Follow, retweet @dailypinster




Post new topic Reply to topic  [ 45 posts ]  Go to page Previous  1, 2, 3
Author Message
 Post subject: Re: The Curious Case of Anglo's Austrian Deposits - SBP
PostPosted: Mon Feb 07, 2011 5:43 pm 
Offline
Too Big to Fail

Joined: Feb 21, 2008
Posts: 4132
mr_anderson wrote:
Its so damn obvious theres a major story here.
Wonder what Kathleen Barrington knows, but can't print.


If you look here

http://www.reuters.com/finance/stocks/companyProfile?symbol=VLRT.S

its obvious that Valarits is a bog standard Swiss bank for "recycling" Eastern European and Russian money. Plus we know several Swiss based Friends of Anglo who dabble in the same trading areas.

Maybe the reason why they are so intent on a shotgun marriage between Quinn and Anglo might have something to do with Quinns investments in Russia. No sane (or honest) person invests in Russia..

Iceland could have been just a cover after all. Maybe Anglo was a major conduit for recycling Russian money. That might explain Anglos haste in dumping the Austrian operation in 2008. Selling an embarrassing subsidiary to one of its customers so it cannot create any more potential problems.


Top
 Profile  
 
 Post subject: Re: The Curious Case of Anglo's Austrian Deposits - SBP
PostPosted: Mon Feb 07, 2011 6:16 pm 
Offline
Of Systemic Importance

Joined: Nov 7, 2007
Posts: 5669
Austrian banks up until a few years ago have accounts that can be opened effectively anonymously.

So an Austrian bank is a great place to have FU money .

_________________
FF should disband


Top
 Profile  
 
 Post subject: Re: The Curious Case of Anglo's Austrian Deposits - SBP
PostPosted: Mon Feb 07, 2011 6:28 pm 
Offline
IMF'd

Joined: Sep 13, 2007
Posts: 31296
Location: Tullamore
mr_anderson wrote:
Its so damn obvious theres a major story here.
Wonder what Kathleen Barrington knows, but can't print.

Names...

_________________
"It is impossible to design a system so perfect that no one needs to be good."

So long and thanks for all the fish.


Top
 Profile  
 
 Post subject: Re: The Curious Case of Anglo's Austrian Deposits - SBP
PostPosted: Mon Feb 07, 2011 7:37 pm 
Offline
Under CAB Investigation
User avatar

Joined: Oct 20, 2010
Posts: 2132
jmc wrote:
No sane (or honest) person invests in Russia.

Russia is not for the faint hearted but insanity or dishonesty are not prerequisites for investing there. Extreme due diligence is and that is how thousands of foreign investors successfully operate there. These are the ones you don't read about in the newspapers or hear about on television/radio because they are just keeping their heads down and getting on with business. One of the most high profile retail banks in Russia is an affiliate of one of the Austrian banking majors so they are already into the market on a large scale and at a legitimate level. It doesn't take an obscure Austrian subsidiary of a minor Irish bank to do it under the radar.

jmc wrote:
Iceland could have been just a cover after all. Maybe Anglo was a major conduit for recycling Russian money. That might explain Anglos haste in dumping the Austrian operation in 2008. Selling an embarrassing subsidiary to one of its customers so it cannot create any more potential problems.

My guess is that the real explanation is much more prosaic. Those accounts were owned by the usual suspects within Ireland and they don't want an Ansbacher Mk II on their hands.

_________________
banana republic, septic isle


Last edited by JohnnyTheFox on Mon Feb 07, 2011 8:25 pm, edited 1 time in total.

Top
 Profile  
 
 Post subject: Re: The Curious Case of Anglo's Austrian Deposits - SBP
PostPosted: Mon Feb 07, 2011 7:58 pm 
Offline
Nationalised

Joined: Oct 29, 2007
Posts: 11428
Location: Multiverse
JohnnyTheFox wrote:
My guess is that the real explanation is much more prosaic. Those accounts were owned by the usual suspects within Ireland and they don't want an Ansbacher Mk II on their hands.


From Irelands perspective, thats it.
But I'm sure if their accounts were opened up, then every country would have an Ansbacher moment.


Top
 Profile  
 
 Post subject: Re: The Curious Case of Anglo's Austrian Deposits - SBP
PostPosted: Mon Feb 07, 2011 11:03 pm 
Offline
Too Big to Fail

Joined: Sep 25, 2007
Posts: 3876
JohnnyTheFox wrote:
My guess is that the real explanation is much more prosaic. Those accounts were owned by the usual suspects within Ireland and they don't want an Ansbacher Mk II on their hands.


Would be inclined to agree. To me, all the Anglo weirdness is actually fully explainable given a knowledge of the past misdeeds and history of Ireland's oligopoly/rentier/tax evader c*** class. It just shows that nothing has changed since the 1980s - except things got worse, if anything. All the odd stuff that doesn't make sense at first glance makes perfect sense when you consider who the type of people who ran Anglo and did business with the bank were - and who they modelled themselves upon. Arthur Daley wideboys on the make, with better educations, basically. And much more cynical.


Top
 Profile  
 
 Post subject: Re: The Curious Case of Anglo's Austrian Deposits - SBP
PostPosted: Tue Jul 19, 2011 12:40 am 
Offline
Too Big to Fail

Joined: Sep 25, 2007
Posts: 3876
The source is an eccentric conspiracy theory blog, but, still, intriguing:

Quote:
Both Henke and Coningham placed the money they had accumulated from patriotic Australians (and the Australian Federal government at the time) with the Anglo-Irish Bank of Austria.


http://www.henrymakow.com/fozsdyke.html


Top
 Profile  
 
 Post subject: Re: The Curious Case of Anglo's Austrian Deposits - SBP
PostPosted: Fri Jun 22, 2012 10:24 pm 
Offline
Nationalised
User avatar

Joined: Jul 26, 2009
Posts: 14760


Top
 Profile  
 
 Post subject: Re: The Curious Case of Anglo's Austrian Deposits - SBP
PostPosted: Thu Feb 07, 2013 9:12 pm 
Offline
Nationalised
User avatar

Joined: Jul 26, 2009
Posts: 14760
Quote:
1. The main components of other operating income were EUR’000 135 representing reversals of provisions. The compensation for the cost of a software package that was developed in Vienna for the entire Anglo Group amounted to EUR’000 367.
In addition, EUR’000 162 from a refund of pension obligations concerning a former Management Board member that were taken over by the Bank's former owners are included. The rental income from the bank building amounts to EUR’000 161; furthermore, income belonging to other accounting periods in the amount of EUR’000 9 was reported under this heading.
2. In the financial period, the Company did not use any agency services.

V. Notes to financial instruments

Valartis Bank (Austria) AG employs derivative products for hedging customer transactions. As of 31 December 2009, hedging and forward transactions were carried at a total nominal amount of EUR 7 million (31 Dec. 2008: EUR 6 million), the market value amounts to EUR 6.8 million. The hedging transactions desired by customers are dealt back to the bank, and in turn, secured with Anglo Irish Bank in Dublin. The bank carries both transactions in its books; the transactions are entirely risk-free and the bank acts purely as an intermediary in these transactions.
The forward transactions not yet settled are carried at the following nominal amounts:
Code:
Contracts Nominal amount Currency
FX-Forwards 3.669.000 EUR/USD
FX Forwards 50.000 GBP/USD
FX Forwards 14.000.000 JPY/USD
FX Forwards 67.000 USD/CAD
FX Forwards 4.154.500 USD/EUR


In connection with the acquisition of the bank's bond portfolio and the related hedging of the interest-rate risk, Valartis Bank (Austria) AG has acquired futures with maturities of two, five and ten years from Valartis Bank AG, Zurich. The contract value amounts to EUR 221 million on the balance sheet date and for the most part relates to nominal values expressed in euros.

source Annual Report 2009


The photo here is not Patrick Kennedy - http://www.linkedin.com/pub/patrick-kennedy/1/498/192

'Patrick Kennedy
Director at Valartis Bank (Austria) AG
Past
Senior Manager at Anglo Irish Bank Isle of Man
Assistant Director at EFG Private Bank London
Manager at Standard Chartered Bank
Education
Henley Management College
Mill Hill School'


http://www.davidmcwilliams.ie/2010/09/0 ... ent-page-3


Top
 Profile  
 
 Post subject: Re: The Curious Case of Anglo's Austrian Deposits - SBP
PostPosted: Thu Feb 07, 2013 10:13 pm 
Offline
Nationalised
User avatar

Joined: Jan 4, 2013
Posts: 16962
Location: To the right of the decimal place
How do you know?

_________________
“If you're afraid - don't do it. If you're doing it - don't be afraid!” ― Genghis Khan

"Do, or do not; there is no try" -- Yoda


Top
 Profile  
 
 Post subject: Re: The Curious Case of Anglo's Austrian Deposits - SBP
PostPosted: Thu Feb 07, 2013 10:16 pm 
Offline
Nationalised

Joined: Sep 29, 2010
Posts: 8182
Location: London, innit
Image
Patrick Kennedy.


Seems legit.


Top
 Profile  
 
 Post subject: Re: The Curious Case of Anglo's Austrian Deposits - SBP
PostPosted: Thu Feb 07, 2013 10:44 pm 
Offline
Nationalised
User avatar

Joined: Jan 4, 2013
Posts: 16962
Location: To the right of the decimal place
What a ridiculous thing to say.

In the UK, people occasionally marry people outside their small ethic and socio-economic group. I know it seems odd if you live in Ireland, but people are more enlightened in some parts of the world.

Of course, he may not be the guy, but I see no reason to think that.

Edit: also, some people are adopted.

_________________
“If you're afraid - don't do it. If you're doing it - don't be afraid!” ― Genghis Khan

"Do, or do not; there is no try" -- Yoda


Top
 Profile  
 
 Post subject: Re: The Curious Case of Anglo's Austrian Deposits - SBP
PostPosted: Wed Apr 06, 2016 11:32 am 
Offline
Under CAB Investigation

Joined: Feb 27, 2007
Posts: 1788
Larry wrote:
Very interesting article by Kathleen Barrington in today's SBP ("The Curious Cae of Anglo Irish Bank and its Austrian Deposits", Markets Page 3). It doesn't say a lot beyond recounting the bald facts based on info in the public domain, but it is pregnant with innuendo. I'm sure we'll have a link on it tomorrow, but for now this seems to be the broad outline of Barrington's story:

> Anglo owned a private Austrian bank for some period during the fake boom. 2001 is the earliest date in the article confirming Anglo's ownership of this bank, so it obviously owned this subsidiary from some point in time before that.

> Barrington says that this bank was important to Anglo's depositing-gathering operation for many years - reflected in the fact that a board member of the Austrian operation was placed on the Anglo board in 2001.

> On September 5 2008 Anglo announced that it was selling this bank to Swiss banking group Valartis. The sale was completed on December 19, 2008 - the day after Sean Fitzpatrick resigned as Anglo Chairman.

> Barrington points out that 2008 would have been a very odd time to sell a deposit-generating subsidiary like this given the dire need Anglo had for cash at that time. The sale resulted in the loss of a large amount of deposit capital, Barrington asserts - a total of €600m according to Anglo's 2009 Annual Report.

> Indeed, it appears that Seanie was so keen to sell this Austrian operation that he even leant Valartis money to buy the business from Anglo.

> What was the nature of this Austrian bank? Barrington says it had about 4,000 private customers managing about €1.6b for them. Moreover, this bank was subject to Austrian derogations from the EU Savings Directive such that the identities of its customers did not need to the revealed to the authorities. Privacy seemed to be the defining characteristic of the operation.

> Barington's money shot comes in one small para near the end of the piece and is related to this high level of confidentiality:

Quote:
Let's hope those clients don't include any Irish depositors who might owe money to Anglo, to other struggling Irish banks or to the Irish taxpayer.


.........

In the piece, the points Barrington seems most at pains to convey are the importance of the deposits to Anglo in 2008, the extreme confidentiality of the the Austrian subsidiary and Sean Fitzpatrick's unusual anxiety to sell the business.


So now this starts to make sense.


Top
 Profile  
 
 Post subject: Re: The Curious Case of Anglo's Austrian Deposits - SBP
PostPosted: Tue Apr 12, 2016 8:57 pm 
Offline
Nationalised
User avatar

Joined: Jul 26, 2009
Posts: 14760
What the Panama Papers tell us about Ireland - Colm Keena -> http://www.irishtimes.com/business/fina ... -1.2603444

Quote:
The Anglo emails

Anglo Irish Bank had a branch in Austria that it bought in 1995 and sold in 2008. The Mossack files include email correspondence with clients unhappy about banks wanting to know the real beneficial owners of offshore company accounts.

“A major part of my work revolves around finding banks that have fairly relaxed conditions,” Jan Stockhausen, of Mossack, told one disgruntled client in a February 2006 email. Stockhausen said MF had gone through procedures to open accounts with various banks and then listed 17, including Anglo Irish Bank (Austria), Berenberg Bank (Germany), Banque Privée Edmond de Rothschild (Luxembourg), Clariden Bank (Switzerland) and HSBC (Isle of Man, Hong Kong and Panama).

“The only bank where we ever managed to open an account without naming the [ultimate beneficial owner] at all was Ebanka (Czech Republic).”

Numerous other emails show Anglo in Austria featuring in a seven-bank list of recommended private banks that Mossack staff sent to clients. “We have had the best experience with the following banks,” the emails say, before listing Anglo and the others. The files also show that Anglo in Austria often requested Mossack to establish offshore companies on behalf of its clients.

there is more



Panama Papers: Inside Anglo’s ‘smooth and quiet’ Austrian business - -> http://www.irishtimes.com/business/reta ... -1.2598234

Quote:
Anglo Irish Bank (Austria) appeared in other records leaked to the Washington-based consortium three years ago from a Singapore company that helped clients set up offshore companies and trusts in the British Virgin Islands, the Cook Islands and other tax havens.

One Anglo executive in Vienna boasted in an email to Portcullis Trustnet in Singapore in 2006 that Austria “deliberately keeps a lower profile” than the world’s private banking centre, Switzerland, and that investors appreciated “the smooth and quiet way in which the Austrian bank conducts business with their customers”.

there is more


Top
 Profile  
 
 Post subject: Re: The Curious Case of Anglo's Austrian Deposits - SBP
PostPosted: Sun Apr 17, 2016 7:54 am 
Offline
Nationalised
User avatar

Joined: Jul 26, 2009
Posts: 14760
Judgment banking secrecy Austria: Allgäu tax office may ask for customer data Sparkasse - [google translate] -> http://www.all-in.de/nachrichten/rundsc ... 57,2252743

Quote:
In Luxembourg fell yesterday - eight years after the beginning of the dispute - the decision. The judge announced that the tax authority has the right to ask for the customer data of the Austrian branch. And it does not stand the Austrian banking secrecy in the way when the data of the deceased German savers are revealed (AZ. ECJ Case C-522/14).

The CEO of Sparkasse Allgäu, Manfred Hegedus is glad that it has finally come to a decision. "A tendency, in what direction the negotiations would go was not previously identify," he told our newspaper. Disappointed the head of the Allgäu Sparkasse is not. "The aim of the action was to clarify the legal situation. The we have now. We are satisfied." Now it is at the Federal, implement the decision.

For clients of the Austrian savings banks branch changes, regardless of the final decision of the Federal, but nothing. After 2012 occurred anyway an agreement between Germany and Austria for the mutual exchange of information in force.

[google translate]


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 45 posts ]  Go to page Previous  1, 2, 3


Who is online

Users browsing this forum: No registered users and 2 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum

Jump to:  

Follow, Retweet @dailypinster



Pyramid Built, Is Better Built! - Latest Property Discussions www.thepropertypin.com