The market value of Anglo Irish Bank was overstated by one-third for 14 years

According to  information obtained by former banker Peter Mathews TD,  an alleged 1 Billion euro fraud  at  Anglo, NAMA and IBRC was systemic, not sporadic. Extra interest was  added to 80% of loans taken out  and this was actively concealed from the bank’s  clients.

Anglo might have been over-inflating its margin by a third, Year, after year, after year, but this  practice went on under NAMA and IBRC, according to a letter read out in the Dail on June 10 by Mathews.

Even more importantly, this information was known and is known to the current authorities and liquidators. Who did nothing with it.

One  bank client, a Mr Morrissey asked his solicitors to write to Deputy Mathews and also provided evidence of the fraudulent practices, which were verified by  Bankcheck.

 The Systemic Failure Continues Today

This  fraud has been brought to the attention of the NTMA, NAMA and others but it has been ignored to date. I have the evidence here and it is shocking, mathews told the dail.” Let us stress t that Irish authorities were and are aware of this.

  • An Irish court  has ruled on this matter in favour of Mr. Morrissey.
  • Mr Morrissey notified this to the bank.
  • Mr. Morrissey also notified this to Nama and the Department of Finance in early January 2015. It was notified to the Central Bank in late January 2015, and to the Minister for Finance in early March 2015, and subsequently again to the Central Bank in early March 2015.
  • And the case is being ignored.
  • Mr. Morrissey says he  has received no reply to his notifications from any official body.
  •   In Mr. Morrissey’s letter cited by deputy Mathews on June 10, Mr. Morrissey  said he notified the then Chairman of IBRC, Alan Dukes  TD of  the overcharging as far back as in mid-January 2013. Simultaneously, he notified the Department of Finance, the Central Bank and the Financial Regulator.
In conclusion, Gurdgiev asks a simple question: ” What is the point of a Government inquiry into alleged wrongdoings at IBRC, when  its actual wrongdoings are not being dealt with at all?
Credit to  and his excellent blog http://trueeconomics.blogspot.ie/
and to http://awaken-longford.com/ for reblogging this important story.
Constantin Gurdgiev
Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s