Illegal assets ‘wiped out’ by bank raid

The Daily Herald carries a story on how the drastic government measures following the Northern Bank raid, which saw the withdrawal of bank’s pre-raid notes may have wiped out millions of pounds of illegally held currency.

  • Peter Hain has withdrawn OTR legislation in the Commons.

  • smcgiff

    ‘wiped out millions of pounds of illegally held currency.’


  • belfastwhite

    So the boul military “intelligence” source says the IRA grabbed 26.5 million and it cost them 3 to 5 million and they lost money? Work that one out!

  • Henry94

    Unusual but effective police work?

  • George

    The Irish government made a clean 400 million euros with the introduction of the euro as 300 million punts weren’t handed in.

    It’s a great scheme. They should reintroduce all the notes and pump the proceeds into education or something like that.

    A bit like the dormant accounts scheme in the Republic.

    The bank is probably the only organisation to have made a profit out of the Northern Bank raid.

  • smcgiff


    I doubt if the IRA were the only ones to be caught out by this.


    Those dastardly securocrats are at it again! Luring the IRA into robbing the Northern Bank to cripple Sinn Fein with the political fall out, and then changing the bank notes to wipe out the IRA’s finances and render the bank haul useless – how dare they!

  • Shay Begorrah

    The reasoning seems a little flawed leaving aside any questions about who actually pulled off the job.

    (1) How would anyone know the particular balance of bank notes any one holding currency would have? Did the IRA previously announce a decision to hold only notes from Australian banks and I missed it?

    (2) Was it established that all of the Northern Bank haul was in Northern Bank notes? I plead ignorance but I seem to remember a certain amount of balderdash from NIB at the time of the raid that most of the notes were traceable when only a small proportion were.

    This article, while it might appeal to those who think that the provos are both diabolically devious and incredibly foolish also seems to be a teeny bit short on our (or at least my) old favourite, attributable facts and based almost entirely on comments from completely unidentified “security” sources. It appears that at least one side is still fighting the war.

    Finally the use of the words military precision always flag someone with a weak grip on reality. Surgical precision, military wastefulness.

  • missfitz

    It’s like fishing season on Slugger, what with all these red herrings floating by……

    Agree with Shay. How on earth does anyone figure that there was a stash of £3million notes in a corner of a shed in South Armagh. Gives one visions of all the currencies stacked up in neat and precise bundles…. um I dont think so.

    Anyway, money laundering is an active process with well defined routes and methods. Cant imagine up to £20mil (including all the banks up here) waiting to be handed out in Daz boxes.

  • There was the €2+ million in Northern Bank notes found in a compost bin in Cork that might account for for some of the losses reported.

    Although the Justice Minister has claimed it as part of the Northern Bank haul, in the absence of formal judicial procedings it cannot be yet be definatively placed.

    By its extra state nature, it is impossible to confirm the extent to which this will have affected the IRA’s funding.

  • Scotsman

    Incidentally, it’s not the “Daily Herald” it’s “The Herald”, formerly the “Glasgow Herald.”

  • SM

    Spot on. I think I have ‘Daily’ in mind to distinguish it from the Sunday paper. But the Daily Herald became the Sun of course: