This comes from an anonymous Twitter account – @QuinnAnglo – so all the usual provisos apply.
The tweeter in question claims this document to be the Statement of Affairs of IBRC before the liquidation of the company in February 2013. It includes a list of creditors (though not depositors – as Noonan intervened on that one).
The Statement of Affairs was handed over to the Department of Finance recently and took some 8 months to produce. Some hedge funds are investigating if the bank’s insolvency was contrived and are considering taking legal action.
The account has been mentioning it to various journalists on Twitter:
It has been a common narrative since 2008 that the decision to guarantee the banks was a late night decision, taken perhaps in the heat of the moment for fear of the entire banking system collapsing if we did nothing (or acted on a set of alternative proposals provided by Merrill Lynch).
However in another tape released by Tom Lyons and me yesterday in the Sunday Independent this narrative is somewhat dented. In the days prior to the guarantee, and in a phonecall likely made between September 24-26, 2008, John Bowe from Anglo spoke to a senior official in the Central Bank.
Bowe: …[The Regulator has been asking]’So when are you going to run out of money’? And this is our best guess as to how these things unfold.
Official: Right.
Bowe: Making assumptions obviously contractual stuff is rolling off and then we’ve made assumptions around the customer stuff. And that, that if you like gives us a point of time which is, which is Monday.
[Silence]
Official: That, that by Monday you will be out of collateral?
Bowe: By Monday, we would, yeah, exactly.
Official: Ok, em.
Bowe: We will be out of cash and collateral.
Anglo were projecting they would run out of money on Monday, September 29, 2008, and if they survived Monday via money market funding they said they would certainly be in trouble on Tuesday September 30, 2008. How well prepared was the Department of Finance for this eventuality? How did they factor this news in, if at all? How panicked was the decision to guarantee?
This information is by no means a smoking gun, but it does add to our understanding of events that week.
This is 1 Grand Canal Quay, where Denis O’Brien’s Communicorp Ltd is headquartered. The building is owned by Mr O’Brien personally, with a registered address at 77 Wellington Road, Dublin 4. I walk by it every morning on the way to work so I was curious about it.
A mortgage charge on the property was registered with Anglo Irish Bank in 2001, 2009 and 2011. Each of these have since been cancelled. The most recent charge from Anglo Irish Bank was cancelled on October 19, 2011.
A new mortgage charge was registered 5 months later with Bank of Ireland on February 29, 2012.
This is the full folio:
There are a number of active and former companies registered for the sixth floor at 1 Grand Canal Quay, some of which are connected to Mr O’Brien’s wide ranging business interests. They include:
Communicorp Group Ltd
Barathea Ltd
Digicable Ltd
Partenay Ltd
98 FM Classic Hits Ltd
Brigadoon Media Ltd
Communicorp Investments Ltd
Metro Radio International Ltd
The Haven Community Foundation Ltd
Trinity Property Golf Ltd
European Radio Corporation Ltd
Fieldsville Ltd
Island Capital Ltd
Island Capital Services Ltd
R-Tel Ltd
Radio Two Thousand Ltd
Spin South West Ltd
Web Radio Ltd
Mr O’Brien’s stake in Siteserv is via an Isle of Man company called Millington Ltd.
Readers may recall that back in 2010, FAS closed their internal bulletin board after staff had been “posting nasty messages on the internal notice board about Rody Molloy, the deposed director-general”, according to then Senator Shane Ross.
In the article, Ross noted:
At least one fun-loving outsider tried to break into the staff intranet board. According to FAS, “an external internet blog posted the internal address of the bulletin board pages and sought access”. FAS proudly declares that it became aware of the attempted breach and stopped the rot.
This was not entirely true. What had actually happened was that this blog was being discussed, and linked to, from the FAS internal bulletin board. We saw it in our referral traffic, as this blog post outlines. We never attempted to “break into” it.
1) All briefing documents related to the appearance by FAS staff, or their representatives, at the Public Accounts Committee hearings of February 2010.
2) A ‘datadump’ (MySQL export) of the entirety of the internal PHP bulletin board located at this address:
http://intra.fasoffice.com/phpbb/
3) A screengrab of the entire thread at http://intra.fasoffice.com/phpbb/viewtopic.php?t=11270. This will likely be in .jpeg format, or multiple jpegs, depending on the length of the thread.
4) A ‘datadump’ of the entirety of the Agency’s CORE database inasmuch as such data relates to expenses claimed.
FAS refused our request citing various sections including the not oft used ‘frivolous/vexatious’ component of Section 10. In their refusal to release the database, FAS used some rather spurious reasoning. They made an odd distinction between records and “official” records (no such distinction exists) and even accused us of not having the public interest at heart. Bless. In fact it’s worth reading the ‘rationale’, if you could call it that, in full:
My view is that this request has been made in order to undermine the work of FÁS and its staff and to add fuel to the ongoing media attention that FÁS have found itself in. It is reasonable to expect that FÁS staff have many views on the events that have taken place and it is also reasonable that FÁS staff should have some facility in which to air their views. This facility is the FÁS bulletin board. I do not consider it is unreasonable that such a facility be in place. Staff should be able to use this facility to express those views. The bulletin board is a very important communications tool for colleagues to assist each other with queries of a work nature in an informal environment. It provides instant access to answers that might otherwise take time, all done in an effort to provide an efficient and effective service to FÁS clients. Questions are raised and answered informally as this is the purpose of the bulletin board. It is also a communications tool for colleagues to debate issues among each other, work related and otherwise.
My opinion is that this request has not been made with the best interests of the public at heart. The rights provided by the FOI Act must not be abused by public bodies and in turn must not be abused by members of the public. I am satisfied that the request amounts to an abuse of the right of access and that it is made for a purpose other than to obtain access. In my opinion, all internal staff bulletin boards will cease to exist if it is widely known that they are available under the FOI act, an act that was set up to ensure transparency in public bodies relating to official information. I do not consider that it is necessary to show transparency in this area as the information cannot be deemed ‘official information’. There is no public interest in releasing this bulletin board. I do understand that the bulletin board might be ‘of interest’ to the public but there is a clear distinction between ‘of interest’ to the public and ‘in the public interest’ and it is very important not to confuse the two. In my opinion there is no public interest in the release of comments attributed to FÁS staff in relation to a variety of topics other than a general curiosity. The release of the comments would not assist the public in their understanding of the processes of government in any way.
The release and publication of the FÁS bulletin board would have many effects, that is to undermine the staff of the public body, to cause undue attention to FÁS and to highlight FÁS in a negative way for the amusement or entertainment of others. None of this is consistent with the ‘spirit’ of the FOI Act. I am therefore of the firm belief that this request is frivolous and vexatious.
The case was then appealed to the Information Commissioner, who thanks to a large backlog, has just issued a decision (in full below). The decision of FAS has been annulled and the Commissioner has directed the release of most of the data, bar some small exemptions. The sections of the Act tackled were Section 10 (1) (e), Section 26 (1) (a) (Information obtained in confidence) and Section 28 (Personal Information). In relation to the vexatious section, the Commissioner noted:
Helpfully, the Commissioner has provided some guidance on how purported vexatious requests should be handled:
It was found that my request was not even close to the above:
All the money so far provided from a funding boost for autism services announced by Minister for Health James Reilly last year has been spent on cutting waiting lists for children with the condition in his political heartland in north Dublin…
The documents used for this FOI, related to emails about autism services are published here:
On Saturday and today the Irish Times published a series of stories, by me, Stephen Collins, Miriam Lord, Dan Keenan and Steven Carroll based on cables this blog obtained under US FOIA legislation. Below are the documents on which the story was based – 1989 State Department documents related to Charles Haughey most of which come from US Embassy Dublin, but some of which come from other embassies.
Also for posterity, this is a late 2005 report by the Centre for Public Inquiry and the associated report commissioned by it, written by Accufacts, about the Corrib Gas pipeline.
Myself and Tom Lyons wrote yesterday in the Sunday Independent about new revelations from The Anglo Tapes, new audio of which is available over on Independent.ie.
This follows on from the trojan work of Paul Williams, Fionnan Sheahan, Dearbhail McDonald and Donal O’Donovan in the Irish Independent last week.