Author: Gavin Sheridan

Kevin Cardiff appointments diary

On November 29, 2009 I sent a request to the Department of Finance seeking the diaries of all senior staff at the Department for the period May 2008 to May 2009. In early January I still had not received the requested diaries.

On January 15 I received an email from the Department stating that my request had been mislaid, and that it was in progress. I was promised that the request would be “processed quickly”.

On January 26 I still had not received the results of my request. Two full months had passed, and under the Act this what is called a deemed refusal – where a public body fails to reply to a request within 20 working days. I felt I had given the Department more than sufficient time to answer my request. I therefore sought an internal review. The Department replied with the following:

“While noting your position in relation to the lack of information within the deadline set as being deemed a refusal, you will be aware from my email of 15 January that the information was in the process of being sought and compiled. Notwithstanding your right to an internal review, I would point out that the process of an internal review is likely to take up to 3 weeks from today, as provided for in the legislation. As the information sought is almost ready to send on within the next day or 2, I’m wondering if you wish to re-consider your request.”

I felt that sufficient time had been given, and therefore sought to proceed with the internal review due to deemed refusal. There is no fee for an internal review for a deemed refusal.

Some time later, now into late February, I received a letter containing the results of my internal review. The letter incorrectly stated I had paid 75 euro for the review and simply agreed with the decision of the deciding officer (agreeing with the exemptions applied by the deciding officer). However I did not receive the requested diaries. Pretty much every week for the following four weeks, I again and again sought the diaries, and was again and again promised they would be issued. It was within my right to appeal to the Office of the Information Commissioner, but knowing that the Department was facing significant workload I chose not to take this course of action. I called the Department last week, and sought again the documents (along with two other deemed refusals for other requests, more of that anon). I was again promised the documents would be released.

Late last week I finally received a set of diaries, minus one, the diary of the Secretary General of the Department, which I had asked for. I will be following this up with the Department on Tuesday. However I have now, after four months of waiting, received the diaries of senior staff, and will begin the process of sharing these.

From looking at the diaries, the most important is the diary of Kevin Cardiff. Exemptions under Section 28 (Personal Information) Section 21 (Functions and Negotiations of a Public Body), Section 27 (Commercially Sensitive) and Section 26 (Information given in confidence) were used to redact entries in the diary. But I believe there are a significant number of dates critical to the time period between the bank guarantee on September 29, 2008 and Anglo nationalisation in January 2009.

From around October 2008, you begin to see names like Merrill Lynch appearing in diaries. On October 17, 2008 there was a meeting “re recapitalisation” after a meeting with three people from Merrill. On October 21 there were meetings with Andrew Hastings of BNP Paribas, three people from UBS, and a meeting with GE Money. On October 22 there was meeting with Patrick Neary, the then Financial Regulator, followed by a UniCredit bank reception at the Merrion. On October 24 there was a meeting with Mark Stadler of HSBC. On October 28 there was another “recap” meeting, and another meeting with “Merrills” on the 30th. On October 31 there was a meeting with David Drumm and Willie McAteer of Anglo Irish Bank, followed by John Hurley of the Central Bank. The following week there were more meetings, HSBC, AIB, Postbank, EBS and again David Drumm. On November 7, another set of meetings, Denis Casey (ILP), Brian Goggin (BOI) and Frank O’Dwyer.

It was towards late November that the meetings become more frequent:

November 11: Merrill teleconference
November 12: Tadhg Flood – Deutsche
November 13: Philip Brennan, AIB. Tony Grimes, Pat Neary, Con Horan B McDonagh. IBF annual dinner.
November 17: BNP Paribas
November 18: Fergus Murphy/Mark Moran. S&P discussion. Conor Hillery & David Marks. B McDonagh, NTMA (5th floor NTMA).
14.00 – 15.30 Updated: Meet ML at NTMA to be followed by meeting in DOF at 4pm with CBK/FR/Acox/PWC and meeting with Minister at 5pm (NTMA).
November 24: Minister & Andrea Orcel (ML)
November 25: David Drumm re results. Conference call to Clive Maxwell. (REDACTED)
November 26: TIME??? B McDonagh, J Corrigan, B Halpin, C Horan.
November 27: SG & Governor. HSBC (grand canal harbour)
November 28: Irish Nationwide. Irish Life. EBS. AIB. BOI. Anglo.
December 4: Ring (REDACTED) Pat Neary et al
December 23: Patrick Honohan. Pat Farrell re ACS proposal.
January 9: Roadmap meeting. Updated PWC/JLL Metting re their report. Updated: Meet re planning next steps – due diligence etc – makes sense to do straigh after JLL/PWC meeting – ML have Gannt chart setting out key milestones (Boardroom 5th Floor – NTMA).

It is worth reading the entire diary. I will be adding more diaries in the coming weeks. The meeting of November 28 appears to be significant since it was across a number of diaries. Another curious date is May 5. Kevin Cardiff had a meeting with Tom Parlon, Michael O’Flynn (O’Flynn Construction) and Pat Keogh CFO Cosgrave, at the boardroom on the 5th floor of the NTMA. Likely inquiring into NAMA?


Anglo Irish authorised signatories

During some deep Google searching I came across this curious document:

Certificate

Interestingly, the document is dated September 26, 2008, three days before the bank guarantee scheme. The document contains the signatures of Sean FitzPatrick, William McAteer, David Drumm, Natasha Mercer, and for the conspiracy theorists amongst you, a Brian Linehan (spelt that way). More likely an employee of the bank, though 🙂

Anglo Irish Bank – subsidiary fun

Browsing through SI 15/2010 a while ago I noticed many more companies within Anglo were falling under the Ethics in Public Office Act than previously.

I picked a random company from the list, Gertonabbey Limited, which now falls under that Act.

Gertonabbbey is part owned by Anglo Irish Bank. The company secretary for Gertonabbey is Natasha Mercer, who up until recently was also the company secretary for Anglo itself. The directors are Brian Gerard Spillane and Patrick Gerard Price. The ultimate owner of Gertonabbey (and Anglo is a shareholder) is Raycastle Limited, Bernard McNamara’s company. Gertonabby is a subsidiary of Radora Developments, which is a subsidiary of Raycastle.

Guess what Gertonabbey owns? 29-31 Adelaide Road, otherwise known as the building which houses the Department of Communications.

The taxpayer is paying €2.524m to rent the building to a combination of Anglo (the taxpayer) and Bernard McNamara.

Oh what a tangled web.

The Quinn Group

The biggest question about Anglo, has been, and always has been, the relationship between it and its biggest debtor, Sean Quinn’s group. He was also at one point the bank’s biggest shareholder. We don’t know whether he was (or is) also a bondholder.

Last year I took a detailed look at Quinn’s network of companies – and the recent news brings this work back into focus. To say the Quinn Group of companies is large would be understating it. And remember, the Quinn Group owes Anglo billions of euro – so it is important to see what potentially was borrowed by the Group in order to fund their investments. Where did all the money go?

Quinn Group (ROI) Limited (Limited as of 2007) was the Ultimate Owner of the Quinn companies. It has an address at Dublin Road, Cavan. In the year to end 2007 it had operating revenue of €1.8bn and total assets of €2.6bn. It’s losses before tax in 2007 was €425,308. In 2007 it had tangible fixed assets valued at €1.2bn. Current and former directors of the group include:

1. Mr Brendan Tuohy (Wicklow, former Sec Gen at the Department of Communications)
2. Mr (John) Dara O’Reilly (Cavan)
3. Mr Kevin Lunney (Cavan)
4. Mr Liam McCaffrey (Enniskillen)
5. Mr Patrick Murphy (Shankill, Co Dublin)
6. Mr Peter Quinn (Enniskillen)
7. Mr Patrick Anthony O’Neill (Kilkenny)
8. Mr Sean Quinn (Cavan)
9. Ms Patricia Quinn (Cavan)
10. Mr Dara O’Reilly (as above) Company Secretary (since 27/06/2007)

Quinn Group (ROI) Limited has two subsidiaries. One is its wholly owned subsidiary, Quinn Group Limited and it also has a large stake in a company called Quinn Investments Sweden AB.

Quinn Group Limited (GB) has multiple, mostly wholly owned, subsidiaries. These are:

QUINN AVIATION LIMITED
QUINN CONCRETE LIMITED
QUINN GROUP FAMILY PROPERTIES LIMITED
QUINN GROUP PROPERTY HOLDINGS LIMITED
QUINN INVESTMENTS LIMITED
QUINN PLASTICS LIMITED (Britain)
QUINN PROPERTY MANAGEMENT LIMITED (Britain)
QUINN QUARRYING AND CONCRETE LIMITED
QUINN CEMENT Limited (not wholly owned)
SARCON (No. 159) Limited (not wholly owned)

Quinn Group Family Properties has its own wholly owned subsidiaries:

Barge Public House Limited (with its own subsidiary called Barge Property Limited)
Messers Maguire Public House Limited
Molesworth Street Hotel Limited
Quinns Cat and Cage Public House Limited (with its own subsidiary called C & C Property Limited)
Quinns Public House Drumcondra Limited (with its own subsidiary called Quinn’s Drumcondra Property Limited)
Quinns Q Bar Limited (with two subsidiaries called Quinn’s Q Bar Property Limited and Quinns Public House Finglas Limited)

Quinn Group Property Holdings Limited has a subsidiary called Quinn Warehousing Limited.

Quinn Investments Limited has five subsidiaries:

Quinn Financial Services Holdings Limited
IRG Holdings Public Limited Company (not wholly owned)
Quinn Group Limited (not wholly owned, is parent of parent)
Quinn Quarries Limited
Quinn Windfarm Limited

Quinn Quarrying and Concrete Limited has one subsidiary called Quinn Lite Pac Limited.

Quinn Cement Limited has one subsidiary called Quinn Cement (NI) Limited

Sarcon (No. 159) Limited has one subsidiary called Quinn Barlo Limited.

Quinn Investments Sweden AB

This company has multiple wholly owned subsidiaries, and not wholly owned subsidiaries. All except the last are registered in Sweden. These are:

Bashkort AB (Bizens-Park Ltd Liab Comp and Quinn Acquisition Sweden are subsidiaries, both registered in Russia)
Quinn Acquisition Sweden AB
Quinn Assets Sweden AB (Nedacin Limited (Cyprus) is a subsidiary, which itself has subsidiary in Russia called Striotlend)
Quinn Building Sweden AB (Carcer Management Ltd (Cyprus) is a subsidiary)
Quinn Development Sweden AB (DC Property SRO (Czech) and PZP Komplet AS (Czech) are subsidiaries)
Quinn Holdings Sweden AB (Quinn Holdings Ukraine (Ukraine) is a subsidiary)
Quinn Hotels Sweden AB
Quinn Interests Sweden AB (Quinn Emlak Yatrim Insaat ve Ticaret AS (Turkey) is a subsidiary)
Quinn Investments 1 Sweden AB
Quinn Investments 2 Sweden AB
Quinn Investments 3 Sweden AB
Quinn Investments 4 Sweden AB
Quinn Land Sweden AB
Quinn Logistics Sweden AB
Quinn Management Sweden AB (Kilfallon (Cyprus) is a subsidiary)
Quinn Park Sweden AB
Quinn Retail Sweden AB
Quinn Services Sweden AB (Samonaca Holdings (Cyprus) is a subsidiary)
Quinn Silver City Sweden AB
Quinn Way Sweden AB (Krostein Investments (Cyprus) is a subsidiary)
Quinn Windfarm Holding Limited (IE) (Mantlin Limite (GB) is a subsidiary)

That gives you a flavour of the of subsidiary (not necessarily wholly owned) companies in the Quinn Group. You might wonder about the structure (Irish and British companies with subsidiaries in Sweden with subsidiaries in Russia) and the mentions of Russia, Cyprus, Czech Republic and Turkey.

Just recall what Quinn was buying during the boom.

€27 billion

In case you missed the drip feed over the past year, that’s the total estimated figure so far (including impending recapitalisations) given by you, the citizen, to the banks – AIB, Bank of Ireland, Anglo Irish, INBS and EBS. It could end up being more. Remember that the State is borrowing money, or taking money from the National Pension Reserve Fund, in order to pay for these recapitalisations.

€27 billion rolls off the tongue doesn’t it? I am working with a friend on a visualisation of this amount, which we hope to publish soon.