IBRC – Slugger O'Toole

Aventas: “These scandalous attacks orchestrated by a small group of criminals and their equally criminal sponsors…”

Pete Baker on February 12, 2014, 3:15 pm

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As the BBC reports, Lagan Cement Group has suffered damage of more than 1m euros (£820,000) in three separate attacks. The attacks followed the announcement that Lagan was buying, subject to approval, Rooftiles in County Fermanagh from the Aventas Group. The arson attacks at Lisburn, County Antrim, Comber, County Down, and Carrigtwohill, County Cork, are reported to have occurred since the Feb 4 announcement of the sale of Rooftiles, which is based in Derrylin, to the Lagan Group. The Aventas …

IBRC: “This bill when finally enacted will bring to an end…. erm..”

Mick Fealty on February 7, 2013, 12:43 pm

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So what happened last night? Well, not the end of history, as the Tanaiste part billed it), but what’s left of Anglo Irish Bank (IRBC) was wound up. That required a piece of primary legislation to close it down and transfer its assets (and, more importantly, liabilities) to NAMA. Why? Because IBRC’s debt was being paid through the Promissory Note costing a fortune (3.1 billion pa for tens year). The ‘advantage’ of a PN is that it can be unbundled …

Zombie Republic of Ireland (2010-2013)

John Ó Néill on February 6, 2013, 11:34 pm

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Tonight, on #promnight, the winding-up has been announced of the Zombie Republic of Ireland, formed in 2010 when the former sovereign state became a ward of the Bundestag’s finance committee. The end-of-life processes of the former Republic were accompanied by rushed late night decision-making and ill-considered legislation. The death notice, issued from ECB President Jean-Claude Trichet, has never been made public. The zombie successor state was artificially kept in an animated state as a toxic repository where 1% of the EUs population has been assigned 42% of the European banking debt. Tonight, this European banking debt is poised to be consolidated as sovereign debt in late-night …

“The loans were provided as part of the unwinding of an indirect 28 per cent stake in the bank amassed by Mr Quinn…”

Pete Baker on October 9, 2012, 12:07 am

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Three former executives of Anglo Irish Bank, former chairman Seán FitzPatrick, former finance director Willie McAteer and former managing director of the bank in Ireland Pat Whelan, charged with “giving unlawful financial assistance to buy shares” have been sent forward for trial at the Irish Circuit Criminal Court. As the Irish Times report notes The charges relate to loans provided by Anglo to a group of investors – ten customers known as the “Maple 10” – and to the five children of …

“Sean Quinn didn’t invest in Anglo Irish Bank, he bet on it”

Pete Baker on August 1, 2012, 2:09 pm

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As the cost of the adminstration of Quinn Insurance mounts, and to the sound of u-turns from ill-advised supporters of the bankrupt Sean Quinn, BBC NI business editor, Jim Fitzpatrick, sets out the facts in the case of the former billionaire. Here are a few key points Sean Quinn didn’t invest in Anglo Irish Bank, he bet on it If all he’d done was buy shares, his losses would have been limited. But Sean Quinn chose a dangerous financial instrument …

Sinn Fein turning on a sixpence over the Quinn family affair?

Mick Fealty on August 1, 2012, 10:28 am

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The good lord knows that Sinn Fein did not invent that old Irish political stock in trade of saying one thing to one set of people and saying quite another to another set… but the party’s split voice on the Quinn family debacle (the Independent has some of the personal detail) is striking… So the MP for Fermanagh and South Tyrone gave the Irish government both barrels for its treatment of the Fermanagh businessman: He has been treated disgracefully by …

Sean Quinn: “We felt it was the right thing to do and we still feel it was the right thing to have done…”

Pete Baker on July 29, 2012, 5:24 pm

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The jailing of his son and nephew was supposed to be “a practical way” of procuring compliance with the court orders to reverse the contempt of court in putting assets beyond the reach of the former Anglo-Irish Bank, now the state-owned Irish Bank Resolution Corporation (IBRC). Instead, the bankrupt Sean “I am not dishonest” Quinn snr has embarked on an unapologetic PR campaign. Whilst his still ‘on the run’ nephew, Peter Darragh Quinn, has been reportedly photographed with his father at a GAA match in …

“a scheme of mesmeric complexity, reeking of dishonesty and sharp practice”

Pete Baker on July 25, 2012, 8:44 pm

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With Sean Quinn jnr in jail, and Peter Darragh Quinn ‘on the run’, there’s been another development in the long-running battle between the Quinn family and the former Anglo Irish Bank, now state-owned Irish Bank Resolution Corporation [IBRC], over the €2.8billion the IBRC is owed. From the Irish Times report Mr Justice Peter Kelly said he has presided over the Commercial Court since 2004 and regrettably was having to deal more often with cases involving “national and international fraud, sharp practice, chicanery …

Three former Anglo Irish Bank executives charged with “giving unlawful financial assistance to buy shares” – Updated

Pete Baker on July 23, 2012, 9:11 pm

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With Gardai still seeking Peter Darragh Quinn following the jailing of Sean Quinn jnr after the recent contempt of court ruling, two former Anglo Irish Bank senior executives have appeared in Dublin Criminal Court. From the Irish Times report The bank’s former finance director Willie McAteer and executive Pat Whelan are the first people to be charged in the three-and-a-half-year-old Anglo Irish Bank investigation. Mr McAteer (61), with an address at Auburn Villas, Rathgar, Dublin was charged with 16 counts of giving unlawful …

Sean Quinn son and nephew jailing “a practical way” of procuring compliance

Pete Baker on July 20, 2012, 11:11 pm

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Well, we’ll see. Having been given three weeks to reverse their contempt of court in putting assets beyond the reach of the former Anglo-Irish Bank, now the state-owned Irish Bank Resolution Corporation (IBRC), the bankrupt Sean “I am not dishonest” Quinn snr, his son Sean, and his nephew Peter Darragh Quinn have failed to convince the court of their compliance with the court orders. As a result Sean Quinn jnr and Peter Darragh Quinn have been jailed for three months. Miss Justice Elizabeth Dunne ruled later, …

Quinn Contempt Case: “The judge will look again on 20 July at their co-operation with the Irish Bank Resolution Corporation”

Pete Baker on June 29, 2012, 7:40 pm

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In Dublin High Court, Ms Justice Elizabeth Dunne has delayed the issue of what penalty to impose on bankrupt Sean “I am not dishonest” Quinn snr, his son Sean, and his nephew Peter Darragh Quinn, to give them the opportunity to reverse their contempt of court in putting assets beyond the reach of the former Anglo-Irish Bank, now the state-owned Irish Bank Resolution Corporation (IBRC). From the BBC report At the High Court in Dublin on Friday, Ms Justice Elizabeth Dunne warned she …

Sean Quinn: “I am not dishonest.”

Pete Baker on June 26, 2012, 2:29 pm

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Dublin High Court, however, disagrees, finding the bankrupt Sean Quinn snr, his son Sean Quinn, and his nephew Peter Darragh Quinn in contempt of court for putting assets beyond the reach of the former Anglo-Irish Bank, now the state-owned Irish Bank Resolution Corporation (IBRC). From the BBC report In her ruling, Judge Elizabeth Dunne described Peter Darragh Quinn’s evidence as “evasive, uncooperative and, at times, untruthful.” She said he gave the impression that he would do anything to put assets beyond …

You are not responsible for the crisis (Oh yes you are)

John Ó Néill on January 27, 2012, 10:04 am

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Whoever it was aimed at, Enda Kenny’s performance in Davos doesn’t seem to be going down well back home. The Irish Times reports that he said: “What happened in our country was that people simply went mad borrowing,” Mr Kenny told a meeting at the World Economic Forum meeting in Davos, Switzerland. “The extent of personal credit, personal wealth created on credit was done between people and banks – a system that spawned greed to a point where it just …

Sean Quinn Declared Bankrupt in Ireland

Pete Baker on January 16, 2012, 1:34 pm

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Having succeeded in having Sean Quinn’s bankruptcy status in the UK annulled, the Irish Bank Resolution Corporation (IBCR), formerly Anglo Irish Bank, today applied to have Mr Quinn declared bankrupt in Dublin High Court. Mr Quinn did not oppose the application. On Friday evening there was another attack on Mr Quinn’s former business headquarters. That occurred just days after the UK bankruptcy annulment and one day after it was reported that Quinn Wind Energy Ltd had also been placed into administration. And the Irish …

Belfast High Court Annuls Sean Quinn Bankruptcy

Pete Baker on January 10, 2012, 12:10 pm

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As the BBC reports, in the latest instalment of the continuing complicated legal battle between Sean Quinn and the Irish Bank Resolution Corporation (IBRC), formerly Anglo Irish Bank, Belfast High Court has ruled that Mr Quinn is not entitled to declare himself bankrupt in the UK. He can, however, apply for bankruptcy in Ireland. From the BBC report At the High Court on Tuesday Mr Justice Deeney found in favour of the bank, annulling the bankruptcy. He found that a lease for an office in …

[Bankrupt] Sean Quinn ordered to repay €417 million

Pete Baker on November 23, 2011, 5:21 pm

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As noted on Monday, the Dublin Commercial Court ruling on on an application by the Irish Bank Resolution Corporation (IBRC) for the repayment of €2billion in loans which had been personally guaranteed by Sean Quinn was due today. And RTÉ reports the outcome The amount Mr Quinn has been ordered to repay is the largest summary judgment amount ever entered in the courts here against an individual. Mr Justice Peter Kelly granted the order for almost €417m as it relates to sums …