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 Post subject: Re: The Irish Nationwide thread
PostPosted: Mon Mar 12, 2018 11:20 am 
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Posts: 186
Quote:
Seen & Heard: Lone Star looks at sale of Irish loans book
US fund signals potential sale of book of Irish home loans bought from Irish Nationwide


US fund Lone Star is said to be eyeing the sale of its book of Irish home loans bought from Irish Nationwide in the wake of the financial crisis. According to the Sunday Business Post, the Texas-based fund, one of the main purchasers of distressed loans in Ireland, told bondholders last week that it was “considering carrying out a portfolio sale in relation to the entire portfolio”.

The fund acquired the non-performing mortgages end of the INBS book when they were sold by liquidators in 2014, with Oakmount and Bank of Ireland picking up the remaining pieces.

Lone Start partly refinanced more than €500 million of these loans in 2016 by packaging the mortgages up and selling bonds secured on them to investors. It is now planning a sale of the entire portfolio with the proceeds than used to pay off these bonds by the end of March.

The book acquired by Lone Star was heavily in arrears, with two-thirds classed as non-performing. The loans are serviced by Pepper, and a small number are mortgages held by customers in the North and Britain.

https://www.irishtimes.com/business/media-and-marketing/seen-heard-lone-star-looks-at-sale-of-irish-loans-book-1.3422826

Be interesting to see if many of these sales get going, and who buys them.


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 Post subject: Re: The Irish Nationwide thread
PostPosted: Mon May 14, 2018 1:57 pm 
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Posts: 186
No Freedom of Movement here pre Brexit.


https://www.irishtimes.com/business/financial-services/ex-regulator-con-horan-s-holidays-keep-him-from-inbs-inquiry-1.3494635

Quote:
Ex-regulator Con Horan’s holidays keep him from INBS inquiry
Inquiry to consider what steps to take


A former senior financial regulator, Con Horan, failed to appear as scheduled on Monday at an ongoing inquiry into the now-defunct Irish Nationwide Building Society (INBS) as he is on holidays.

The inquiry’s three-member panel will consider over the coming days what steps to take, according to chairwoman Marian Stanley, after the inquiry was informed of a series of correspondence in which Mr Horan, through his solicitor, had resisted appearing before the inquiry, as he is now resident in the UK as an employee of the European Banking Authority.

“It is extraordinary that he has chosen not to [appear before the inquiry] because he is on a holiday today,” said Brian O’Moore, of the team of legal practitioner team assisting the inquiry into alleged regulatory breaches at INBS. “The position, when looked at in the round, is an utterly unsatisfactory one.”

Witness
The panel heard that Mr Horan’s solicitor informed the Central Bank’s regulatory decisions unit (RDU), which is providing administrative support to the inquiry, last October that the potential witness was not amenable to a subpoena from a different jurisdiction to give evidence in Dublin. He said that the outcome of Mr Horan’s previous extensive cooperation with previous inquiries surrounding the banking crisis and legal cases had been “negative” experience.

“There seems to be just a defiance of the inquiry by Mr Horan,” said Mr O’Moore, adding that the panel would have to consider what steps to take.

Ms Shanley said that the panel has decided to defer a decision on the next move to Tuesday or Wednesday, as the inquiry sought to engage with Mr Horan’s solicitor.

The inquiry is into whether four former INBS executives participated in the commissioning of seven regulatory breaches between August 2004 and September 2008. Public hearings began last December.

The four are INBS’s former managing director, Michael Fingleton; his finance director John Stanley Purcell; one-time head of commercial lending Tom McMenamin; and Gary McCollum, who once headed INBS’s UK lending from a Belfast base.


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 Post subject: Re: The Irish Nationwide thread
PostPosted: Wed May 16, 2018 2:44 pm 
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Posts: 186
Quite the double act this.


Quote:
Former financial regulator Neary cross-examined by Fingleton at INBS inquiry
Former financial regulator Patrick Neary has told the inquiry investigating the stewardship of the now defunct Irish Nationwide Building Society he had had no issues with its lending policies in July 2007.

Mr Neary was cross-examined at the inquiry today by INBS's former managing director Michael Fingleton.

He told Mr Fingleton, who is representing himself at the inquiry, that he "can't recall any issues" being raised with him over asset quality at INBS, but "that is not to say they didn't exist".

Mr Fingleton pointed out that at that time the financial regulator even allowed the building society to increase its loan-to-deposit ratio.

Mr Neary said this was done so as not to disadvantage INBS and to encourage the institution to be active in the lending market.

When asked by the former head of INBS if this suggested the regulator did not have issues with the society's lending at the time, Mr Neary said "I'll accept that Mr Fingleton".

Mr Neary added that in the middle of 2007 there was "never any question" the building society was in breach of lending rules and there was no dialogue about restricting its lending.

Mr Fingleton also said some communications from the regulator made "recommendations" rather than statutory orders in the run-up to the financial crisis.

Yesterday Mr Neary told the inquiry that Irish Nationwide avoided strict regulatory measures in 2008 due to fears they could impact a potential sale of the lender.

He said the financial watchdog did not act upon signs of poor governance at Irish Nationwide in the lead-up to its collapse into State ownership in 2010.

Addressing the inquiry before Christmas, the former managing director of the now defunct building society described the current inquiry as an "artificially trumped up case" to deflect attention from the Department of Finance and the Central Bank.

Mr Fingleton said both the regulator and, previously, the financial regulator had full details and knowledge of the activity of INBS at all times, including its commercial lending programme.

Irish Nationwide cost the taxpayer over €5.4 billion after it collapsed during the financial crisis.


https://www.rte.ie/news/business/2018/0516/963915-irish-nationwide-inquiry/


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 Post subject: Re: The Irish Nationwide thread
PostPosted: Wed May 16, 2018 2:59 pm 
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Fingleton, who must be absolutely minted and who at one stage was claiming to be too ill to even attend any enquiry into INBS, is representing himself!!!!


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 Post subject: Re: The Irish Nationwide thread
PostPosted: Wed May 16, 2018 7:24 pm 
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Posts: 2216
Epicurus wrote:
He said the financial watchdog did not act upon signs of poor governance at Irish Nationwide in the lead-up to its collapse into State ownership in 2010.

Addressing the inquiry before Christmas, the former managing director of the now defunct building society described the current inquiry as an "artificially trumped up case" to deflect attention from the Department of Finance and the Central Bank.

Mr Fingleton said both the regulator and, previously, the financial regulator had full details and knowledge of the activity of INBS at all times, including its commercial lending programme.


https://www.rte.ie/news/business/2018/0516/963915-irish-nationwide-inquiry/[/quote]

So the defense is that because the police are incompetent you should be able to break the rules. Am I missing something ?

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 Post subject: Re: The Irish Nationwide thread
PostPosted: Thu May 17, 2018 9:35 am 
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Joined: Sep 9, 2017
Posts: 186
jake76 wrote:
So the defense is that because the police are incompetent you should be able to break the rules. Am I missing something ?


Just find it interesting that this is one of the first people? from the Regulator or Department of Finance in court to explain what happened. Yet it is barely in the public discourse. He was just highlighting that they knew everything that was going on, so were complicit in these strategies to a degree. Frankfurt knew everything also, as did the bond holders.


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