Anglo Irish Bank to close - Good riddance

[Kerry Mike]

Should have happened 2 years ago...

from RTE.ie

The Central Bank has said that the brand name of Anglo Irish Bank is expected to disappear in the coming weeks and its deposits will be moved to a separate entity.

However, its loan book will be wound down over a number of years.

In a statement, the bank said Anglo's depositors will remain fully covered by the deposit guarantee.

and in more great Anglo news...

The former head of Anglo Irish Bank's Irish lending division, who is being pursued for €50m in unpaid loans by the bank, is bringing proceedings against senior Anglo officials, the State, the Central Bank and the Financial Regulator.

Tom Browne alleges that their actions led to the nationalisation of the bank, the collapse of its share price and immense loss and damage to him.

He claims that as head of the bank's Irish lending division, he was instrumental in introducing a more conservative lending policy within the division until he left the bank in late 2007.

Anglo Irish Bank says far from being instrumental in introducing a more conservative lending policy, the loan book of the bank grew by more than 284% during his period in charge - from €13.3bn in 2004 to €37.8bn in 2007.

Mr Browne says actions taken by Anglo Irish Bank and some of its then officials were entirely wrongful and probably unlawful and led to its nationalisation in January 2009.

He said in some respects these actions were conducted with the complicity of certain regulatory and supervisory authorities.

The case will be back before the Commercial Court on 16 December

Wait and see he will get awarded "substansial damages" by the court. These f**kers have some neck, they should all be in mountjoy at this stage.

[Kerry Mike]

Not the first time RTE had an inaccurate view on the world, here is the Irish Times take on it...

Former Anglo executive in court action

A former head of Anglo's Irish lending division who claims he was "instrumental" in introducing a "more conservative" lending policy presided over a 284 per cent increase in its loan balances before leaving the bank in 2007, a High Court judge noted today.

Mr Justice Peter Kelly made the observation when dealing today with proceedings in which Anglo is seeking €50 million summary judgment orders against Thomas Browne, director of Anglo's lending in Ireland from early 2005 to autumn 2007, over unpaid loans.

The judge heard Mr Browne is considering bringing a derivative action - an action on behalf of a company - on behalf of the bank claiming damages against senior Anglo officials, the State, former Central Bank governor John Hurley and former financial regulator Patrick Neary alleging their actions and negligence lead to the bank's difficulties.

Mr Browne also claims he has a defence and counter-claim to the bank's summary judgment claim on grounds "fraudulent", "deceitful and probably unlawful" conduct of Anglo and its senior officials prior to its nationalisation in early 2009 resulted in the bank's demise and it being the "single largest contributor" to the financial difficulties afflicting Ireland.

These actions included the temporary transfer of €7.3 billion funds by Irish Life & Permanent to enhance Anglo's balance sheet in 2008; concealment of details of the Quinn Group's shareholding in Anglo; off-market placing of about 10 per cent of Anglo shares in "non-recourse" arrangements funded by Anglo itself with ten clients; and non-recourse loans by Anglo to its own directors to purchase Anglo shares.

These "entirely wrongful" actions, some of which were apparently conducted "with the complicity" of certain regulatory and supervisory authorities, led to the bank's nationalisation, collapse of its share price and destroyed his own financial security, Mr Browne said.

While he appreciated his references to "a more conservative lending policy" while he was with Anglo appeared "remarkable" given the "mammoth write downs" later applied to Anglo loans, his assertions were "entirely accurate", he said.

His pursuit of a "more conservative lending policy" was "a source of rancour" within Anglo as there was a perception it was losing market share and he had "a somewhat difficult relationship" particularly with Anglo chief executive David Drumm, he said. His departure from Anglo in October 2007 was "almost inevitable" after he unsuccessfully applied for the CEO post in early 2005.

The proceedings by Anglo were before Mr Justice Kelly today to deal with a number of issues arising from the bank's action against Mr Browne, Ferney Hill, Brighton Road, Foxrock, Dublin.

Cian Ferriter, for Anglo, said it did not accept any of the matters raised by Mr Browne showed either an arguable defence or amounted to any counter-claim. The proposed potential derivative action could also not amount to a defence, he said.

Anglo "undoubtedly got into the mess" everyone knew about but it was "untenable" for Mr Browne to argue this was any basis for a defence when, under his stewardship, Anglo's lending increased from €13 billion to €38 billion, counsel said. There was "an air of real unreality" about this, he added.

Dermot Cahill, for Mr Browne, said his client's only option may be to seek to bring a derivative action against the entities that caused Anglo to suffer loss in circumstances where the bank itself was not bringing any such case.

Some of his client's loans were fully performing and the bank was not entitled to summary judgment regarding those, counsel added. Mr Browne's difficulties with loans to purchase Anglo shares were caused by wrongful activity of Anglo and others, he argued.

Mr Justice Kelly said he would allow Mr Browne bring a motion seeking to bring a derivative action and would hear that application and the summary judgment proceedings, on December 16th.

[bcarrier]

Does he know where the bodies are buried ?

[Rossfan]

That cuntish organisation should have been let go to the wall in Sept 2008 but of course FF the cnuts party had to look after their Galway Tent mates.
The IMF bucks weren't long in putting an end to it.

[Declan]

Guess it's no longer of systemic imprtance then!!
You couldn't make this crap up.
Better not tender for this so - http://www.etenders.gov.ie/search/show/search_view.aspx?ID=NOV185995&catID=13