the party.
However, if another reason for shooting down Mr Aherns
ras hopes was needed, it soon came into view. On March
22, 2012, Mr Ahern was the subject of a no-holds barred
Mahon Tribunal ruling. In a conclusion that has come to
define Mr Ahern in his detractors eyes, the investigation
said he did not truthfully account for IR165,000 in
payments connected to him an issue that had dogged the
latter years of his tenure in office.
Much of the explanations provided by Ahern, as to the
source of the substantial funds available to him, were
deemed by the tribunal to be untrue, it found. The tribunal
said it rejected the former Taoiseachs evidence on how large
quantities of money ended up in his and related bank
accounts.
While giving evidence to the tribunal as Taoiseach the former
TD had, among other explanations, said some of the funds
had come from the proceeds of bets on a now-dead horse
whose race certificate and equestrian passport was never
located. He had said other funds came from a whip-around
from friends during his divorce in the 1990s. The
controversial conclusion led to his decision to resign days
later from Fianna Fil before an internal party motion could
be heard on whether to expel him, bringing to an end a
lifelong association with the organisation.
However, while the situation may have silenced some, Ahern
and his finances were yet again soon back in the headlines
just days later, when in late March 2012 it emerged he was
involved in an eyebrow- raising investment opportunity in
Nigeria.
For speaking on the opening day of the Ogun State
Investors Forum in Lagos, Mr Ahern received 30,000 via
the Washington Speakers Bureau to explain how he
transformed Ireland from one of the poorest countries in the
world to one of the wealthiest.
The US organisation and the UK-based Speakers Associates
soon decided to remove his name from a list of its future
debaters on how to help countries get rich, and quick.
The group organised 16 speeches for him in 2009, seeing Mr
Ahern get an extra 467,000 from the circuit while still a TD.
Asked why, a spokesperson for the latter group said the
decision was taken after lots of people advised it was not a
good idea to continue the relationship.
In 2012 Mr Ahern reversed his decision to give part of his
pension back to the exchequer. He had once claimed he was
one of the last socialists in Ireland.
Soon he was back in the spotlight after he was assaulted
during a retirement party at the Sean OCasey pub near
OConnell Street in Dublin city centre.
His attacker, who hit him with a crutch and shouted abuse,
was arrested.
In a 2009 interview with VIP magazine Mr Ahern said he
cant understand people who are always bitching, saying
its the governments fault, its the doctors fault, its the
cats fault. Its everybodys fault except their own.
In December 2010, weeks after the bailout, he told his then
party cumann: Nobody advised me, no economist, all those
people no writing books saying I told you so. None of
them.
In an RT interview on his last day in the Dil in 2011,
Mr Ahern again referenced the banks as one of his
big regrets in office, but added: I would love if
somebody somewhere would have told me what was
going on in the banks, but nobody did, he said.

Trespass to Land

After Lawful entry to a property, a licensee may act outside of his or her license
by performing actions not stipulated within the agreement. For example, in the
case of Bond v Kelly (1873), the defendant was found to have committed Tort
Trespass to Land when having acted outside his work order.
The defendant was commissioned to deforest a section of land on the plaintiff's
property, and although was lawfully licensed to enter the property, he'd cut down
more trees for lumber than ordered, and thus was guilty of Tort trespass, despite
lawfully entering the property.

Law enforcement personnel are subject to unlawful entry charges when entering
a property without either a search warrant or witnessing a party for whom there is
an outstanding warrant at the property.
The Tort Court
There is no burden of proof regarding damages upon the plaintiff in tort
trespassing cases. The defendant need not cause damage to the land, simply be
fount to have intentionally entered the land without specific license. Accidentally
entering land has been set by precedent to not constitute unlawful entry.
For example, if a defendant trips and falls onto a property, even though he knows
it is not his own property, he is not guilty of trespass so long as he leaves the
property within a reasonable amount of time. The basis of intent, again, remains
the act of entering the property itself. Knowledge of the property's legal owner, or
cases of mistaken ownership or mistaken license are not valid areas of concern
in tort Trespass of Land litigation.
https://projects.ncsu.edu/project/are306/lectureno
tes/Unit7NNuisance.pdf

Anglo Irish chairman Sean Fitzpatrick resigns over loans

Anglo Irish Bank said that Chairman Sean Fitzpatrick has resigned after
more than three decades with the lender after saying he didnt fully
disclose 87 million euros (82m) in loans from the bank.
Anglo Irish chairman Sean Fitzpatrick resigns over loans

By Bloomberg

8:59AM GMT 19 Dec 2008

Fitzpatrick, 60, had temporarily transferred the loans to another bank before each year-end,
according to a statement from Dublin-based Anglo Irish.

The transfer did not in any way breach banking or legal regulations, Fitzpatrick said in the
statement. However it is clear to me, on reflection, that it was inappropriate and
unacceptable from a transparency point of view.

Fitzpatrick, who ran Anglo Irish for a quarter century before becoming chairman, transformed
the bank from a 20-client operation to one of Europes most profitable lenders by the start of
this decade.

Thats all changed since Irelands property market collapsed, with the shares down 97pc this
year and the companys provision for bad loans rising.

Irish Finance Minister Brian Lenihan expressed disappointment at the circumstances

surrounding the resignation, according to a statement from his office today. Strong
corporate governance must be upheld by all financial institutions.
Earlier this week, Mr Lenihan said the government may lead a 10bn-euro bailout of the
countrys biggest banks after the property slump and the global financial crisis depleted
capital. The government also has guaranteed the deposits and borrowings of the lenders.

http://www.telegraph.co.uk/news/worldnews/europe/ireland/3848997/A
nglo-Irish-chairman-Sean-Fitzpatrick-resigns-over-loans.html

Sen FitzPatrick trial was

undermined by evidential
flaws
A biased investigation into the former Anglo Irish Bank
chairman led to acquittal
51 minutes ago
Siobhan Ni Chulachain

Former Anglo Irish Bank chairman Sen FitzPatrick originally faced 27 charges.
Photograph: Collins
This morning, the jury in the retrial of former Anglo Irish
Bank chairman Sen FitzPatrick will be directed by trial
judge John Aylmer to acquit him. FitzPatrick was accused of
misleading the banks auditors about loans worth millions of
euro following an investigation carried out by the Office of
the Director of Corporate Enforcement (ODCE) for breaches
of the Companies Acts.

I urge anyone who is in mortgage distress to submit the "seanie Fitzpatrick senario" in court if
questioned by the judge about your arrears.
A man on a salary of 500k plus destroys a national bank and cripples a country with a national
debt walks free from court merely because "incriminating documents" were shredded.
Tell the judge "You shredded all the threatening letters and final notices sent to you by AIB, BOI,
PTSB, EBS, therefore no evidence no eviction"
IF seanie can do it so can we.
Companies Acts 1963 - 2013

ODCE Information Notice I/2010/3 Companies

(Miscellaneous Provisions) Act 2009

http://www.odce.ie/Portals/0/EasyDNNNewsDocuments/419/I-
2010-3_Companies_Misc.__Provisions_Act__2009.pdf

List of Relief Decisions issued in 2011 for Insolvent Companies

in Liquidation

http://www.odce.ie/Portals/0/EasyDNNNewsDocuments/4
30/ODCE_Information_Notice_%20I_2012_1.pdf

GUIDE TO THE PROVISIONS OF THE EUROPEAN

COMMUNITIES (STATUTORY AUDITS) (DIRECTIVE
2006/43/EC) REGULATIONS 2010
http://www.odce.ie/Portals/0/EasyDNNNewsDocuments/4
18/I2006-43-
ecAASA_x0020_Guide_on_S.I._of_Statutory_Audits.pdf

ODCE Information Notice I/2012/2 Companies (Amendment) Act 2012

http://www.odce.ie/Portals/0/Documents/Media%20and
%20Publications/Publications/Company%20Legislation/I-2012-
2_Companies_Amendment_Act_2012.pdf

SHAREHOLDERS RIGHTS (DIRECTIVE 2007/36/EC)

REGULATIONS 2009 S.I. No. 316 of 2009 DATE TRANSPOSED -
6th August 2009 Guidance Notes
http://www.odce.ie/Portals/0/EasyDNNNewsDocuments/421/share
holdersrights-guidancenote_x0020_DETE.pdf
investigatory-privilege-confirmed-by-commercial-court The
Commercial Court delivered judgment in the case of Quinn -v- Irish
Bank Resolution Corporation Limited and Kieran Wallace1 on 19 May
2015
http://www.eversheds-
sutherland.com/documents/global/ireland/investigatory-privilege-
confirmed-by-commercial-court.pdf

Judge John Francis Aylmer

July 8, 2015
John Aylmer SC will also be appointed to the Circuit Court by
the President, following the vacancy left by the death of
Katherine Delahunt in April.
Mr Aylmer and Ms Justice N Chlachin were nominated by
the Government of Fine Gael and the Labour Party at a
meeting on Tuesday, from a list of candidates from the
Judicial Appointments Advisory Board"
Sounds like a nice man. Think I'll play a game of golf with
judge Aylmer some day ... in case I'm ever charged with
white collar crime. Oh, and I'll make sure to hire a barrister
who plays golf as well - in an exclusive golf club of course.
That way, there will be plenty of winners. The barristers and
all the other hangers-on can be guaranteed to earn a million
at my white collar crime trial over many weeks ... months
even, before a decent result is declared
'FORE' .... oops ... was that a golf ball? Or flying pigs
RTE stars, judges and
rugby elite who owe Anglo
millions
January 4 2014

Bank's list of high-profile people who

borrowed hundreds of millions

The former headquarters of Anglo Irish Bank

RUGBY players, RTE stars, musicians, judges and some of the country's senior
legal professionals were among the people placed on a list of "sensitive"
borrowers compiled by the former Anglo Irish Bank.

The Irish Independent has learnt that the High Profile Persons (HPP) review,
presented to the board of Anglo on a quarterly basis after it was nationalised in
2009, also includes an outspoken TD, accountants, stockbrokers, developers and
more than 60 prominent businessmen.

The almost exclusively male high-profile borrowers review -- also known as a

"politically exposed persons" or PEP list -- includes up to 20 former Anglo staff
members who had borrowed money from the bank.

One former rugby player had more than 50m in borrowings; and a senior
counsel owed at least 30m to Anglo (now known as IBRC) before it was
liquidated last year.

A number of senior UK businessmen owed almost 1bn to Anglo.

The review of sensitive or "politically exposed" borrowers was carried out by a

dedicated team of directors and senior managers following a review of loan
portfolios by a credit committee.

Many of the loans were performing -- where interest or capital was being repaid
-- at the time the bank was liquidated.

But other loans were impaired and some debtors could not agree a repayment
strategy with the lender.

The list of names included a series of property syndicates which included judges,
barristers, solicitors, surgeons and other professionals.

Several members of staff from Arthur Cox -- the magic-circle law firm that
advised the State and key agencies on the bank guarantee, the nationalisation of
Anglo and recapitalisations and restructuring plans -- were classified as HPPs by
Anglo.

Arthur Cox was appointed by the Fianna Fail-led government to advise on the
banking crisis, without a competitive tender, in late 2008.
Other solicitor/borrowers were placed on the HPP list because they acted for the
bank in some legal proceedings as well as borrowing from it.

A separate review of politically sensitive investors was also carried out by Anglo.

Investors, many of whom had borrowed from the bank in order to invest in
Anglo-promoted products, had investments valued at more than 250m
according to the investor review.

Investors who may have lost out when the bank was nationalised included
members of the judiciary, journalists, entertainers and several pension schemes.
Anglo staff also lost out.
The government, which nationalised Anglo in 2009, liquidated the lender in
February 2013 following an all-night sitting of the Oireachtas dubbed "prom
night".

Some of the high-profile borrowers' details were provided by the IBRC to the
State under a dedicated Relationship Framework document regulating dealings
between the Minister for Finance and the bank after it was taken into state
ownership.

The details of some -- but not all -- high-profile borrowers were given to the
State, but only if the borrower's exposure had a significant public-interest
dimension in terms of litigation or reputational issues that may have affected the
bank or the State.

This included the State's handling of so-called legacy-debt issues arising from the
bank bailout.

Dearbhail McDonald and Thomas Molloy

http://www.independent.ie/irish-news/rte-stars-judges-and-rugby-elite-
who-owe-anglo-millions-29887499.html
Former Anglo Irish Bank chairman, Sean FitzPatrick, walks free - while Jobstown protesters face
criminal charges for fighting austerity caused by the banking crisis!
Today was a short day in the Jobstown Trial due to issues with the jury - one was dismissed and
another fell ill. However, today Sean FitzPatrick walked out of court, acquitted of all charges. We
got an interview with Joe Higgins discussing the scandalous contrast between how he was
treated, and how the Jobstown protesters have been treated.
 Its all one nig very rich club and the Irish Government the English Government the Northin Ireland
and the Americans Government and Denis O Brain are all in the very rich club togeather onb club
and the poor are not allow in or told what going on until its all signed sealed and deliver .
Well. Wouldn't we have to ask the question that it could actually be a possibility? Would that be so
far off the mark with the state of the way governments are practically turning a blind eye ? And this
is where we are at. In most countries people too afraid to speak out or voice an opinion. This is a
global threat at this point and in light of government handling of the situation who is the enemy?
Because from the craziness that's happening the politicians may aswell be helping them plant the
bombs!!!!!!! Not all but some. X
https://www.scribd.com/document/349272067/Shredding-Played-Key-
Role-in-Downfall-of-FitzPatrick-Inquiry
Anglo Irish Trust is owned by Anglo Irish Bank Corporation plc, one of Europe's leading and
most innovative banks.
Anglo Irish Trust has a well-established portfolio of large yachts under management and can
provide professional services in relation to:
Our Services:
Anglo Irish Trust's comprehensive range of yacht services include:

Setting up new structures or selling existing shelf companies to own vessel.

Providing qualified personnel as directors to manage the structure.
Providing administration services to manage the Isle of Man company and
maintain the company bank accounts.
Applying for yacht registration in the Isle of Man.
Liaising with the maritime authorities.
Liaising with insurers and arranging the insurance for the yacht.
Setting up satellite systems and radio accounts for the yacht.
Paying invoices related to the yacht and crew salaries from the company's
bank account.
Dealing with insurers in the event of a claim being made.
Providing legal services.
Assistance with VAT and obtaining VAT paid certificates.
Preparation and filing of VAT returns.
Drafting documents, preparing annual returns and administration services.
Assisting with financing arrangements.

We have a close working relationship with the Isle of Man Marine Administration and
regularly take part in Superyacht and shipping exhibitions and seminars throughout the
world.

ESRI produced a report that purported to show that public sector workers enjoyed a
substantial pay premium over their private sector peers. It was immediately seized
upon by those who are ideologically opposed to public services and those who would
stand to make a fortune out of privatisation as a stick to beat the public sector with.

What wasnt trumpeted by the PS bashers was the fact that the report was just an
academic exercise. No Magister Ludi from Castalia on the Liffey could be expected to
stoop to the vulgarity of comparing actual like jobs in each sector so what they did
was look at all sorts of charts and tables and apply exquisite and arcane formulae to
them to come up with a notional salary for various jobs and then they drew their
conclusions from that. A thing of beauty it was to the cognoscenti but entirely
worthless in the real world.

Well theyre at it again. This time their target is those who, to use Joan Burtons
words, make the lifestyle choice to go on the dole. People are staying on the dole
because, it seems, it costs 142.43 a week to go to work.

The working paper on The Costs of Working in Ireland, which uses 7 year old
data, makes a number of assumptions some of which seem counter intuitive
apparently it costs more to heat and light your home if youre away at work for a
significant part of the week but the real gems are in the part that deals with deal
with appearance at work.

Some companies like their employees to keep up a certain standard of appearance

which necessitates the buying of professional clothing from impressive jewelry and
watches, the correct shoes, bags and even to the correct hair style. All these items
cost money which the employee has to bare. (sic)

More sophisticated people might not bat an eye on hearing that taking up a job
would be conditional on wearing a Rolex and carrying a Prada bag but its a novel
idea to an old culchie like me.

Staying with clothes the authors are of the opinion that:-

the highest expenditure on work clothing and expenditure decreases the older the
age group which is intuitive as younger people need to buy work clothes for the first
time as they enter the job market, however a mature person may have already
purchased work clothes in the past and thus only need to replace worn clothes when
required.

How about that? You buy a load of work clothes when youre young and then patch
and darn them until they fall apart and compel you to replace them as you get older.

As might be expected this paper has been accepted uncritically by the media as proof
that our social welfare rates are too high both the Indo and RTE have already
called SW rates generous on foot of it. Even if we believed the figures had any
relevance to 2012 realities it shouldnt surprise us that thats the way the story is
being spun. Only a very naive person would have expected to hear questions about
employers paying a living wage or excessive taxes and charges on low paid workers.

And while all this is going on our so-called left wing politicians are doing intellectual
somersaults to defend a tax dodger. Only in Ireland.

Mick Wallace is a criminal from the more foul end of the white collar sewer. Last
December he was convicted of holding on to money hed taken from his employees
for the purpose of paying it into their pension fund. Once caught he paid over the
money so by Irish standards the slate was clean. Certainly the episode caused him
no problems with his fellow Technical Group members in the Dail. The hard Left
Socialist Party and People Before Profit Alliance dont have any qualms associating
with employers who rip off their staff.

Today Wallace has come out and told us that hes a liar and a tax fraudster
who knowingly made a false declaration to the Revenue in relation to VAT liability.
The timing of his Pauline conversion to honesty is interesting, coming as it does just
days before the affair is to be published in Swindlers List.
Theres a pattern in Wallaces law breaking He takes money people give to him for
other purposes and puts it to whatever use he sees fit. In the present case, people
who bought flats from him paid him the VAT on the understanding that it would be
paid to the Revenue. The money they paid will in most cases have been added to
their mortgages so theyll be repaying for maybe 30 years, money that Wallace
claims he put into his failing business. To add insult to injury, that business has gone
to the wall anyway so now the taxpayer will be saddled with the cost much of its
unpaid bank debt.

The arrogance from Wallace is breathtaking. His legalistic distinction between his
person and the legal entity that is his company puts him in the same league as Ray
Burke (who was jailed for making false tax declarations), the Flynns, Haughey and all
the others of that ilk. It also raises questions about the nature of limited
liability businesses. If a business has a tax liability arising out of a false declaration
by the owner or director of that business then its an obscenity to allow that owner or
director to avail of the protections of limited liability to avoid paying the debt.

A second grave issue that arises is the continued practice whereby the Revenue
makes settlements with white collar crooks. Such settlements are totally opaque
which means theyre open to abuse. Indeed there have been serious questions in the
past about settlements with the likes of Haughey and some of his benefactors.

Even if there is no corruption it is repugnant to the ideals of a democratic republic to

have those who commit crimes using spreadsheets and ledgers processed in
a parallel and preferential justice system to those who employ more vulgar
techniques in their criminality.

It would be nice to think that this scandal will prompt the state to address these
issues but Im too long in the tooth to expect that anything will be done. Meanwhile,
if Wallace wants us to believe that hes genuinely contrite about his wrongdoing
theres only one honourable course he can take, he must resign his seat. If he
doesnt then hes just another prick in the Dail.

Hes the most unpopular member of the cabinet after the comprehensive mess he
made of introducing the Household Charge and the Rural Tax. So politically toxic is
he that FG had to hide him away in Gumps bunker in Mayo for the duration of the
referendum campaign. But fear not, Big Phil has escaped his captors and hes back in
the land of the living.

In his first media appearance for weeks he was on RTE radio tonight promising to
close down the Dublin Docklands Development Authority (DDDA) over the next 18
months.

Would it be terribly cynical to think theres anything more than coincidence in his
returning to the airways during the referendum broadcast moratorium when he cant
be asked about the treaty and so cant drive throngs of voters over to the No side?

Sinn Fein tried to pull a stunt by taking a last minute challenge to information
provided by the Referendum Commission and its backfired on them rather badly.
That wouldnt cause me too much upset but it may also have set back the No side
and thats a lot more serious.

While they are undoubtedly the most cynical party in the Dail, theyre hardly idiots.
They would have known that their challenge hadnt a hope of success so why did
they take it?
Headlines? Probably not. As the only semi-coherent voice on the No side they were
already getting huge media exposure so they didnt need a high-risk stunt. More
likely, I think, is that they were hoping that there would be just enough leeway in the
judgement to allow them to claim some sort of victory. By delaying the case until the
cusp of the moratorium they ensured that any such claim wouldnt be challenged
until after polling and that would allow them to exaggerate their role in
the campaign in much the same way as they hype the result of the Doherty by-
election case. Unfortunately for them, the judge wasnt playing.

The comprehensive rejection of their claim by the courts left Simple Simon Coveney
with an open goal on News at One earlier today. He oozed smugness as he forced
home all the FG tosh about why we should vote Yes. Mary Lou McDonald was left
spluttering about the meaning of the word opinion in the manner of a creationist
saying Its just a theory.
The moratorium that might have worked in their favour suddenly serves the Yes side
and voters were left with the impression that the entire No position is without merit.

The problem with stunt politics is you cant leave anything to chance . SF forgot that
and did the country a grave disservice in the process.

Investigation under way at

Cavan County Council
Fake invoices to the council for work not carried out among
allegations examined
about 18 hours ago Updated: about 17 hours ago
Peter Murtagh
Retired Wicklow manager Eddie Sheehy began the investigation into allegations
concerning Cavan County Council in March. Photograph: Padraig OReilly
An investigation is taking place inside Cavan County
Council into an allegation that a senior official has been
associated with fake invoices to the council for work not
carried out.
Some councillors were briefed last week by the local
authoritys manager, Tommy Ryan, about the
investigation, which was begun in March by Eddie Sheehy,
the retired manager of Wicklow County Council.
When I say briefed, it was brief, said one councillor
privately, They would not tell us any detail amounts and
when and so were in a bit of shock because nothing like
this has come up before in Cavan County Council.
It is understood that the allegation is that a senior council
official has been implicated in approving invoices from at
least one external service provider to the council for work
that was never actually carried out.
It is unknown who the ultimate alleged beneficiary, or
beneficiaries, of the alleged fraud is, nor for how long the
alleged conduct has been going on.
On March 24th, Cavan County Council refused to answer
questions posed by The Irish Times about the Sheehy
investigation, saying four days later that it was not its
practice to issue statements on issues of this nature.
Freedom of Information
Later, The Irish Times submitted questions under the
Freedom of Information Act (FOI), seeking copies of
correspondence about papers relevant to the
investigation, and whether the matter had been referred to
the Garda.
On April 10th, Mr Sheehy interviewed council staff about
the allegations at a Cavan hotel. Before starting, Mr Sheehy
discussed matters with the Cavan director of services, Joe
McLaughlin, who is not himself under investigation.
In late April, Cavan County Councils FOI unit refused The
Irish Times FOI request, further ruling that it would not
confirm the existence or non-existence of the record(s)
concerned.

The council advised that if the newspaper was not satisfied

with this decision, it could apply for a review, sending such
request to Mr McLaughlin, the councils internal review
officer.
On April 28th, an internal review request was sent to Mr
McLaughlin. Yesterday, the council upheld its original
refusal and confirmed that no information would be
forthcoming.
In a letter, council official Ger Finn said he had been
assigned the review as the subject matter is part of Mr
McLaughlins directorate, adding that he was upholding
the original refusal decision.
Under the Act, a public body can refuse to release
information if that would amount to a breach of confidence
with the source of the information sought, or prejudice the
giving of further information to the body.
The Irish Times yesterday appealed this decision to the
Information Commissioner, arguing that the information
sought concerned matters of compelling public interest.
Last week, Cavan manager Tommy Ryan told some
councillors formally about the Sheehy investigation, telling
them he hoped for a report by June: Were in a difficult
situation, said one councillor.
The problem is we know the individual the allegation is
against and we dont want to blacken him if things arent
true but we dont want people off the hook if things are true
so due process has to be followed.

You couldn't make this shit up. Corrupt former Wicklow

County Manager Eddie Sheehy is leading an investigation
into corruption in Cavan County Council.

http://www.irishtimes.com/news/ireland/irish-news/investigation-under-
way-at-cavan-county-council-1.3093786
ALL RIGGED ,FIXED
Dearbhail McDonald: We
will never know how the
jury would have called it

Former Anglo Irish Bank chairman Sean FitzPatrick leaves court with
his daughter Sarah after he was acquitted of all charges
WouldthejuryintheSeanFitzPatricktrialhaveconvictedoracquittedhim?We'llneverknow.

Asformerlegaleditorandaveteranofvarious'Anglotrials',Iwasdisappointedbutnotsurprisedyesterday
whenthetrialoftheformerAnglochairmanacquittedthreeyearsagoinaseparatejurytrialcollapsed.
ThatwaswhenCircuitCourtjudgeJohnAylmerruledthatthejuryinwhatwasthethirdtrialofMr
FitzPatrick,wouldnotgettodecideforthemselvesandbyextension,uswhetherhewasguiltyor
innocentoffailingtodiscloseloansbygivingfalseormisleadinginformationtoAnglo'sauditorsErnst&
Young(nowknownasEY).

http://www.independent.ie/opinion/analysis/dearbhail-mcdonald-
we-will-never-know-how-the-jury-would-have-called-it-
35749472.html

Calls for head of ODCE to

resign after Sen FitzPatrick
acquitted
Corporate enforcement body admits it was woefully
incapable of handling investigation
May 24, 17
Conor Gallagher

Former Chairman of Anglo Irish bank, Sean Fitzpatrick. It is apparent that the
ODCE did not conduct an impartial and unbiased investigation, said Fianna Fil
 TD Jim OCallaghan. Photograph: Clodagh Kilcoyne/Reuters
The Office of the Director of Corporate Enforcement
(ODCE) came under fire from politicians last night after its
mishandling of the case of former Anglo Irish Bank
chairman Sen FitzPatrick was criticised by a Circuit Court
judge.
The Labour Party called for an independent investigation
into the functioning of the ODCE while Fianna Fil said
Ian Drennan, head of the office, should be ordered by the
Government to explain the failings.
Minister for Housing Simon Coveney said the public would
be frustrated and angry at the mishandling of the case, in
which Judge John Aylmer will today direct the jury to
acquit Mr FitzPatrick.
If the reason for the trial collapsing is that the ODCE
didnt do its job as professionally as it should thats very
serious, he said. This was an exceptionally high-profile
case. It has essentially come to nothing.
The ODCE on Tuesday admitted it was woefully incapable
of handling the investigation and blamed the shortcomings
on a lack of experienced staff and the mental health
problems of one of its investigators.
C FitzPatrick always appeared a little bitter at treatment
C FitzPatrick trial undermined by evidential flaws
C State agency under pressure over Sen FitzPatrick
inquiry
Destruction of evidence
Referring to the destruction of evidence which occurred
before the latest trial, the ODCE said the staff member
concerned, Kevin OConnell, was under enormous stress
at the time and that it occurred against a backdrop of
significant mental health issues.
These issues resulted in Mr OConnell being hospitalised
for almost two months after he shredded the documents.
The office also accepted there were serious failures in its
how it handled taking witness statements from the banks
auditors Ernst and Young.
Labour TD Alan Kelly called for Mr Drennan to resign
immediately.
It is astonishing that the Director of Corporate
Enforcement presided over an office where documents
were shredded and it is truly shocking to learn that
witnesses were coached and that the ODCE, in the words of
the judge, completely lost sight of the nature and extent of
the evidence in relation to guilt and innocence, he said.

Mr Kelly also called for an independent investigation into

the functioning of the ODCE,especially but not exclusively
in relation to the Fitzpatrick case.
Failings
Fianna Fil TD Jim OCallaghan, whose party was in
government when the ODCE was set up in 2001, called on
the Government to order Mr Drennan to explain the
failings in the investigation.
It is apparent from the decision that the ODCE did not
conduct an impartial and unbiased investigation, Mr
OCallaghan said. Every person charged with a criminal
offence . . . is entitled to a fair investigation.
Others pointed to the acquittal as an inevitable result of the
understaffing of the ODCE. In 2014, it emerged there was
just one forensic accountant working in the office.
It is clear that the state prioritises tackling welfare fraud
over tackling white collar crime despite the fact that white
collar crime is a far bigger issue and costs the state far
more each year, said Sinn Fin TD Pearse Doherty.
Solidarity Party TD Ruth Coppinger said the ODCE has a
case to answer for incompetence but that a bigger problem
is what she called a broader reluctance to punish those
accused of white collar crime.
http://www.irishtimes.com/news/crime-and-law/calls-for-head-of-odce-
to-resign-after-sen-fitzpatrick-acquitted-
1.3093902#.WSVXG3WWIrc.facebook

Judge directs jury to acquit Sen

FitzPatrick on all charges
ODCE investigation into former Anglo Irish Bank chairman strongly criticised in
ruling

http://www.irishtimes.com/news/crime-and-law/judge-directs-jury-to-
acquit-sen-fitzpatrick-on-all-charges-1.3094470?mode=sample&auth-
failed=1&pw-origin=http%3A%2F%2Fwww.irishtimes.com%2Fnews
%2Fcrime-and-law%2Fjudge-directs-jury-to-acquit-se%25C3%25A1n-
fitzpatrick-on-all-charges-1.3094470

Enda Kenny agrees investigation into Sean Fitzpatrick 'a

catastrophic failure'
Taoiseach says a Minister who presided over such failure
would face 'instant dismissal' :-(
#SeanFitzpatrick #AngloIrishBank #JohnathanSugarman
John Downing
May 24 2017

TAOISEACH Enda Kenny has conceded that the handling of the case against the
former Anglo Irish Bank chairman was a catastrophic failure.

Mr Kenny was responding to scathing Dil criticisms of the operations of the

Office of the Director of Corporate Enforcement (ODCE) by Fianna Fil leader,
Michel Martin, after the trial judge directed the jury to acquit Sen FitzPatrick.

The Fianna Fil leader said that the outcome of the 127-day-long case was a
damning indictment of the ODCE and reflected badly on the garda.

The States capacity to investigate white collar crime has been shown to be inept,
negligible, Mr Martin said.

This has been by any measure a catastrophic failure, the Fianna Fil leader
added.

Mr Martin said documents had been destroyed, witness statements were wrongly
collected, with a deal of witness coaching. He said the judge had noted the
ODCE set out to build a case against Mr FitzPatrick not to investigate the facts.
Responding to the opposition leader, Mr Kenny made an unprecedented
statement at Dil question time.

I agree with Deputy Martin, the Taoiseach said simply.

Mr Kenny went on to say that despite cynicism about politics a Minister facing
a similar instance as this case would face instant dismissal.

The Taoiseach said he had not spent the last six years making difficult decisions
to simply allow white collar criminals to just walk away.

Mr Kenny insisted that while Richard Bruton was Jobs and Enterprise Minister
he ensured the ODCE got all the necessary resources. He did not now accept
suggestions that the office was under-resourced for the job it was given.

The Taoiseach added that current Enterprise Minister, Mary Mitchell OConnor,
would receive a full report on the matter. He expected the head of the ODCE
would attend a Dil committee.

Leo Varadkar said he wanted to see an examination of the investigation carried

by the ODCE into the Sean Fitzpatrick case.

I do absolutely share the concerns of the public and others about how the
investigation was handled and reasons as to why the judge ordered an acquittal,
he said

I do think we will need an examination as to how this went wrong and why those
mistakes were made by the ODCE, he added.

Sinn Fein leader Gerry Adams said the Government was not serious about
tackling white collar crime and high rollers got special treatment under the
system. He said resources for the ODCE had been cut with staff falling from 42 to
35 and the number of garda attached to the office was halved to just five.

Mr Varadkar said he wanted to see an examination of the investigation carried

by the ODCE into the Sean Fitzpatrick case.

I do absolutely share the concerns of the public and others about how the
investigation was handled and reasons as to why the judge ordered an acquittal,
he said

I do think we will need an examination as to how this went wrong and why those
mistakes were made by the ODCE, he added.

http://www.independent.ie/irishnews/politics/endakennyagreesinvestigationintoseanfitzpatricka
catastrophicfailure35751064.html
Calls for heads to roll in State
watchdog after acquittal of Sen
FitzPatrick
The Office of the Director of Corporate Enforcement led the investigation.
May 24, 17

THERE HAVE BEEN calls for the Director of Corporate

Enforcement to resign after Sen FitzPatricks acquittal of all
the charges he faced.
The judge in the trial of the former chairman of Anglo Irish
Bank yesterday said that he would be directing the jury to
acquit Fitzpatrick due to alarming flaws in the prosecution.
Among these flaws identified by Judge John Aylmer were the
coaching of witnesses and the cross-contamination between
witness statements.
The flaws were such that he felt FitzPatrick would be denied
his right a fair trial.
The Office of the Director of Corporate Enforcement (ODCE)
carried out the investigation into FitzPatrick and Judge Aylmer
was critical of its conducted.
He said that the Kevin OConnell, a legal advisor for the ODCE
who was designated to run the investigation for the ODCE, had
no previous experience relevant to the proper investigation of
indictable offences.
As a consequence of that inexperience, he has admitted in
evidence before me and before the jury that he made many
fundamental errors in the investigation, Judge Aylmer said.
As a result, the investigation fell far short of the standard
impartial, unbiased and thorough investigation in which the
paramount duty was to seek out and preserve all evidence
which was or might potentially be relevant to innocence as well
as guilt.
He said that the most fundamental error was the manner in
which the ODCE went about taking witness statements from
the two main prosecution witnesses, Kieran Kelly and Vincent
Bergin of EY, who were the statutory auditors for Anglo Irish
Bank.
Initially the ODCE intended to follow the usual protocol by
sending garda seconded to the ODCE to take statements from
witnesses but they quickly lost sight of that and started a
process of drafting statements through A&L Goodbody,
solicitors for EY.
Judge Alymer also said the ODCE had taken an
inappropriately biased and partisan approach to the
investigation and said that internal memos showed that they
were trying to build or construct a case rather than to
investigate the case independently and impartially.
There were suggestions that questions ought not to be asked,
the answers to which might be unhelpful to the case being
made by the ODCE, he said.

He said it was conceded by the prosecution that there was a

very high degree of suggestion or coaching and contamination
by others and cross-contamination in the preparation of the
statements.
He said these issues were of grave concern.

Sean Fitzpatrick arriving at the Central Criminal Courts in Dublin earlier this year.
Reaction
In response to the judges decision, there has been strong
criticism of the ability of the State to prosecute white-collar
crime.
The litany of failings pointed to by the judge amount to a
damning indictment of those who are supposed to be
prosecuting cases of white-collar crime in the State, Pearse
Doherty TD said yesterday evening.
Those bodies are simply not up to the task. The legislative
framework is in need of an overhaul to bring it up to what is
needed, for example reckless lending is still not a crime in this
State. The culture and infrastructure needed to tackle white-
collar crime has never been developed in this State.
The ODCE has said that its processes has changed since the
investigation was carried out and that it is a very different
organisation to what it was at that time.
The ODCE also pointed out that its director changed in 2012
since the FitzPatrick investigation.
The new director was, however, in place in April 2015 when
ODCE documents were shredded in a calamitous error.
This is led Labour to call for the director to resign.
It is astonishing that the Director of Corporate Enforcement
presided over an office where documents were shredded and it
is truly shocking to learn that witnesses were coached, said
Alan Kelly TD.
The comments of Judge Aylmer are damning of the ODCE
and given the outcome of the case it is incumbent on the
director to offer his immediate resignation.
- With reporting by Declan Brennan
Equally catastrophic was the carefully orchestrated decision to retire the regulator, retire the
governor of the central bank, get rid of the Secretary General of the Dept of Finance to Europe all
on full pensions and huge pay-offs. Some including myself would accuse the government of a
cover up of appalling standards. This has not gone away you know neither had the huge national
debt.

now we have Enda having an opinion - move along and out to grass Enda, you are total useless
catastrophic failure", yes... and yet... oddly convenient for many, eh
Mr Kenny went on to say that despite cynicism about politics a Minister facing a similar
instance as this case would face instant dismissal.

Depending on your evaluation, certain ministers, both past and present, are guilty of worse yet
remained in their jobs.

First of all, heads rarely roll in official Ireland so you can forget that. After all, if official Ireland can
destroy a whole country and put it up to hock for generations and absolutely no one from official
Ireland was held accountable then its on the verge of insanity to expect anyone to be held
accountable in this alleged "fumbling" of the case.

And secondly, isn't it serendipitous for Seanie that the prosecution from official Ireland did more to
get him off the hook than his own defence team?

You would think it were deliberate...

Now watch those mythical heads roll.

Investigator in Sean FitzPatrick

trial shredded documents in
'calamitous error'
I made a dreadful mistake which thereafter I acknowledged and admitted,
he told the court.
Jan 30th 2017

Updated 6pm
A LEAD INVESTIGATOR into allegations of crimes by former
Anglo Irish Bank chairman Sean FitzPatrick has admitted
shredding documents that he should not have shredded.
FitzPatrick (68) is accused of failing to disclose multi-million
euro loans to auditors. The prosecution alleges that the
amount of the loans was artificially reduced for a period of
two weeks around the banks financial end of year statement by
short term loans from other sources, including Irish
Nationwide Building Society.
On day 71 of the trial at Dublin Circuit Criminal Court, Bernard
Condon SC, defending, continued his cross-examination of
Kevin OConnell, a legal advisor with the Office of Director of
Corporate Enforcement (ODCE) who dealt with witnesses from
EY, Anglos auditors from 2002 to 2008.
OConnell was answering questions about the ODCEs process
of drafting witness statements in consultation with witnesses
and their lawyers. He agreed that during the first trial of
FitzPatrick in April 2015 a bright light was shone on this
process and it was revealed to be sub-optimal.
The witness said since then the ODCE changed their practice
so that witnesses in criminal investigations were now only
interviewed by garda.
He said that this process of the ODCE engaging with witnesses
and lawyers was alleviated by the extensive documentary
recording, giving an unusually detailed chronicle as to what
was going on.
Calamitous error
Condon put it to the witness that this only went as far as where
documents still existed and not where documents may have
been shredded.
OConnell then told the jury that he had in fact shredded what
he said were a tiny proportion of documents at a later stage.
At a later stage I made a calamitous error. I shredded a small
number of documents which I ought not to have shredded, he
said. He agreed that they were shredded just after he had been
cross-examined by Condon in April 2015.
It was a time of enormous pressure. I made a dreadful
mistake which thereafter I acknowledged and admitted, the
witness said. He said the documents related to notes from
conversations he had with A&L Goodbody, the lawyers for EY.
Clanger
FitzPatricks defending barrister also put it to the witness that
his client was in danger of being jailed because of a clanger of
a mistake made by the banks auditors, EY.
Counsel told the court that EY had asked Anglo directors to
sign the wrong types of documents during some of the
relevant years.
The letters of representation ask directors to state their loans
from a company during the year. This was a standard request
from auditors to directors of ordinary firms but bank directors
were only obliged to declare the amount of loans from their
bank at financial year end.
Condon said: It looked like they (EY) used the wrong
document. It looks like they made a mistake. Surely it crossed
your mind, these people made a clanger?.
He asked the witness did it not occur to him that this mistake
necessitated a forensic examination of the auditing process.

Youre trying to prosecute one man, put him in prison, on foot

of what these people produced, counsel said. OConnell said
the the ODCE did not see itself in the role of investigating the
auditors and said if it was the wrong document, it still
demanded a truthful answer.
The witness denied that the ODCE were driven by a desire to
produce a head or that in this case it was to be FitzPatrick.
Condon said: You got carried away with yourself because you
had in front of you the opportunity to get Sean FitzPatrick, in
the context where your office was highly sensitive to the
political sphere and public outrage and to who Mr FitzPatrick
was.
The witness vehemently denied that he had gotten carried
away and said he was simply seeking to advance the case and
that it was being treated as good work by his boss, Paul
Appleby, the Director of Corporate Enforcement
Condon suggested that Mr Appleby also had a very significant
desire to get Mr FitzPatrick.
I cant speak for Mr Appleby but I dont believe he was
motivated by improper motives either, OConnell said.
The jury heard that in October 2010, six months after the first
meeting between ODCE and auditors EY regarding statements
from EY witnesses, Mr Appleby wrote to EY to express concern
over delays in furnishing the statements.
Liam Kennedy, a partner with A&L Goodbody, contacted
OConnell and said the letter was unfair.
In a note of the conversation shown to the jury Kennedy said to
the ODCE investigator: Now basically do you want us to
continue co-operating because EY wants to assist your
enquiries.
I just wanted to mark your cards. The letter was
inappropriate. Kennedy went on to say that EY were working
with the investigators on voluntary basis and sending a letter
of that sort was a major disincentive for them to continue
doing so.
A summary note from OConnell at the time stated: He said
that he was not threatening, but wanted to make it clear that
they had been bending over backwards at their end.
Lovers tiff
Condon described the row as a lovers tiff and told the
witness you all got back together afterwards. He said there
was a three way relationship between the ODCE, EY and their
lawyers, A&L Goodbody and that it was improper.
He said the ODCE were dealing with people who had their own
agendas and the ODCE were fearful of asking them hard
questions. OConnell said that he felt that they did ask all the
questions they felt were appropriate.
This was a compromised relationship, Condon submitted,
saying that EY and their lawyers were dictating to the ODCE.
OConnell denied this and said the ODCE were dependent on
the voluntary co-operation of people who were not obliged to
assist.
Condon put it OConnell that the auditors, Kieran Kelly and
Vincent Bergin, had given sworn testimony that they would
have given statements in the absence of their lawyers, if
anyone from the investigation had asked them.
OConnell said that in 2010 that was not his belief and that he
found it hard to believe it now.
FitzPatrick of Whitshed Road, Greystones, Co Wicklow has
pleaded not guilty to 27 offences under the 1990 Companies
Act. These include 22 charges of making a misleading, false or
deceptive statement to auditors and five charges of furnishing
false information in the years 2002 to 2007.
The trial continues before Judge John Aylmer and a jury.
Comments have been closed as the case is ongoing.
http://www.thejournal.ie/seanfitzpatrickshredding
3213081Jan2017/

Former Anglo Irish Bank chairman Sean Fitzpatrick leaving Dublin

Criminal Court
May 24 2017
A judge has told former banker and bankrupt Sean Fitzpatrick he is a free man
after directing a jury to find him not guilty of fraud.

The ex-chairman of the defunct Anglo Irish Bank had been on trial for the last
126 days accused of "artificially reducing" personal loans for a few weeks around
the end of the financial year so their full value was not shown in accounts.
After the longest criminal trial in Irish history, the former bank boss, who always
denied wrongdoing and pleaded not guilty, returned to the Circuit Criminal Court
in Dublin for one last time on Wednesday morning to hear the formal acquittal.

The Office of the Director of Corporate Enforcement (ODCE), set up in 2001 to

crack down on white collar crime, has said it fully accepts a judge's criticism of its
investigation into the former Anglo chief's loans.

The watchdog accepted witnesses were coached when giving statements during
the investigation and that their evidence was contaminated.

Judge John Aylmer told the jury that he would not repeat a lengthy ruling he gave
in their absence on Tuesday when he told Mr Fitzpatrick he would be acquitted.

"The prosecution having confirmed that there is nothing else against you, you are
free to go," the judge told the former bank boss.

Mr Fitzpatrick, who was supported in court by his daughter Sarah, said: "Thank
you."

The ex-banker, who built Anglo over 30 years to become one of the biggest
lending institutions in Ireland, declined to comment on the case as he left the
courts but said he celebrated the verdict on Tuesday night.

"I've said everything I had to say yesterday, thank you very much," he said.

"I don't want to be rude but I'm not going to speak or make any comment."

After being told on Tuesday that he would be acquitted, Mr Fitzpatrick described

the trial as very long, tiring and difficult.

The 68-year-old of Whitshed Road, Greystones, Co Wicklow had pleaded not

guilty to more than two dozen offences under company law including making a
misleading, false or deceptive statement to auditors and furnishing false
information between 2002 to 2007.

Judge Aylmer gave the jury a brief outline of why he was directing the not guilty
verdict.

"If any of you have been reading the newspapers or the internet contrary to my
admonitions I can forgive you in that regard," he said.

"I've made a decision in a matter of law that the prosecution has not established a
sufficient case to go to the jury."
The judge said: "The thrust of what I've decided is that there was an investigation
of the charges against Mr Fitzpatrick which fell short of that which an accused
person is entitled to."

He added: "There are shortcomings in the evidence in relation to each of the

charges which meant that there was an insufficient case."

The jurors, who heard the case over eight months, have been excused from jury
service for life.

The ODCE said it accepted witnesses from auditors Ernst and Young were
coached while making statements and their evidence was contaminated.

The former banker's acquittal sparked criticism from opposition politicians over
the handling of the investigation, including a call for the head of the agency Ian
Drennan to resign.

The Director of Public Prosecutions, which does not normally discuss the
outcome of cases, declined to comment.

This was the second time Mr Fitzpatrick stood trial over his personal loans from
Anglo.

The first case collapsed in 2015 after it was disclosed that documents held by the
ODCE had been shredded by one of its officials.

Mr Fitzpatrick was previously found not guilty by a jury after being charged over
multi-million loans that Anglo gave to major clients, known as the Maple 10, to
buy shares in the bank as its stock market price collapsed.

Anglo went bust eight years ago and cost the Irish state about 29 billion euro.

Later, Taoiseach Enda Kenny said a report on the shortcomings in the case would
be sent to Government by the ODCE.

"I did not spend the last six years as head of government making very difficult
decisions in a situation where again the allegation will be of white-collar crime,
that people can take away, that nobody is guilty and nothing is being done about
it," he said.

Micheal Martin, Fianna Fail leader, said the outcome of the trial was a damning
indictment of the ODCE.

"This has been, by any measure, a catastrophic, systemic failure," he said.

"The reputation of the ODCE is in shreds."

Gerry Adams, Sinn Fein president, called for the ODCE to be replaced. His party's
justice spokesman, Jonathan O'Brien, called for Mr Drennan, who has headed the
ODCE since 2012, to answer questions on the prosecution at the Oireachtas
Justice Committee.

"This was a high-profile case that cost the state an enormous amount of money
and nothing has come of it," Mr O'Brien said.

"The allegations being made are severe and public deserve answers."

Labour Party leader Brendan Howlin described the failures in the case as
"manifest incompetence", which he said "beggars belief".

http://www.belfasttelegraph.co.uk/news/republicof
ireland/seanfitzpatrickfreetogoasjudgedirectsnot
guiltyverdict35750809.html

FitzPatrick free to go
after being formally
acquitted of all charges
Updated / Wednesday, 24 May 2017 12:58
Sean FitzPatrick has been formally acquitted on all 27 counts against
him
Sean FitzPatrick has been formally acquitted by a jury
at the Dublin Circuit Criminal Court on all 27 counts
against him.
Yesterday, Judge John Aylmer ruled that he would be
directing the jurors to acquit Mr FitzPatrick, who had
pleaded not guilty to misleading Anglo's auditors about
loans to him and people connected with him.
The judge told the jurors he would forgive them if they
had been reading newspapers or the internet about the
case in these circumstances.
He said he had made a decision based on law that the
prosecution had not established a sufficient case to go
to a jury.
He said the thrust of his ruling was that the investigation
fell short of the investigation an accused person was
entitled to.
He said the upshot was that the prosecution had not
proved the case to the standard required that would
have allowed him to let the charges go to the jurors for
them to decide the matter.
Before the jurors could formally acquit, they had to be
reduced in number from 13 to 12.
An enlarged panel of 15 had been sworn in to hear the
case because of its length and complexity and Judge
Aylmer said it was quite extraordinary that 13 still
remained.
One juror's name was drawn from a biscuit tin and she
had to leave court.
The jury forewoman signed the issue paper on which
the court registrar had written "not guilty by direction of
 the judge" next to all the charges.
Judge Aylmer excused the jurors from jury service for
life.

The judge thanked the jurors for their attendance and

for giving eight months of their life to this trial.
He said he expected that some of them would be
disappointed at the way it had panned out but he said a
trial could not proceed without a jury and they were an
essential part of the process.

Read more:
` Sean FitzPatrick acquitted on all charges
` Inside story of the prosecution of Sean FitzPatrick
` The banking chief who provoked public ire

Senior Prosecuting Counsel Dominic McGinn said there

were still six outstanding counts against Mr FitzPatrick
which had been separated from the others. But he said
the DPP would not be proceeding with those charges.
Judge Aylmer told Mr FitzPatrick the prosecution had
confirmed there was nothing else against him and he
told him he was free to go.
https://www.rte.ie/news/ireland/2017/0524/877556sean
fitzpatrick/
Trial collapse a
'damning indictment' of
ODCE
Updated / Wednesday, 24 May 2017
Michel Martin said the handling of the case shattered public
confidence in the handling of white collar crime
Fianna Fil leader Michel Martin has said the collapse
of the trial of Sean FitzPatrick is a "damning indictment"
of the Office of the Director of Corporate Enforcement.
Speaking in the Dil, Mr Martin also said the
development reflected poorly on garda.
Mr FitzPatrick has been formally acquitted by a jury at
the Dublin Circuit Criminal Court on all 27 counts
against him.
Judge John Aylmer ruled yesterday that he would be
directing the jurors to acquit Mr FitzPatrick, who had
pleaded not guilty to misleading Anglo's auditors about
loans to him and people connected with him.
He said he had made a decision based on law that the
prosecution had not established a sufficient case to go
to a jury.
Mr Martin said the handling of the case shattered public
confidence in the handling of white collar crime.
Taoiseach Enda Kenny said he agreed with Mr Martin
and said the ODCE themselves had pointed out that
they had undergone substantial change.
He said the Dil had to be make a decision about what
to do with the organisation.

Mr Kenny also said it would not have been possible for

the Government to intervene when the case was under
way.
Also speaking during Leaders Questions, Sinn Fin
leader Gerry Adams said the staff of the ODCE had
been cut previously from 42 to 35.
He said the government spends 5m on the ODCE - by
contrast 17m was spent on our membership of the
European Space Agency.
"Doesn't that show where your priorities lie?" Mr Adams
asked.
He said the Government should follow international
best practice and replace the office with a robust
agency under-pinnned by legislation.

Earlier the co-leader of the Social Democrats, Risn

Shortall, said white collar crime needs to be taken
seriously and there is a need for an independent anti-
corruption agency to replace the ODCE.
Speaking on RT's Morning Ireland, Deputy Shortall
said the ODCE has clearly been under-resourced since
its establishment, but that this does not excuse what
happened during the Sean FitzPatrick trial yesterday.
Ms Shortall said the mal-administration displayed by the
ODCE was of "the most serious kind" and also involved
their auditors and legal team.
She added that it was the third occasion on which Mr
FitzPatrick has been acquitted, or a trial has collapsed.
Ms Shortall said no priority appears to have been given
to the enforcement of the law in respect of white collar
crime.
She said if people were to have confidence in the rule
of law, in respect of both company and criminal law,
then a new investigation and enforcement regime was
needed.
In addition, she pointed out that other cases have been
neglected while the ODCE investigated Anglo.
ODCE accepts criticisms but says practices have
changed
In a statement, the ODCE said it accepted a number of
criticisms of the investigation from the trial judge, but
pointed out that the practices dated back to 2009 and
had since been overhauled.
It said the office was not equipped at the time to
undertake parallel investigations on the scale involved.
It added that "serious failures" resulted in statements
from two witnesses central to the prosecution being
taken by civilian staff, none of whom had experience or
training in taking witness statements.
It also accepted the judge's ruling that both witnesses
were coached by the ODCE and that, as a result, their
evidence was contaminated.
The statement said the shredding of documents by an
ODCE staff member should not have occurred.
However, it said the events took place at a time when
the staff member concerned was under enormous
stress and "against a backdrop of significant mental
health issues."
The statement pointed out that the organisational
structures of the ODCE had undergone significant
change in recent years following the appointment of a
new director in the latter half of 2012.
It said staffing capabilities had been considerably
enhanced through the recruitment of several
investigative accountants as well as a digital forensics
specialist and members of An Garda Sochna
taking the lead on all criminal investigations.
It also pointed to a number of successful investigations
in recent years, related to Anglo, that resulted
in convictions.
https://www.rte.ie/news/business/2017/0524/877584odce
needstobereplacedshortall/

Commission of Investigation into the Banking Sector in

Ireland
The Irish Banking Crisis - Regulatory and Financial Stability Policy 2003-
2008 report was produced by Professor Patrick Honohan
http://bankinginquiry.gov.ie/The%20Irish%20Banking
%20Crisis%20Regulatory%20and%20Financial
%20Stability%20Policy%2020032008.pdf
PreliminaryReportintoIreland'sBankingCrisis31May
2010
http://bankinginquiry.gov.ie/Preliminary%20Report
%20into%20Ireland's%20Banking%20Crisis
%2031%20May%202010.pdf
CopyofAppointmentLetterSenttoKlausReglingfrom
MinisterforFinance
http://bankinginquiry.gov.ie/Copy%20of%20Appointment
%20Letter%20Sent%20to%20Klaus%20Regling%20from
%20Minister%20for%20Finance.pdf
AppointmentlettersenttoMaxWatsonfromtheMinister
forFinance
http://bankinginquiry.gov.ie/Copy%20of%20Appointment
%20Letter%20Sent%20to%20Max%20Watson%20from
%20Minister%20for%20Finance.pdf
29 January 2010 - Appointment of Independent Expert to
conduct a preliminary investigation into the Banking Crisis
The Minister for Finance, Mr. Brian Lenihan T.D., today announced the
appointment of Mr. Klaus Regling to conduct one of the preliminary
investigations into the crisis in our banking system. Mr Regling has said he
intends to begin his work shortly. He will have the assistance of another
expert in his work.

The Minister said: I welcome Mr. Klaus Reglings agreement to conduct the
preliminary investigation into the origins of the crisis in our banking system. I
am confident Mr. Reglings extensive experience of senior economic and
financial positions in the German Ministry of Finance and the European Union
will ensure a robust preliminary report that identifies the key causes of the
crisis and provides a firm basis for the work of the statutory Commission of
Inquiry. His experience of senior economic positions will be particularly
important in analysing the international, social and macro-economic policy
environment in which the banking crisis developed.

Mr. Reglings report, which in tandem with the report from Governor
Honohan, will set the framework for an efficient and hard hitting inquiry.

It is in the interest of this country that we get to the real causes of the
financial crisis. It will ensure that the future regulation of our financial system
and the management of our economy will secure sustainable economic
growth. As a country it is important that we move beyond the catch cries of
the crisis to a real analysis of what went wrong.

The Minister said Mr. Reglings appointment follows discussions over the past
week. Mr Lenihan has agreed to Mr Reglings request that an assistant be
appointed to help him complete his work within the timeframe set out by the
Government. Mr Reglings work experience includes long experience as an
economist in senior positions throughout the public and the private sector in
Europe, Asia and the United States.
He is currently chairman of KR Economics, an economic and financial
consultancy in Brussels.

Mr. Regling is a member of the Issing Commission, appointed by Chancellor

Merkel in 2008 to advise the German Government on the reform of financial
regulation. The Committee completed its work in March 2009.

From 2001 to 2008 he was Director General for Economic and Financial
Affairs of the European Commission.

Before that, he was a Director General in the German Ministry of Finance

where he worked for more than a decade on Economic and Monetary Union in
Europe. He also worked in the International Monetary Fund for more than a
decade.

07 July 2010 - Government approves amended Terms of

Reference for Commission of Investigation into the banking
sector and terms of reference for review of macroeconomic
policy issues by Joint Oireachtas Committee on Finance and the
Public Service
The Minister for Finance, Mr Brian Lenihan, T.D., has announced that the
Government agreed, at its meeting on Tuesday 6 July, to amend the terms of
reference for the Commission of Investigation, following the Ministers
meeting with the Joint Oireachtas Commute on Finance and the Public
Service. The period to be examined by the Commission will now extend from
1 January 2003 to 15 January 2009 for the Commissions examination of
those banks that are covered by the Governments Guarantee.

The Commission will now be in a position to examine matters relating to

corporate governance and risk management in each of the banks covered by
the Governments guarantee up to the date of the Governments decision to
nationalise Anglo Irish Bank on 15 January 2009.

Establishment of Commission of Investigation

The Government has also approved the laying of the draft Government Order
to establish a Commission of Investigation before the Houses of the
Oireachtas. This draft Order contains the amended terms of reference.
Following a vote on the draft Order by each House, the Order must be signed
by the Taoiseach in order to establish the Commission. The Government
expects to table a motion in each House to approve the draft Order before
the end of the current Oireachtas session.

The Minister indicated, in his discussions with the Oireachtas Finance

Committee, that he expected to be able to announce the appointment of an
individual to head the Commission of Investigation shortly.
 Referral of policy lessons on macroeconomic management to
Oireachtas Finance Committee

The Government also approved at its meeting today to refer to the Joint
Oireachtas Committee on Finance and the Public Service the policy lessons
on macroeconomic management arising from the preliminary reports into the
banking crisis. These are the key policy issues that Regling and Watson
recommended be considered further:

the role of macroeconomic management and surveillance in

securing the long-term sustainability of Ireland's economic
performance and also in responding on a timely basis to risks and
imbalances that may build-up in both the private and the public
sectors of the economy, including external imbalances vis--vis other
euro area members and the funding of any imbalances that might
arise;

the role of fiscal policy in securing an appropriate alignment of

the national business cycle with monetary conditions in the economy;

the requirement for the design and conduct of budgetary and

taxation policies to take account of the cyclical nature of particular
revenues as well as their temporary nature in certain circumstances
in order to maintain an appropriate and effective tax base; and

the case for the establishment of new institutional structures to

provide an independent validation of economic and fiscal projections
as well as for the introduction of domestic medium-term fiscal rules.

The Government will table a motion of referral in both Houses of the

Oireachtas under which the Committee will be asked to report back to the
Dil and Seanad by the end of October 2010.

19 April 2011 - Commission of Investigation into the Banking

Sector
The Minister for Finance, Mr. Michael Noonan, T.D., on the 19th of April,
2011, following the agreement of the Government, laid before the Oireachtas
and published the report of the Commission of Investigation into the Banking
Sector, Misjudging Risk: Causes of the Systemic Banking Crisis In Ireland.

The Minister stated: I welcome the comprehensive report produced by the

Commission of Investigation. It represents a thoughtful and multi-faceted
analysis into the causes of the banking crisis in Ireland and bears careful and
measured consideration by all concerned.
 The Minister added that the Government will reflect on the most appropriate
approach for further consideration of the report by the Oireachtas, following
the statement the Minister will be making to the Dil on Wednesday 20 April,
He intends to discuss this further with the opposition parties.

The Minister said he wished to thank the Sole Member of the Commission, Mr
Peter Nyberg, and his team for their work in producing the report and
commended the Commission on producing the report within the demanding
six month timeframe set down by the Oireachtas.

Note for Editors

Establishment of Commission of Investigation

The establishment of a Commission of Investigation into the Banking Sector

in Ireland was approved by Dil ireann and Seanad ireann on 8 July 2010
and an Order formally establishing the Commission was made by the
Government on 21 September 2010 (Commission of Investigation (Banking
Sector) Order 2010 (S.I. No. 454 of 2010)). The Minister for Finance formally
appointed Mr Peter Nyberg as sole member of the Commission of
Investigation on 22 September 2010.

The Commissions terms of reference were to examine:

(a) the main causes of the serious failure, during the period 1
January 2003 to 15 January 2009, within each of the covered
institutions, to implement and adhere to, appropriate standards and
controls (including checks and balances) in the context of corporate
governance and prudent risk management policy and procedures such
as would have avoided the requirement for the provision of
exceptional financial support from the State;

(b) the main causes for the adoption, during the period 1
January 2003 to 15 January 2009, by the Boards of Anglo Irish Bank
Corporation and Irish Nationwide Building Society of business models
and strategies, and the implementation by the senior managements
of those institutions of business and lending practices, which resulted
in those institutions experiencing severe financial distress;

(c) whether in respect of the period 1 January 2003 to 15

January 2009 the external auditors of the covered institutions
commented in their audit reports or other communications to the
institutions concerned on the failures referred to in subparagraph (a)
or the business models and strategies and business and lending
practices referred to subparagraph (b);
 (d) the main causes for the failures, during the period 1 January
2003 to 15 January 2009, in the performance of the statutory roles
and responsibilities of the Central Bank and Financial Services
Authority of Ireland in respect of the regulation and supervision of the
covered institutions and the maintenance of financial stability, in
particular in relation to the supervision and oversight of corporate
governance and risk management policies and practices in the
covered institutions, and the relevance in that regard of any advices
or directions given by the Department of Finance to the Central Bank
and Financial Services Authority of Ireland in relation to its
supervisory role.

The Oireachtas stipulated that the Commission must complete its report
within six months of its establishment.

The Report is available for sale in the Government Publications Sales Office,
Molesworth Street, Dublin 2.

Appendix 1 - Summary of findings of the report of the Commission of

Investigation into the Banking Sector

General

The main reason for the crisis was the unhindered expansion of
the property bubble financed by the banks using wholesale market
funding. Attendant risks went undetected or seriously misjudged by
the Authorities whose actions and warnings were modest and
insufficient. [ES]

The speed and severity of the crisis was made worse by world-
wide economic events but notwithstanding these external factors, the
problems causing the crisis as well as the scale of it were the result of
domestic Irish decisions and actions. [5.3.1]

Many of the problems and failings in Irish banks and public

institutions were similar to those in other countries. [ 5.1.1]

The emergence of a systemic banking crisis requires that a

number of important safeguards all become ineffective
simultaneously. [5.6.1]

Findings in relation to the banks

 Banks set aggressive targets for profit growth. This drive for
growth really implied a partial change in business model and strategy
without the necessary corresponding strengthening of governance,
procedures and practices. [5.2.1]

Bank management in Ireland, like many banks elsewhere in the

world, had forgotten the very nature of credit. Providing credit is not
a sale of bank services; it is the acquisition of a risky asset. The
appropriate prudential focus of such a transaction is therefore limiting
and mitigating risk (or, at the very least, understanding the real risk
and pricing it accordingly) rather than expanding sales. This apparent
inability, some might say unwillingness, of Irish banks to remember
this basic principle of banking was a major cause of the banking crisis
in Ireland. This problem was further exacerbated as many banks
appear to have emphasised and valued loan sales skills above risk
and credit analysis skills. [2.12.4]

It seems to have been quite generally accepted that

traditionally volatile market funding would continue to be available
to enable the achievement of growth targets. [ES]

The common issues identified with lending and credit policies in

the covered institutions included: the relaxation of formal lending
policies into only guidelines; a lack of operational limits on loan size
or on total exposure to connected parties or sectors; the slow slide
from lower-risk to higher-risk lending, from cash flow-lending to asset
backed lending and from small to large to enormous loan amounts;
an increasing amount of facilities provided on an interest roll-up or
interest-only basis; higher loan-to-value ratios, equity releases and
increased loan complexity (particularly involving investor syndicates
later in the Period). [2.7.18]

Boards and relevant observers appear to have had little

appreciation of how the banks actually were run at grass-root level;
at least they did not seem unduly concerned about the practices
referred to above. The inadequate attention banks generally paid to
credit risk management is, in the end, evidenced by the extent and
nature of their subsequent problem loans. [2.7.27]

In addition, in many institutions, governance, systems and

processes were also inadequate, exposing the covered banks to
significant but often unrecognised operational risks. [2.9.1]
 Management and boards in general appear not to have fully
appreciated the two key risks to which their banks were exposed.
These risks were increased exposures to funding-dependent
development projects with future refinance risks and volatile
wholesale funding [2.9.1]

Bank management and boards seem to have been totally

unprepared for both of their key risks (property loan impairment and
funding problems) occurring simultaneously. This must be seen partly
as a direct consequence of the insufficient attention paid to the
assessment and management of risk over several years. [2.9.5]

It appears now, with hindsight, to be almost unbelievable that

intelligent professionals in the banking sector appear not to have
been aware of the size of the risks they were taking. [2.11.7]

Findings in relation to Anglo and INBS

In Anglo, credit risk management structures were, in practice,

deficient and there was ineffective overview of Group credit decisions.
Lending policies were treated as guidelines rather than strict rules;
exceptions to policy were very common. In addition, the internal
sector limits which did exist were not enforced. Loans were not clearly
or appropriately classified by commonly used sector lending
categories [2.7.4]

INBSs credit management was unusual in many respects. Credit

policies were applied very flexibly and, in addition, it had no effective,
independent credit risk management function. Consequently it
operated without the checks and balances normally considered
necessary in banks. [2.7.9]

At INBS, a number of essential, independent functions either did

not effectively exist or were seriously under-resourced. [ES]

As a result of the extensive governance issues in INBS, the loan

approval and administration process was not up to accepted banking
standards, files were often badly maintained and loans were not
subject to regular review or appropriately graded and classified.
[2.7.11]

Contrary to public perception at the time, lending at Anglo and

INBS had proceeded with insufficient checks and balances during the
 Period. Traditional risk evaluation procedures and risk mitigants were
not implemented in practice. [ES]

The Risk function in Anglo was inadequately resourced and did

not have the conviction necessary to ensure compliance with credit
policy. The lack of adherence to good credit standards was manifest
with exceptions to policy a frequent occurrence. These issues were
particularly problematic because most Anglo Board members did not
appear to have sufficient experience or specialist knowledge to fully
recognise the specific risks attaching to a fast-growing monoline bank
and the necessity for high quality management information systems.
Also it is not clear whether all key letters from the FR, highlighting
inter alia lending and risk management shortcomings, were disclosed
to or considered by either the Risk and Compliance Committee, or the
Board. The Board therefore lacked an internal, robust source of risk
assessment and external feedback. [2.9.6 & 2.9.7]

Neither Internal Audit nor the Audit Committee in Anglo was in a

position to challenge credit decisions per se, where the main
problems ultimately arose. The IA role in credit risk was limited
mainly to carrying out inspections on processes such as adherence to
terms and conditions of loan sanctions, which it duly did. [2.10.2]

The Internal Audit function in INBS, while effective for its

traditional residential mortgage type business, proved to be
inadequate in the growth oriented commercial lending environment.
It was lacking the requisite knowledge and skills in key areas such as
IT, Treasury, and Commercial Lending and, as a result, responsibility
for these areas was required to be outsourced to a large auditing
firm. During the Period the FR identified a significant number of
weaknesses, shortcomings and concerns in IA. [2.10.3]

The Financial Regulator was clearly aware of many of these

problems in the two banks: throughout the period, it raised significant
concerns regarding governance at INBS. It also submitted a
comprehensive list of procedural and portfolio problems to Anglo. It
furthermore raised minimum capital ratios for both banks. Such
remedies did not prove effective to ensure sufficiently greater
prudence and accountability in either of the banks. [ES]

Despite the fact that the FR detected numerous governance and

process issues in INBS throughout and, indeed, prior to the Period,
the FR remained hesitant to take effective action even when the
engagement with INBS resulted in little material change. As a result,
 the very significant risks inherent in INBSs business model described
above had time to develop essentially undisturbed. [4.3.4]

Had the FR rigorously enforced its recommendations to improve

structures and process, it is possible that Anglo would have grown its
property lending in a more prudent manner. Moreover, determined
public action by the FR early in the Period could possibly have meant
that other banks prudential standards would not have deteriorated to
such an extent over the Period. [4.3.5]

Findings in relation to auditors

Auditors commentary regularly focuses only on issues which

they consider relate to the accuracy of the historic accounts. In
practice, this means that auditors look primarily backwards and at
technical issues that may influence the accuracy of the accounts. The
auditors clearly fulfilled this narrow function according to existing
rules and regulations. [ES]

In the absence of an express requirement for the auditors to do

so, there appears to have been no challenging dialogue with the
covered banks on their business models and their growing property
and funding exposures. Such dialogue could have highlighted the
business model risks and might have influenced the banks in relation
to their growing vulnerabilities as the Period progressed. [3.9.5]

The Commission finds it unfortunate that sufficient, timely and

challenging auditor dialogue was not used to influence the banks
business models and lending practices. [3.9.6]

Findings in relation to the authorities

The Commission found no evidence that the bulk of the problems

within the banks received the necessary attention of the FR. The FR
does not appear to have appreciated the funding and lending risks
accumulating in the banking system which were evident from
institution-specific returns made to it by the banks. [4.3.1]

The real problem in FR was not the lack of powers but lack of
scepticism and the appetite to prosecute challenges. [5.3.5]

There was a major domestic policy failure at the CB in respect of

the maintenance of financial stability. Not only did the CB seriously
underestimate the nature and extent of the risks in the Irish financial
 system but it was content to express only nuanced and somewhat
indirect concerns on possible risks rather than study contingent
worst-case scenarios. [4.4.1]

An active and suspicious CB would have had concerns over the

macro-economic data emerging in mid-to-late 2005. At that stage, on
the basis of available data at a macro level, there were more than
ample grounds for the CB to have pursued a closer and more
intensive dialogue with the FR than actually occurred. The aim would
have been to determine, in sufficiently good time, whether the
macro-economic warning signals also indicated a pattern of unsound
lending behaviour by banks. [4.4.4]

An independent and effective CB must first take the steps

necessary to ensure that it has an accurate picture of the financial
market. It must be willing to take unpopular actions. Failure to
perform either of these tasks is, in the Commissions view, difficult to
reconcile with the responsibilities of an independent CB. [4.4.11]

The Department of Finance did not see itself as concretely

involved in financial stability issues. It did not have the necessary
professional staff for this. It saw itself as preparing legislation to be
implemented by the other authorities but appears to have avoided
addressing other financial market issues. [5.3.9]

The Departments approach in dealing with FR was based on the

principle that the FR was independent of DoF in respect of operational
matters, a principle very much in line with international practice.
[4.5.11]

Had the Department of Finance taken a greater interest in

financial market issues early on, preparations for dealing with
financial crisis would have been more comprehensive. [5.3.10]

The relaxed attitude of the authorities was either a result of not

understanding the data or not being able to evaluate and analyse the
implications correctly. [5.3.2]

The external watchdogs generally remained inactive and the new

banking model was introduced and implemented. There was no strong
reaction from the National Authorities when management prudence
eroded within the Irish Banking system, as evidenced by the very
rapid growth in lending and wholesale funding. [5.4.9]
 Given the information provided the Commission understands the
Governments decision to provide a broad guarantee for the banks.
[5.3.13]

Discussions for alternative measures before and on 29

September 2008 were conducted on the basis of very deficient
information. If more relevant information on and analysis of the
underlying position of some of the banks had been available,
discussions and policy recommendations may have been different.
[5.3.12]

The lack of information on bank exposures and the risk of future

impairments among the Authorities over time had profound
implications for the decisions actually taken. [5.3.14]

The nationalisation of Anglo, some three months after the

introduction of the Guarantee, occurred finally only after a series of
announcements by the authorities outlining alternative plans which in
the end had to be abandoned. This did little to build market
confidence in Irish banks or in government policy and forecasts.
Combined with the emergence of governance scandals at Anglo it
created a sense that the authorities did not understand the extent of
the problems and that further issues could emerge. Given the broad
guarantee, doubts about sovereign creditworthiness and thus the
credibility of the Guarantee began to crop up. This may have
contributed to the continued erosion in the liquidity position of banks
in the period that followed, despite the existence of the Government
Guarantee. [4.8.11]

6 January 2010 - Statement by Dr Martin Mansergh TD, Minister

of State at the Department of Finance, to Seanad ireann
Introductory remarks
A Cathaoirleach,

I welcome the opportunity to speak to the Seanad this evening on the

Government decision last week to establish a framework for a comprehensive
investigation into the causes of the systemic failures in the Irish banking
sector which culminated in the need for the State intervention in the sector.

The Government has taken this decision in recognition of the public

expectation that there be a full examination of what went wrong in our
banking system. The mistakes that were made have required the
Government to introduce the Bank Guarantee Scheme in September 2008
and to make some very significant interventions since then to ensure
financial stability. These measures include the recapitalisation of our two
biggest banks, Allied Irish Banks and Bank of Ireland, the nationalisation and
recapitalisation of Anglo Irish Bank; the establishment of the National Asset
Management Agency and the recent introduction of the Eligible Liabilities
Guarantee Scheme.

The proper functioning of the banking system is critical to the economy and
therefore must be protected by the Government. In all the steps we have
taken as a Government, our overriding objective has been to maintain a
functioning banking system that will ensure a flow of credit to viable
businesses and households in this economy.

We are all aware that the global international crisis has created extreme
stress for the financial system worldwide. The drying-up of funding in
international credit markets and the huge write-downs of securitised assets
has generated a financial shock which has resulted in the most negative
economic conditions since World War II.

Irelands exposure to the sharp deterioration in international financial

conditions has been significantly exacerbated by practices which failed to
address unrestricted credit growth in the Irish banking system. We know that
this credit growth was facilitated by access to wholesale financial markets
with no exchange rate risk and low interest rates and was both driven by and
facilitated an unprecedented property boom and an unsustainable increase
property development lending.

The international context provides only a partial explanation. The State has
been required to pour very significant, scarce resources into our banks
arising from decisions that were made specifically by Irish banks over a
number of years. Therefore, it is essential that we learn the lessons of our
recent experiences as we set about the task of refashioning our banking
system to restore trust in that system and to enable it to perform its proper
role in meeting needs of the economy.

Government Decision on framework for a banking inquiry

The Governments framework for inquiry will have two stages.

First, the Government will commission two separate reports one from the
Governor of the Central Bank on the performance of the functions of the
Central Bank and the Financial Regulator and the second from an
independent wise man or woman with relevant expertise to conduct a
preliminary investigation into the recent crisis in our banking system and to
inform the future management and regulation of the sector. These reports
will also consider the international, social and macro-economic policy
environment which provided the context for the recent crisis. Both reports
are to be completed by the end of May this year and laid before the Houses
shortly thereafter.
 The second stage of the inquiry will be the establishment of a Statutory
Commission of Investigation which will be chaired by a recognised expert or
experts of high standing and reputation. The Terms of Reference for this
Commission will be informed by the conclusions of the two preliminary
reports. The aim will be for the Commission to complete its work by the end
of this year. Its report will then be laid before the Oireachtas for further
consideration and action by an appropriate Oireachtas Committee.

These reviews will build on important work being done at international level.
Over recent months substantial analysis of the failures of the banking sector
has been undertaken elsewhere. The analysis to be commissioned by the
Government will complement and build upon, for example, the European
Commissions High Level Group on Cross-Border Financial Supervision (the
de Larosire report) and the UK Financial Services Authoritys Turner Report.
These reports have recommended an extensive programme of reform of
financial regulation at EU and international level which is now being put in
place. These reforms will make a major contribution to underpinning the
stability of the financial system both in Ireland and the EU in the future.

The Commission of Investigation will examine and report on the causes of

the systemic failures such as corporate strategy, governance and risk
management in the Irish banking sector. The terms of reference for the
statutory inquiry will be shaped by the conclusions of the two preliminary
investigations and in consultation with the Oireachtas. But there are clearly a
number of broad themes that ought to be examined thoroughly. These
include:

the performance of individual banks and bank directors where

wrongdoing and lax practices have contributed considerably to the crisis;

the performance and structure of the banking system generally;

the performance of the regulatory and Central Bank systems; and

the response of the relevant Government Departments and agencies,

including the linkage between the banking crisis and overall economic
management.

The two preliminary reviews will prepare the ground for the formal inquiry
and ensure that it is effective and efficient.

Role of the Oireachtas

There was extensive debate in the lower house last week on the appropriate
role for the Oireachtas. For reasons that the Government has already set out,
a Committee of the Oireachtas is not best equipped to conduct an inquiry or
investigation of this nature:
 unlike the Public Accounts Committee DIRT Inquiry, the issues in the
banking situation are significantly more complex and will require a greater
range of expertise; indeed the PAC itself was able to draw upon a
comprehensive investigation into the DIRT issue by the Comptroller and
Auditor General;

in addition, the issues involved continue to be current issues, rather

than issues simply of the recent and more medium-term past, and that
Members of these Houses continue to be engaged in debate on these
issues.

There could be some mitigation of these effects by confining the remit of the
inquiry, but this would clearly not satisfy the need for a comprehensive
investigation of all of the relevant issues. The advice the Government has
received from the Attorney General is that such an investigation would also
require legislation following the Supreme Court judgment relating to the
Abbeylara inquiry.

Notwithstanding this, an Oireachtas Committee will have a vital function in

this process through:

assisting in the formulation of appropriate terms of reference with

regard to where the inquiry goes at the conclusion of the scoping exercise;
and

exercising its constitutional role of examining matters of public policy

arising from the findings of the statutory inquiry.

Specifically, the Oireachtas will be involved at each stage of the planned

inquiry process:

an appropriate Oireachtas Committee will meet both the Governor and

the independent expert at the outset of their work to be briefed on the
members priorities for investigation;

the two preliminary reports, when completed, will be laid before the
Houses of the Oireachtas and the Oireachtas Committee will be invited to
consider the findings of the reports;

the terms of reference and draft Government Order to establish the

statutory Commission of Investigation will be laid before the Oireachtas;
and

the report of the Commission of Investigation will, when completed, be

laid before the Oireachtas for further consideration by the Committee. It is
open to the Committee to hold public hearings on the Report.
Governors comments of role of Oireachtas
It is important in this context to underline a point which is relevant to the
debate on the role of the Oireachtas in this inquiry. The Governor of the
Central Bank, in his appearance before the Joint Oireachtas Committee on
Economic Regulatory Affairs at the end of last year, said that the banking
crisis was bigger and more complicated than one that could be
accommodated by an Oireachtas inquiry.

He went on the say the question would not be sufficiently answered by a

judicial inquiry because it is not simply a matter of establishing the nature of
what happened and the sequence of events; that an inquiry should involve
experts in economics and social science, with the involvement of politicians;
and he continued by stating:

"The crisis is not simply a question of discovering who did what and who
knew what. Uncovering the deep roots of the crisis will require expertise and
broad social scientific understanding more than merely forensic skills."

Conclusion
A Cathaoirleach, the Governments agreed approach will allow for the timely
completion of expert, authoritative and structured examinations of the
financial crisis. It will form a comprehensive framework of investigation into
the recent crisis in the banking sector, which will enable us to understand the
origins of the crisis and help us to learn lessons which will inform our future
management of the banking sector.

The framework will involve the Oireachtas at each stage. It will be efficient
and cost-effective. Most of all, it will restore trust and confidence in our
banks so that they can play their full and proper role in promoting economic
recovery.

This will allow the Government to assess how lessons can be learned to
inform our future management of the sector, both in relation to institutions
and their management and direction and in relation to the management of
risks and stability issues within the regulatory and Governmental systems.

19 January 2010 - Statement by the Minister for Finance on

Banking
Introductory remarks
A Cheann Comhairle, it goes without saying that the worst financial crisis this
country has ever experienced requires an inquiry. The Government fully
recognises that the public is entitled to a full examination of what went
wrong in our banking system. More than that, we need an inquiry in order to
restore international and domestic confidence in our banks. We need, as a
country, to understand the origins of this crisis so that we can ensure that we
do not make the same mistakes again.
Government Decision
Those mistakes required us to introduce the Bank Guarantee Scheme in
September 2008 and to make some very significant interventions since then
to ensure financial stability. These measures include the recapitalisation of
our two biggest banks, Allied Irish Banks and Bank of Ireland, the
nationalisation and recapitalisation of Anglo Irish Bank; the establishment of
the National Asset Management Agency and the recent introduction of the
Eligible Liabilities Guarantee Scheme.

The State has been required to pour very significant, scarce recourses into
our banks. As I have said in this House before, the banks owe a large debt of
gratitude to the taxpayers of this country. Therefore, it is essential that we
learn the lessons of our recent experiences as we set about the task of
refashioning our banking system to meet the needs of the economy and
perform its proper duty to the citizens of this country.

I welcomed the comments of the Governor of the Central Bank, Professor

Honohan, when he was before the Joint Oireachtas Committee on Economic
Regulatory Affairs just over a month ago. The Governor said he expected the
Oireachtas would authorise some form of inquiry to try to understand the
deeper underlying causes of this crisis so that wider lessons could be learned
for the future. The Government agrees with the views of Professor Honahan
on the benefit and value of such an approach.

The Government also fully agrees with the Governor on the need to engage a
broad set of expertise to examine the events of recent years and to design
and implement an investigation in such a way that we arrive at a deeper
understanding of the root causes of the systemic failures that led to the need
for extraordinary support from the State to the domestic banking system.

At its meeting today, the Government approved a framework for an inquiry

and for its subsequent consideration by the Dil. The inquiry will have two
stages.

First, the Government will immediately commission two separate reports

one from the Governor of the Central Bank on the performance of the
functions of the Central Bank and the Financial Regulator and the second
from an independent wise man or woman with relevant expertise to conduct
a preliminary investigation into the recent crisis in our banking system and to
inform the future management and regulation of the sector. These reports
will also consider the international, social and macro-economic policy
environment which provided the context for the recent crisis. I expect both
reports to be completed by the end of May this year and laid before the
Houses shortly thereafter.

The second stage of the inquiry will be the establishment of a Statutory

Commission of Investigation which will be chaired by a recognised expert or
experts of high standing and reputation. The Terms of Reference for this
Commission will be informed by the conclusions of the two preliminary
reports. The aim will be for the Commission to complete its work by the end
of this year. Its report will then be laid before the Oireachtas for further
consideration and action by an appropriate Oireachtas Committee.

Lets remind ourselves why we arrived here

We are all aware that the global international crisis has created extreme
stress for the financial system worldwide. The drying-up of funding in
international credit markets and the huge write-downs of securitised assets
has generated a financial shock which has resulted in the most negative
economic conditions since World War II.

Irelands exposure to the sharp deterioration in international financial

conditions has been significantly exacerbated by practices which failed to
address unrestricted credit growth in the Irish banking system. We know that
this credit growth was facilitated by access to wholesale financial markets
with no exchange rate risk and low interest rates and was both driven by and
facilitated an unprecedented property boom and an unsustainable increase
property development lending.

What was the Government response?

The proper functioning of the banking system is critical to the economy and
therefore must be protected by the Government. We are not alone in this.
Governments all over the world have had to make very substantial
interventions to protect their banking systems. These interventions have
been difficult for all governments: they are not popular; they are not easy to
explain or understand; but they are necessary. In all the steps we have taken
as a Government, our overriding objective has been to maintain a functioning
banking system that will ensure a flow of credit to viable businesses and
households in this economy.

The Decision of the Government today to commission two preliminary reports

to be followed by the establishment of the Statutory Commission of
Investigation into banking matters will form another important step in the
continuing reform of our regulatory systems and structures, as well as the
internal governance of our financial institutions.

These reviews will not take place in a vacuum. They will build on important
work being done at international level. Over recent months substantial
analysis of the failures of the banking sector has been undertaken elsewhere.
The analysis which the Government will commission will complement and
build upon, for example, the European Commissions High Level Group on
Cross-Border Financial Supervision (the de Larosire report) and the UK
Financial Services Authoritys Turner Report. These reports have
recommended an extensive programme of reform of financial regulation at
EU and international level which is now being put in place. These reforms will
 make a major contribution to underpinning the stability of the financial
system both in Ireland and the EU in the future.

The Commission of Investigation will examine and report on the causes of

the systemic failures such as corporate strategy, governance and risk
management in the Irish banking sector. The terms of reference for the
statutory inquiry will be shaped by the conclusions of the two preliminary
investigations and in consultation with the Oireachtas. But there are clearly a
number of broad themes that ought to be examined thoroughly. These
include:

the performance of individual banks and bank directors where

wrongdoing and lax practices have contributed considerably to the crisis;

the performance and structure of the banking system generally;

the performance of the regulatory and Central Bank systems; and

the response of the relevant Government Departments and agencies,

including the linkage between the banking crisis and overall economic
management.

The two preliminary reviews will prepare the ground for the formal inquiry
and ensure that it is effective and efficient.

Over the next number of months, a significant amount of work needs to be

completed in order to return our banking system to health.

Over the next number of months, a significant amount of work needs to be

completed in order to return our banking system to health.

1. We need to complete the first stage of the critical transfer of assets to

NAMA

2. We need to agree the banks restructuring plans and their future capital
requirements; and

3. We need to progress the consolidation to the building Society sector.

I would remind the House that the banking system is still fragile. We are not
out of the woods yet. It is important that the work I have outlined is
completed before we turn our attention to the formal inquiry we all agree
must take place. That is why the Government is proposing the multi-stage
investigation. That investigation will be completed by the end of the year.

Role of the Oireachtas

The Oireachtas will be involved at each stage of the planned inquiry process:
 an appropriate Oireachtas Committee the Finance and Public Service
Committee would seem the most relevant will meet both the Governor
and the independent expert at the outset of their work to be briefed on the
members priorities for investigation;

the two preliminary reports, when completed, will be laid before the
Houses of the Oireachtas and the Oireachtas Committee will be invited to
consider the findings of the reports;

the terms of reference and draft Government Order to establish the

statutory Commission of Investigation will be laid before the Oireachtas;
and

the report of the Commission of Investigation will, when completed, be

laid before the Oireachtas for further consideration by the Committee. It is
open to the Committee to hold public hearings on the Report.

There has been some reference to the Dirt Inquiry as a possible model for
the inquiry into the financial crisis. But the fact is that the investigative work
in that inquiry was done by the C&AG. An Oireachtas Committee cannot be a
Court of Judgement on private individuals and cannot find on matters of fact.
That is why the Government has decided to adopt the Commission of Inquiry
mechanism.

It could be argued that an inquiry should ideally await the conclusion of

existing criminal and regulatory investigations into wrongdoings at certain
financial institutions. These investigations may take a significant period of
time. However the Government is firmly of the view that the approach that I
am setting out to the House here this evening will allow these criminal and
regulatory investigations to proceed without the possibility of prejudice.

A Cheann Comhairle, the Governments agreed approach will allow for the
timely completion of expert, authoritative and structured examinations of the
financial crisis. It will provide a comprehensive analysis which will enable us
to understand the origins of the crisis and help us to learn lessons which will
inform our future management of the banking sector. The framework I have
outlined will be transparent and constructive. It will involve the Oireachtas at
each stage. It will be efficient and cost-effective. Most of all, it will restore
confidence in our banks so that they can play their full and proper role in
promoting economic recovery.
26 January 2010 - Closing Remarks (Mr Sen Haughey TD,
Minister of State at the Department of Education and Science, to
Seanad ireann)
I thank Senators for their considered and useful contributions to this issue. I
will attempt to respond to as many as possible of the points raised by
Senators in the time available to me.

As Members know, last week the Minister for Finance announced the
Governments decision to set up two reviews and a statutory commission of
inquiry to complete an expert, authoritative and structured examination of
the financial crisis and its impact in Ireland to understand where the crisis in
the banking system originated and assess whether lessons can be learned to
inform our future management of the sector, both in regard to institutions
and their management and direction and in regard to the management of
risks and stability issues within the regulatory and Government systems.

Over the coming months, a significant amount of work needs to be

completed to return our banking system to health. We need to complete the
first stage of the critical transfer of assets to NAMA, we need to agree the
banks restructuring plans and their future capital requirements and we need
to progress the consolidation of the building society sector. I remind the
House that the banking system is still fragile; we are not out of the woods
yet. It is important that the work, as outlined by the Minister of State, is
completed before we turn our attention to the formal inquiry we all agree
must take place. That is why the Government proposes the multi-stage
investigation. That investigation will be completed by the end of the year.

I wish to address the issue of holding the inquiry in public which was raised
by Senators Alex White, Norris, Donohoe and others. Providing for a
commission of investigation to conduct its business in private would allow for
the restructuring of the banking sector and the recapitalisation of relevant
institutions to proceed in advance of a public debate by the Oireachtas
committee. Under the legislation, the commission would be able to conduct
specific parts of its investigation, for example, into the affairs of individual
institutions, in private. This will minimise the risk of interfering with the
ongoing Garda and Office of the Director of Corporate Enforcement
investigations. Later stages of the commissions work dealing with the other
institutions and the broader system could, subject to the agreement of the
parties involved, take place in public.

The Oireachtas will be involved at each stage of the planned inquiry process.
An appropriate Oireachtas committee, the Oireachtas Committee on Finance
and the Public Service, which would seem to be the most relevant, will meet
the governor and the independent expert at the outset of their work to be
briefed on the members priorities for investigation. The two preliminary
reports, when completed, will be laid before the Houses of the Oireachtas
and the Oireachtas committee will be invited to consider the findings of the
reports.

The terms of reference and draft Government order to establish the statutory
commission of investigation will be laid before the Houses of the Oireachtas
and the report of the commission of investigation will, when completed, be
laid before the Oireachtas for further consideration by the committee. It is
open to the committee to hold public hearings on the report.

There has been some reference to the DIRT inquiry as a possible model for
the inquiry into the financial crisis but investigative work in that inquiry was
done by the Comptroller and Auditor General. An Oireachtas committee
cannot be a court of judgment on private individuals and cannot find on
disputed issues of fact. That is why the Government has decided to adopt the
commission of inquiry mechanism and why it has chosen a framework for
investigation that is most effective and efficient.

For an investigation to proceed speedily and cost effectively, it must be able

to conduct its business in private. The only other alternative that allows us to
investigate a matter conclusively is a tribunal of inquiry. The Dil and, I
believe, a majority in this House are unanimous in the view that a tribunal is
too expensive and too protracted. That was why the Oireachtas enacted the
Commissions of Investigation Act 2004.

The establishment of the two reviews and the proposed statutory commission
of investigation will provide the Government and the Oireachtas with the
necessary information to identify the lessons to be learned from the crisis
and to put in place the necessary systems and structures to manage more
effectively banking and the financial services sector. It will also enable banks
to resume their essential role in the economy, the extension of credit to
business with opportunities to invest. This, together with the initiatives the
Government is pursuing to restore competitiveness and put the public
finances in order, will result in Ireland being well placed to take advantage of
the economic recovery beginning to take hold around the world.

Again, I thank Senators for their constructive contributions.

Its time Liz Howlin and Clare Loftus in the dpp's office be
made pay for their waste of tax payers money .
Judge to direct acquittal of ex-Anglo chief Sen
FitzPatrick
John Aylmer strongly criticised Office of the Director of Corporate
Enforcement
IRISHTIMES.COM
As you can appreciate its a wonderful day for me and my
family
Tue, May 23, 2017
Colm Keena
The former chairman and chief executive of Anglo Irish Bank, Sen FitzPatrick,
has been acquitted on all charges against him at the Circuit Criminal Court.
Video: Colm Keena
The judge in the trial of the former chairman of Anglo Irish
Bank Sen FitzPatrick is to direct his acquittal.
The development came as Judge John Aylmer strongly
criticised the investigation by the Office of the Director of
Corporate Enforcement (ODCE).
He opened a lengthy ruling by announcing his decision,
promoting an emotional gasp from Mr FitzPatricks
daughter Sarah, who was in court. Not to declare his
decision at the outset, he said on Tuesday, would be a
further unfairness.
 Mr FitzPatrick (68) looked straight ahead and listened as
the judge strongly criticised the ODCE. It emerged last year
that documents relevant to the case had been shredded by
ODCE solicitor Kevin OConnell, who later sought medical
treatment.
Mr OConnell played a lead role in the investigation, but
had no previous experience of investigating indictable
offences. The investigation fell short of the duty to seek out
evidence as to a persons innocence as well as their guilt,
the judge said.
He was giving his ruling following a submission from the
defence that the charges be withdrawn. The jury is to
return on Wednesday to be told of the development.
C Sen FitzPatrick trial: Taoiseach criticises State Agency
involved
C FitzPatrick always appeared a little bitter at treatment
C FitzPatrick trial undermined by evidential flaws
Difficult time
Speaking outside the Criminal Courts of Justice on
Tuesday afternoon, the former bank executive said he
wanted to say it was a very long and tiring and difficult
time for my family, myself but thankfully today the trial is
over. As you can appreciate its a wonderful day for me and
my family.
He paid tribute to his legal team and also said he
appreciated the medias restraint during the current trial,
adding: I would hope that my privacy and that of my
family is respected in the coming days.
Mr FitzPatrick of Whitshed Road, Greystones, Co Wicklow,
had pleaded not guilty to 27 offences under the 1990
Companies Act. These included 22 charges of making a
misleading, false or deceptive statement to auditors and
five charges of furnishing false information in the years
2002 to 2007.
It was the prosecutions case that multi-million euro loans
taken out by Mr FitzPatrick and his family were artificially
reduced for a period of two weeks around the banks
financial end of year statement by short term loans from
other sources, including Irish Nationwide Building Society
(INBS).
The prosecution alleged Mr FitzPatrick failed to disclose
the extent of these loans to the banks auditors in the years
2002 to 2007. Mr FitzPatrick had denied all charges.
Legal aid
The case ran for 126 days in what was the countrys longest
running criminal trial. Mr FitzPatrick, a former bankrupt,
was receiving legal aid.
Judge Aylmer said a fundamental error was made when
statements were being taken from witnesses Vincent
Bergin and Kevin Kelly, who were audit partners with EY,
auditors to Anglo Irish Bank.
At the time the financial services firm was aware that it was
being investigated by its regulatory body, Carb, and was
being sued by the IBRC, in relation to matters linked to
Anglo. The ODCE assured the firm that as part of its
inquiry into Mr FitzPatrick, it would not be investigating
the adequacy of its audit of Anglo.
The process of taking the statements took two years and
involved EYs solicitors, A&L Goodbody. It was more in the
manner of preparing an affidavit for a civil action, than
witness statements for a criminal trial, the judge said.
The ODCE adopted an inappropriate, biased and
partisan approach, the judge said. It was trying to build
and defend a case against Mr FitzPatrick rather than
investigate the alleged crimes.
The preparation of the witness statements involved
coaching and cross-contamination, the judge said.
The trial began in Dublin Circuit Criminal Court last
September and was scheduled to end by Christmas.
It was delayed by weeks of legal argument in the absence of
the jury and only began hearing evidence in December.
http://www.irishtimes.com/news/crime-and-law/courts/circuit-court/ex-
anglo-chief-sen-fitzpatrick-acquitted-in-long-running-loans-case-1.3093217
You're now free to go': A triumphant Sen
Fitzpatrick thanked the judge as he left
court today
May 23rd 17

The corrupt dpp's office wasted millions of tax payers money when they knew that corrupt gardai
and investigators coached, destroyed and fabricated evidence and statements. This is what
NBCI do all the time with witnesses

Its time Liz Howlin and Clare Loftus in the dpp's office be made pay for their waste of
tax payers money .

Asked if he would be celebrating tonight FitzPatrick told the

press pack: That was last night.

FORMER ANGLO IRISH Bank chairman Sean FitzPatrick will not face any more
criminal charges, lawyers for the DPP have said.

His 127 day long trial at Dublin Circuit Criminal Court ended officially this morning
when Judge John Aylmer told the jury of his decision, revealed in court yesterday, to
direct an acquittal of all 27 charges.

FitzPatrick (68) of Whitshed Road, Greystones, Co Wicklow had denied misleading

Anglos auditors about multi-million euro loans linked to him and his family.
Prosecuting barrister Dominic McGinn SC told Judge Aylmer that six other charges
of alleged false accounting between 2002 and 2007 had been previously severed
from this indictment during the first trial by Judge Mary Ellen Ring.

McGinn said that the DPP was now dropping these charges so FitzPatrick will not
face trial on these. There are no other outstanding matters relating to the former
bank executive.

Judge Aylmer then told FitzPatrick: Youre now free to go and thank you for your
attendance. FitzPatrick replied: thank you judge.

Outside the courthouse FitzPatrick and his daughter Sarah were met by a large
scrum of photographers and journalists. Asked if he would be celebrating tonight Mr
FitzPatrick told the press pack: That was last night.

Extraordinary

Yesterday morning Judge Aylmer gave a lengthy ruling in which he strongly

criticised the investigation by the Office of the Director of Corporate Enforcement
(ODCE) into the annual practice of refinancing loans linked to FitzPatrick.

He said that because of issues in the investigation, including the extraordinary

shredding of documents by the ODCE investigator and the coaching of witnesses,
there was a real risk to FitzPatrick of an unfair trial.

He gave his ruling on yesterday in the absence of the jury, which had been told to
return to court today. Judge Alymer told the jury that he had made a decision that
the prosecution had not established a sufficient case to go to the jury.

He told the jurors he was aware that they had given over eight months of their life to
the trial process and he wanted them to have a full understanding of his decision to
direct them to acquit.

He said that the investigation fell short of that which the accused is entitled and that
there were a number of shortcomings. He said the shortcomings in evidence for each
of the charges meant there was an insufficient case.

At the start of the trial last September a specially enlarged jury of 15 was empanelled
because the expected length of the trial, which was due to last three months.

Since then two jurors were excused because of personal reasons so 13 jurors were left
this week. The law states that at the end of the trial a jury of no more than 12 can
return a verdict so this morning one more juror had to be excused by a random
selection.

This was done by the court registrar who picked a name from a biscuit tin. Judge
Aylmer said that if the person picked was the current jury foreman the remaining 12
would have to appoint another foreman before returning the directed acquittals.

Judge Aylmer thanked the jurors for their attendance and said he thought it quite
extraordinary that the court managed to keep 13 after eight months.
He said he expected that some of the jurors would be disappointed by how it has
panned out.

I wish to emphasise that a trial cannot proceed without a jury and you are an
essential part of the process, he told them.

Warehousing

The prosecution alleged that amount of loans connected to FitzPatrick was artificially
reduced for a period of two weeks around the banks financial end of year statement
by short term loans from other sources, including Irish Nationwide Building Society.

Described as refinancing this practice was also known as bed-and-breakfasting or

warehousing, as the loans would be allegedly put into short term storage.

The State alleged that the former director was obliged to disclose the full extent of his
loans to the banks auditors Ernst & Young and instead he had concealed them.

After his arrest in 2010, FitzPatrick denied to investigating garda from the Garda
Bureau of Fraud Investigation that he had ever sought to conceal the multi-million
euro loans.

He told detectives that there was no financial benefit to him, his family or the bank in
the annual refinancing of some of his loans.

FitzPatrick had pleaded not guilty to 27 offences under the 1990 Companies Act.
These included 22 charges of making a misleading, false or deceptive statement to
auditors and five charges of furnishing false information in the years 2002 to 2007.
The DPP withdrew nine of these charges earlier this month after conceding there was
insufficient evidence for those.

The prosecution came on foot of an investigation by the ODCE that began shortly
after the full size of FitzPatricks personal loans emerged in December 2008.

Between 2002 and 2007 loans taken out by FitzPatrick, his wife and family members
increased from in the region of 10 million in 2002 to around 100 million in 2007.

The loans were used to finance development of shopping centres, hotels and offices.
The revelations led to FitzPatrick resigning as chairman.
http://www.thejournal.ie/seanfitzpatrickfree3406185
May2017/?utm_source=facebook_short
Its not the justice system its incompetence in the state
services.Tusla ,HSE the list goes on millions spent on inquiry after
inquiry no result or follow up its a joke!,
What a kip of a country this is
We are Minions.
George Carlin was so spot on here.
https://www.youtube.com/watch?v=i5dBZDSSky0
Sean FitzPatrick was chairman of Anglo Irish Bank leading up to the
2008 crash. He was engaged in shady banking activities.
Evidence was shredded and he was acquitted of all charges. Share to
expose!
As we all expected another corrupt banker goes free. White collar
looking after one of their own & now we have judiciary involved. What
a nasty corrupt little country we are & those at the top are the biggest
villains
A dirty crook well shepherded by his own.
great country when those who caused the crash (i.e. Property
developers, bankers, regulators) have their unpaid loans paid for by
the taxpayer.
While they swan around arrogantly living a better lifestyle than people
whove pay back every cent they borrow.
A complete joke. And heres the kicker, the likes of me and you could
do time for not paying a TV licence
Right thats it, Im gonna put on my cleanest white collar shirt, and Im
off to Rob a bank. The good people of ireland will sort me out and pay
it back.. Win win for the rich man of the country, two fingers to the
normal joe soap. Geldoff was right, Banana Republic
Regulatory bodies and Quangos should not do criminal investigative
work and prosecution support work. They have too much of a vested
interest in the outcome, they are too zealous and partisan. They suffer
from confirmation bias or investigator bias.

Criminal investigations should be detached, impartial, objective and

genuinely open minded.

If a fair investigation is carried out and a clinical prosecution with no

witness coaching and no suppression of documents, a conviction can
be obtained if there is robust evidence.

I dont understand why the trial was not collapsed immediately Kevin
OConnells role and actions emerged.
Fine Gael have been very quick to state they have got the show back
on the road, the country back to work and all that sort of talk

Yet

The prices of houses is soaring, the cost of living keeps rising through
cuts and austerity
And worst of all
Under FINE GAELS watch

Criminals like this who are arguably the worst of all and have
committed the biggest crimes of all are left walk Scott free with a smile
on their face

Fine Gael is failing this country big time and no change of leadership
seems likely to change that
Its come to a stage where youd be ashamed to be Irish
Constant Established government of FG&FF, LB, GP
Oh what a great little country to do business in the ordinary person
gets a prison sentence for non payment of a Tv licence..and yet we
have this complete sham no doubt this was all set up to deliberately
collapse .. ..What a corrupt country we live in..
Unbelievable. That is outrageous. Devastating. Where is the justice,
where?
ELECTION TIME
Sean Fitzpatick gets away scot free on the day children were
slaughtered in Manchester. A Hundred odd day trial and they decided
to stop it when Manchester is blanketing the news. People I am telling
you now dont be fooled. Sean Fitzpatick and the likes will pay for what
they have done.

Expecting the Irish people to "see the problem" is akin to them changing their voting habits. Nigh
on impossible...
If heads are supposedly rolling in Official Ireland then they
are rolling at a unbelievably glacial pace...

SIX YEARS and still nothing is done about this!
2011 did a sit in protest at Anglo Irish bank in Cork, I felt a bit guilty about it after, you know
yourself, People going about their jobs and stuff but I also felt guilty missing birthdays, weddings,
christenings, and worst of all funerals because later that year I'd to fuck off from a country that
doesn't want to know about us to live in a country that rather would not know about us. Guilt is a
funny thing. But as the old chestnut goes "The truth can set you free"... Ya...right...maybe in the
movies
ODCE's fuck-up through their UTTER preparedness to fail (incompetence, inexperience) - not the lying thieving
cheating cunt's fault the case was dropped - one would have to question (but then again, why fucking bother?)
who pulled the strings at the ODCE from the outset and ensured a case with so many flaws and failures was
cobbled together that had zero chance of winning but was in fact damned to fail all along...

Investigatory privilege con rmed by Commercial Court

The Commercial Court delivered judgment in the case of Quinn -v- Irish Bank Resolution
Corporation Limited and Kieran Wallace1 on 19 May 2015, con rming that the scope of litigation
privilege extends not only to documents created for the dominant purpose of anticipated litigation,
but also to documents created in contemplation of a criminal or regulatory investigation.
1 [2015] IEHC 315
This case concerned an application for further
and better discovery; the defendants asserted privilege over a number of disputed documents
and sought to establish that the dominant purpose for the creation of the documents was the
contemplation of further litigation or for the purpose of two investigations, one by the Financial
Regulator and one by the Director of Corporate Enforcement.
Previous case law has con rmed that privilege can be claimed by a person whose conduct is
under examination by a tribunal of inquiry, on the basis
that although such a tribunal may not be involved in the administration of justice, it does have an
adjudicatory function and any report it may produce has the potential to have serious and
damaging e ects for the persons
called before it. In the case of Ahern
-v- Mahon2, the plainti was held to be entitled to claim litigation privilege in respect of
communications between him and his legal advisers and experts retained by him for the
purposes of the inquiry proceedings. As a person whose conduct was under examination by the
tribunal of inquiry, the plainti was held to be entitled to certain fundamental constitutional rights,
including the right to ones good name, the right to fair procedures and the right to natural and
constitutional justice.
Judge McGovern in the Quinn judgment accepted the rst defendants submission that it was
entitled to assert investigatory privilege or regulatory privilege in respect of any documents
created for the dominant purpose of engaging with the regulatory and investigative processes in
question.
Judge McGovern in the Quinn
judgment accepted the rst defendants submission that it was entitled to assert investigatory
privilege or regulatory privilege in respect of any documents created for the dominant purpose
of engaging with the regulatory and investigative processes in question. Judge McGovern
cautioned that the privilege did not extend to all documents created after the date on which the
defendant became aware of the investigations, but only those documents created for the
dominant purpose
of engaging with those investigation processes.
The logic behind the application of privilege is the principle that a person must be able to consult
his lawyer in con dence and be sure that what he tells his lawyer in con dence will never be
revealed without his consent. It has been described as much more than an ordinary rule of
evidence, limited in its application to the facts of a particular case. It is a fundamental condition
on which the administration of justice
as a whole rests3. This judgment provides further clarity on the scope
of documents that will attract privilege in the context of inquiries and investigations, and clearly
establishes the principle of investigatory/regulatory privilege.
For further information, please contact your usual Eversheds contact or:
Sena Glennon
Solicitor
+353 1 6644 947 SenaGlennon@eversheds.ie
2 [2008] IEHC 119
People Jailed For No Tv Licence Should Be Ashamed Of
Themselves Sean Fitzpatrick
May1,2014

It has been a long time since I was asked to write something

for a publication. I have been terribly busy of late with other
things that we will not go into right now. The main thing is
im back and fighting fit.
I picked up the Indo this morning to fill myself in on the days gossip, when I
came to an article with the headline 411 people jailed last year for not paying
their TV licence. Well, I nearly dropped my skinny grande caffe mocha out of my
hand with the shock. Four hundred and eleven people jailed for not paying their
licence fee!! What is the country coming to at all? And they only got an hour to
two days in jail!! Now, Im no judge or solicitor or anything, but would it not be
an idea to maybe jail them for a bit longer than just two days? Doesnt that seem
a little bit lenient of a sentence, considering the crime involved?
The article went on to say that this years figures were a 34pc increase on 2012
when 272 people were jailed! Well, no bloody wonder theres an increase if youre
only bringing them down to prison for the bit of dinner an a bun and sending
them home again. Why not stop off to a nice Thai massage parlor on the way and
slip the nice brown girl a tenner for the auld reach around. Sure, no wonder the
country is in the mess it is at that rate.

Now I know what your saying: cry me a river, build a bridge and get over it
Seany. But no. No, I wont. Its this kind of thing that really makes my blood boil.
All the rest of us have to pay for such talent like Dave Fanning and that weird
comedian lad trying his best to be a gay Jimmy Carr. Its only 160 a year for
Christs sake. Thats less than 14 quid a month. Those 411 people should be
ashamed of themselves if you ask me. They should have gotten 12 months each.
Well see what the figures say again next year.

If I was in charge, people would have to apply for a TV licence like they do a
drivers licence. If you fail the test, ie. not pay the fees involved, you cant buy or
own a TV. Simple solution. I would have both a provisional and full TV licence
system in place. The latter would be for those with cable, leaving the rest on the
provisional with their RTEs and TVs. Full licence holders would pay less because
they are already paying for cable, like me. The provisionals would pay 200 for
theirs.

Also, inspectors should have the right to go into a home and take the TV if people
dont pay their licence fee. There. Ive said it. This country is an absolute joke if
you ask me. Then you have these other shower giving out about water charges
down in Cork. Dont. Get. Me. Started!

Anyway, Id like to thank WWN for giving me a voice here today. Hopefully Ill
talk to you all soon again. Please leave your kind comments below.

http://waterfordwhispersnews.com/2014/05/01/people
jailedfornotvlicenceshouldbeashamedofthemselves
seanfitzpatrick/
Nation Ordered To Apologise To Sean Fitzpatrick
May24,2017

AS PENANCE for inconveniencing disgraced former

chairman of Anglo Irish Bank Sean Fitzpatrick, the Nation
has been ordered by the courts to apologise profusely for
expecting white collar crime to be recognised by the Irish
State
I think it would only be appropriate if the public stop whatever it is theyre doing
right now, and quickly apologise to Sean Fitzpatrick, confirmed a spokesperson
for the Minister of Protection of White Collar Crime, he isnt some working class
riff raff on minimum wage, hes a proper human being and deserves this apology
from the public.

The trial of Fitzpatrick, defined by a litany of incompetent acts by State

prosecutors and the ODCE, saw the former banker acquitted of all 27 charges of
breaches of Irish company law, with Judge John Alymer highly critical of the
States corporate watchdog, the Office of the Director of Corporate Enforcement
and their efforts to build a case against Fitzpatrick.

You cant imagine what it must have been like for him, you do realise he nearly
suffered consequences for his actions, added the spokesperson, sternly
admonishing the public, who were under the impression Ireland had a consistent
and functioning legal system.

The apology ruling, issued by the Court of Public Should Know Better Than To
Question These People, will see anyone who fails to issue a personal apology to
Fitzpatrick jailed for 10 years.

Elsewhere, the insultingly ineffectual efforts of the State to prosecute against

those involved in the banking crisis of 2008 has led to any large multi-national
businesses who are currently operating questionable financial practices to
breathe a sigh of relief, knowing that if and when their illegal practices are ever
uncovered they will never have to suffer any jail time.

http://waterfordwhispersnews.com/2017/05/24/nation
orderedtoapologisetoseanfitzpatrick/
It a joke, but the joke is on the people.

ANNUALREPORTOfODCEofTheDirectorof
CorporateEnforcement2012
http://www.odce.ie/Portals/0/EasyDNNNewsDocuments/52
8/ODCEFullReport2012Englishv4.pdf
REGULATORYENFORCEMENTANDCORPORATE
OFFENCES....1LawReformCommissionReporton
FourthProgrammeofLawReform...the2008bank
guarantee2016
http://www.lawreform.ie/_fileupload/Issues
%20Papers/Issues%20Paper%20on%20Regulatory
%20Enforcement%20and%20Corporate%20Offences
%20final.pdf
Enda Kenny Is A Fuckin Cunt
Jun 5, 2016
[EXPLICIT] NSFW lyrics.
https://www.youtube.com/watch?
v=spYy5wUMnTY&app=desktop
The Minister Has Asked The ODCE For A Full Report

May 24, 2017

Earlier today.

During Leaders Questions.

Taoiseach Enda Kenny was asked about former chairman of Anglo Irish
Bank Sen Fitzpatrick being acquitted of furnishing false information to
Anglos auditors.

The acquittal followed solicitor with the Office of the Director of Corporate
Enforcement (ODCE) Kevin OConnell admitting that he had destroyed
documents relevant to the criminal proceedings against Mr FitzPatrick,
among other matters.

During Leaders Questions, Mr Kenny said:

The ODCE is a statutory independent body. Its mother Department, the

Department of Jobs, Enterprise and Innovation, has no responsibility or
power of enforcement. The ODCE takes its own legal advice. There were
garda attached to the ODCE in the beginning but they were not
involved in the way this case was taken. The judge did point
out that the most fundamental error was the way in which they
went about taking evidence from the auditors of Anglo Irish
Bank, who were both from the firm of accountants involved.

He said that it was intended that their statements would be

taken in the normal way by members of the Garda Sochna
who were then attached to the ODCE. Instead, however, the
statements were obtained through solicitors from a legal firm.

The ODCE pointed out that it has now undergone substantial

organisational change and that it was simply not equipped to
undertake parallel investigations on the scale involved. I want to
say this: I have not spent the past six years as head of
Government and making very difficult decisions only to hear
again now the allegation in respect of white-collar crime that
people can walk away, that nobody is guilty and that nothing
is being done about it.

Let us, as a Parliament, decide what we must do with an organisation

like the ODCE. I can confirm that when the Minister for Education and
Skills, Deputy Bruton, had responsibility for jobs, requests by the ODCE
to his then Department for resources were granted. Now I find that the
ODCE says it was simply not equipped to take parallel investigations on
the scale involved.
I can confirm that the Minister has asked the Director of
Corporate Enforcement for a full report, including on the role
of all professionals involved in this case. That report will cover
the issues involved since 2008 when this case commenced
almost ten years ago. Nothing is ruled out.

When Deputy Catherine Murphy had her full group, she put forward a
proposition for a statutory standing body in the Dil to deal with matters
of corruption and so on.

The Minister will bring this before Government in due course.

The Government will consider it next week, but I want the
Minister to carry out an absolute review of what happened. It is
not good enough.
From top: Kevin O Connell from the Office of the Director of
Corporate Enforcement; RT Prime Times David McCullagh and
Dearbhail McDonald last night
We [Irish Independent] actually knew back in 2015 that this particular
prosecution of Sean Fitzpatrick was in serious trouble and serious
jeopardy but we couldnt report it at that time.

Back in 2015, legal argument came in the absence of a jury about key
aspects of the trial and one of those included the manner in which
statements were taken from two key witnesses Vincent Bergin and Kieran
Kelly who were audit partners in Ernst & Young which we now know as
EY.

But I suppose what I recall as the most staggering event possibly in 2015
was the day we were in court and the day that it emerged that the lead
investigator Kevin OConnell who was a solicitor, who wasnt experie-, he
was a solicitor for the ODCE and in charge of this investigation but he
wasnt overly experienced in dealing with serious indictable offences, he
didnt have much experience in the taking of witness statements.

And he admitted, it emerged, he went home, after six days of cross

examanation in the Circuit Court, that he had shredded documents in
what he described as a moment of panic when he went back to his office. I
think it was the May bank holiday weekend.

And that was absolutely staggering at that point in time. We couldnt

report it because Mr OConnell, whom the ODCE today revealed had been
hospitalised in the immediate aftermath of that revelation for a period of
time.

The case ended there and it is only now that the case has concluded, by
way of direction of acquittal by the trial judge that we are able to report
those facts.

Dearbhail McDonald, of the Irish Independent on RTs Prime Time

last night.

Meanwhile

Garda are trained in taking witness statements. OConnell, who was

centrally involved, had never taken a witness statement before. The
whole process, [Brendan[ Condon [Sean Fitzpatricks barrister] said, was
lawyer-led. It was statement by committee, with the statements being
constructed as if for civil proceedings. But this was not the commercial
court. It was a criminal prosecution and it should have been investigated
in the normal way.
Unknown to Condon, when OConnell was in the witness box answering
questions about these matters, the ODCE solicitor had a particular worry
on his mind.

What documents should and should not be disclosed to the defence by the
Director of Public Prosecutions (DPP) was one of the matters Condon was
complaining about in his critique of how his client was being treated.
OConnell was worried about the decision not to disclose a particular
document to the defence. According to Condons later view, that document
would have revealed that the DPP was being kept informed as to how
OConnell was going about his work. The decision not to disclose the
document, an email, Condon was to say in court in 2016, caused
OConnell to fear that he was going to be hung out to dry by the DPP.

OConnell feared that the DPP was deliberately suppressing the email,
Condon said, and this caused OConnell to panic.
This morning.

Dublin Circuit Criminal Court

Former Anglo Irish Bank Chairman Sean Fitzpatrick with daughter Sarah
(top left) leaves court after being formally acquitted of furnishing false
information to Anglos auditors.

Mr Fitzpatrick was cleared yesterday on all charges after a ruling on day

126 of the trial concerning shredder-based shortcomings in the
prosecutions evidence.

Good times.

A judge has told former banker and bankrupt Sean Fitzpatrick he

is a free man after directing a jury to find him not guilty of fraud.
The ex-chairman of the defunct Anglo Irish Bank had been on
trial for the last 126 days accused of "artificially reducing"
personal loans for a few weeks around the end of the financial
year so their full value was not shown in accounts.

After the longest criminal trial in Irish history, the former bank
boss, who always denied wrongdoing and pleaded not guilty,
returned to the Circuit Criminal Court in Dublin for one last time
on Wednesday morning to hear the formal acquittal.
The Office of the Director of Corporate Enforcement (ODCE), set
up in 2001 to crack down on white collar crime, has said it fully
accepts a judge's criticism of its investigation into the former
Anglo chief's loans.

The watchdog accepted witnesses were coached when giving

statements during the investigation and that their evidence was
contaminated.
Judge John Aylmer told the jury that he would not repeat a
lengthy ruling he gave in their absence on Tuesday when he told
Mr Fitzpatrick he would be acquitted.
"The prosecution having confirmed that there is nothing else
against you, you are free to go," the judge told the former bank
boss.
Mr Fitzpatrick, who was supported in court by his daughter
Sarah, said: "Thank you."
The ex-banker, who built Anglo over 30 years to become one of
the biggest lending institutions in Ireland, declined to comment
on the case as he left the courts but said he celebrated the
verdict on Tuesday night.
"I've said everything I had to say yesterday, thank you very
much," he said.
"I don't want to be rude but I'm not going to speak or make any
comment."
After being told on Tuesday that he would be acquitted, Mr
Fitzpatrick described the trial as very long, tiring and difficult.
The 68-year-old of Whitshed Road, Greystones, Co Wicklow had
pleaded not guilty to more than two dozen offences under
company law including making a misleading, false or deceptive
statement to auditors and furnishing false information between
2002 to 2007.
Judge Aylmer gave the jury a brief outline of why he was
directing the not guilty verdict.
"If any of you have been reading the newspapers or the internet
contrary to my admonitions I can forgive you in that regard," he
said.
"I've made a decision in a matter of law that the prosecution has
not established a sufficient case to go to the jury."
The judge said: "The thrust of what I've decided is that there was
an investigation of the charges against Mr Fitzpatrick which fell
short of that which an accused person is entitled to."
He added: "There are shortcomings in the evidence in relation to
each of the charges which meant that there was an insufficient
case."
The jurors, who heard the case over eight months, have been
excused from jury service for life.
The ODCE said it accepted witnesses from auditors Ernst and
Young were coached while making statements and their
evidence was contaminated.
The former banker's acquittal sparked criticism from opposition
politicians over the handling of the investigation, including a call
for the head of the agency Ian Drennan to resign.
The Director of Public Prosecutions, which does not normally
discuss the outcome of cases, declined to comment.
This was the second time Mr Fitzpatrick stood trial over his
personal loans from Anglo.
The first case collapsed in 2015 after it was disclosed that
documents held by the ODCE had been shredded by one of its
officials.
Mr Fitzpatrick was previously found not guilty by a jury after
being charged over multi-million loans that Anglo gave to major
clients, known as the Maple 10, to buy shares in the bank as its
stock market price collapsed.
Anglo went bust eight years ago and cost the Irish state about
29 billion.
http://www.breakingnews.ie/ireland/ex-banker-sean-fitzpatrick-
formally-acquitted-at-dublin-circuit-criminal-court-790984.html

EVALUATION REPORT ON THE FIFTH ROUND OF MUTUAL

EVALUATIONS "FINANCIAL CRIME AND FINANCIAL
INVESTIGATIONS" REPORT ON IRELAND

https://www.eumonitor.nl/9353000/1/j9vvik7m1c3gyxp/viy
p4ebua9xy
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they werein. We went through some difficult .
http://oireachtasdebates.oireachtas.ie/Debates
%20Authoring/WebAttachments.nsf/
($vLookupByConstructedKey)/seanad~20150128/$File/Da
ily%20Book%20Unrevised.pdf?openelement
Defamation (Amendment)
Bill 2014
http://www.oireachtas.ie/documents/bills28/bills/2014/6314
/b6314s.pdf