October 8, 2009

Fools & Crooks at DDDA-Anglo

DDDA's NAMA-Land in Poolbeg

Is Anglo-DDDA Stuffed With Fools & Crooks?

Obviously they are not fools at Anglo-DDDA as the taxpayer is now liable for the diddled €500 million or so (always add a safety margin of at least 25% to dodgy Irish banking-CEO's numbers).  Seven hundred hospital beds have already been shut down.

Are the named speculators really fronts for others operating from say Hong-Kong or Wall Street?

Even with the parish's best 'governance expert' on board the DDDA still refuses to publish its 2008 accounts.  What are DDDA's conditioned monkeys cooking up in order to screw taxpayers?

Mr John Gormley still allows Dublin Docklands Developers Autocracy (DDDA) to exist.  

Note: in the inbred-Irish context the word 'developer' has nothing to do with wealth creation such as bio-tech or optical-electronics. 


'Anglo 10' each borrowed sums of up to €56.5m

SIMON CARSWELL, Finance Correspondent
Fri, Oct 09, 2009

THE 10 Anglo Irish Bank customers who borrowed from the bank to buy a 10 per cent stake in the lender owed sums ranging from €9.7 million to €56.5 million just before the bank was nationalised last January, according to internal records seen by The Irish Times .

This newspaper has confirmed the customers and loan amounts at the start of this year were:

  • Jerry Conlan, property investor and owner of a hospital chain, €56.5 million; 
  • Patrick Kearney, a Northern Irish developer, €46.6 million; 
  • Seamus Ross, a developer and hotel owner, €46.4 million; 
  • Gerry Gannon, a Dublin-based developer, €46.4 million; 
  • Joe O’Reilly, the developer behind the Dundrum Town Centre in Dublin, €43.4 million; 
  • Brian O’Farrell, a north Dublin auctioneer and property developer, €41 million; 
  • Paddy McKillen, a Dublin-based developer, €38.9 million; 
  • Gerry Maguire, the owner of shopping centres in Drogheda and Dundalk, €31.7 million; 
  • John McCabe, a Meath-based builder, €31.6 million; and 
  • Sean Reilly, a Meath-based developer, €9.7 million.

Mr Conlan said he had “no comment to make” when contacted. A spokesman for Mr Kearney said his client had no comment. Mr O’Farrell said: “I am not going to comment on that.” Mr O’Reilly said he was unable to make any comment. Mr McKillen said he would return a call about a query relating to the loans but didn’t. When told about the nature of the query, he said: “Brilliant – appreciate that, thanks.” Calls to Mr Ross, Mr Gannon, Mr Maguire, Mr McCabe and Mr Reilly or their offices, seeking comment, were not returned.

The loans to the 10 long-standing customers totalled €392 million as of last January, the records show, and are listed by the bank as “personal” borrowings. The bank also noted there had been a decline in the value of the security backing the loans.

This refers to the fact three-quarters of the money borrowed by each individual was on a “non-recourse” basis, backed only by the shares they bought in Anglo Irish Bank with the money, meaning they could not be pursued for this part of the loans.

The bank’s shares are all but worthless following its nationalisation in January. Anglo Irish – now owned by the taxpayer – expects to write off about €300 million in respect of these loans.

Senior executives at Anglo organised the purchase of the 10 per cent shareholding – from businessman Sean Quinn – in a private transaction during the summer of 2008 to avoid the shares being disposed of on the open stock market, as this would have affected the share price at a time of severe volatility.

A spokesman for Anglo declined to comment, saying the bank could not discuss customers’ affairs due to confidentiality.

© 2009 The Irish Times


The Galway Tent said...




Saturday, October 10, 2009
Are the authorities asleep as far as Dublin Dockland Development Authority is concerned?

WHEN Professor Niamh Brennan was appointed Chairman of Dublin Docklands Development Authority (DDDA) to effectively replace Donal O’Connor, last March, the taxpayer looked forward to observing an icon of excellence in corporate governance emerge under her leadership. O’Connor had become Chairman of Anglo Irish Bank. One of the basic fundamentals of excellence in corporate governance is the timely presentation of an annual report and audited accounts. The annual report and audited accounts for the year ended 31 December 2008 have yet to emerge from DDDA even though an Oireachtas Committee was advised on 10th February that they would be available by early March.

The 2008 audited accounts of Becbay Limited which is the vehicle through which the 26.4 acre Irish Glass Bottle site was acquired, have not been filed. An annual return due on 31 July 2009 is long overdue. DDDA has a 26% stake in this entity. Brennan seems to be asleep at the helm and nobody seems capable of rousing her.



Fungus FitzJuggler III said...

Great Blog!
Keep it up, we all need to bear the corruption in mind before voting or grabbing a pitchfork!