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 Post subject: Great & good aka High Profile Persons (HPP) debtor review
PostPosted: Sat Jan 04, 2014 11:42 am 
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RTE stars, judges and rugby elite who owe Anglo millions - Dearbhail McDonald and Thomas Molloy -> http://www.independent.ie/irish-news/rt ... 87499.html

Quote:
The government, which nationalised Anglo in 2009, liquidated the lender in February 2013 following an all-night sitting of the Oireachtas dubbed "prom night".

Some of the high-profile borrowers' details were provided by the IBRC to the State under a dedicated Relationship Framework document regulating dealings between the Minister for Finance and the bank after it was taken into state ownership.

The details of some -- but not all -- high-profile borrowers were given to the State, but only if the borrower's exposure had a significant public-interest dimension in terms of litigation or reputational issues that may have affected the bank or the State.

This included the State's handling of so-called legacy-debt issues arising from the bank bailout.

there is more


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 Post subject: Re: Great & good aka High Profile Persons (HPP) debtor revie
PostPosted: Sat Jan 04, 2014 12:06 pm 
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I hope Dearbhail is not forgetting that Denis O'Brien owes/owed Anglo a serious wad of notes as well....


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 Post subject: Re: Great & good aka High Profile Persons (HPP) debtor revie
PostPosted: Sat Jan 04, 2014 12:23 pm 
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beattie wrote:
I hope Dearbhail is not forgetting that Denis O'Brien owes/owed Anglo a serious wad of notes as well....


I figure she'd be getting more that the usual solicitors letter in the post that Dinny habitually sends out to keep journalists in check.


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 Post subject: Re: Great & good aka High Profile Persons (HPP) debtor revie
PostPosted: Sat Jan 04, 2014 4:46 pm 
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 Post subject: Re: Great & good aka High Profile Persons (HPP) debtor revie
PostPosted: Sat Jan 04, 2014 5:43 pm 
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The Indo does not reference the source. Have they seen the document? Did they talk to a source that saw it? The whole thing could be fabricated out of whole cloth to scare some people into line for all we know...

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 Post subject: Re: Great & good aka High Profile Persons (HPP) debtor revie
PostPosted: Sat Jan 04, 2014 6:44 pm 
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I have my t shirt on order ® Too poor for Nama too Rich for the Vincent de Paul


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 Post subject: Re: Great & good aka High Profile Persons (HPP) debtor revie
PostPosted: Sat Jan 04, 2014 8:41 pm 
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Mantissa wrote:
The Indo does not reference the source. Have they seen the document? Did they talk to a source that saw it? The whole thing could be fabricated out of whole cloth to scare some people into line for all we know...


I believe that in the recent IBRC portfolio sales process (Evergreen etc.), one of the portfolios had a list of thousands of individual borrowers (not sure how many or the level of disclosure however the market was buzzing with various names pre Christmas).

I'm not sure if this portfolio was actually 'for sale' but I believe that it was produced for completeness in the valuation of the IBRC assets on their transfer to NAMA. I would bet that this is the source of the article as reported.

If this portfolio is sold, it would be for a huge discount (10-20 cents in Euro), a lot of which would be probably passed on to the borrowers in return for any reasonable repayment. It will be interesting to see if this happens (i.e. borrowers let off), or if it goes to NAMA (i.e. life of servitude).


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 Post subject: Re: Great & good aka High Profile Persons (HPP) debtor revie
PostPosted: Sat Jan 04, 2014 10:00 pm 
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observer35 wrote:
If this portfolio is sold, it would be for a huge discount (10-20 cents in Euro), a lot of which would be probably passed on to the borrowers in return for any reasonable repayment. It will be interesting to see if this happens (i.e. borrowers let off), or if it goes to NAMA (i.e. life of servitude).

And this is what Nama was set up to do. The only people really interested in buying this debt are the owners of the debt. Watch them get refinanced by the state banks with one lot of debt to buy out their NAMA debts at a discount.

How'd'ya like them apples?

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 Post subject: Re: Great & good aka High Profile Persons (HPP) debtor revie
PostPosted: Sat Jan 04, 2014 10:05 pm 
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From the Indo article... this bit is such a scam it's unreal:
Quote:
Investors, many of whom had borrowed from the bank in order to invest in Anglo-promoted products, had investments valued at more than €250m according to the investor review.

Investors who may have lost out when the bank was nationalised included members of the judiciary, journalists, entertainers and several pension schemes. Anglo staff also lost out.


Note, Anglo is not unique in this... plenty of the other banks and building societies loaned to buy investment products that would boost the bank share price (for example).

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 Post subject: Re: Great & good aka High Profile Persons (HPP) debtor revie
PostPosted: Sat Jan 04, 2014 10:10 pm 
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yoganmahew wrote:
observer35 wrote:
If this portfolio is sold, it would be for a huge discount (10-20 cents in Euro), a lot of which would be probably passed on to the borrowers in return for any reasonable repayment. It will be interesting to see if this happens (i.e. borrowers let off), or if it goes to NAMA (i.e. life of servitude).

And this is what Nama was set up to do. The only people really interested in buying this debt are the owners of the debt. Watch them get refinanced by the state banks with one lot of debt to buy out their NAMA debts at a discount.

How'd'ya like them apples?


wasnt nama set up to keep the professional classes in dublin in highly paid work during a recession, where else would they have got such highly paid work?!


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 Post subject: Re: Great & good aka High Profile Persons (HPP) debtor revie
PostPosted: Sun Jan 05, 2014 11:48 am 
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Sindo managing to tell us nothing and giving vague hints. Publish the fecking thing if you have it

http://www.independent.ie/opinion/colum ... 87530.html


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 Post subject: Re: Great & good aka High Profile Persons (HPP) debtor revie
PostPosted: Sun Jan 05, 2014 11:57 am 
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discostu wrote:
Sindo managing to tell us nothing and giving vague hints. Publish the fecking thing if you have it

http://www.independent.ie/opinion/colum ... 87530.html

Another bullshit article trying to exonerate two-brians and the rest of the FF & Green lickspittles. Like most of the rest of the political corruption in Ireland, it is backslapping and small beer that is the payoff for politicans of saving their idiot backers.

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 Post subject: Re: Great & good aka High Profile Persons (HPP) debtor revie
PostPosted: Sun Jan 05, 2014 12:23 pm 
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yoganmahew wrote:
discostu wrote:
Sindo managing to tell us nothing and giving vague hints. Publish the fecking thing if you have it

http://www.independent.ie/opinion/colum ... 87530.html

Another bullshit article trying to exonerate two-brians and the rest of the FF & Green lickspittles. Like most of the rest of the political corruption in Ireland, it is backslapping and small beer that is the payoff for politicans of saving their idiot backers.


The politicians all borrowed from Fingers in Irish Nationwide - that is why the most corrupt man in Irish banking (yes Seanie, step aside) will never be bought to account and anybody who helped his exit (i.e. Danny Kitchen-types), will get rewarded for it. The Indo knows this.

The Indo is going into full 'green jersey' overdrive since the Trokia left - the only time I read it anymore is when people post up articles on the PIN.


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 Post subject: Re: Great & good aka High Profile Persons (HPP) debtor revie
PostPosted: Sun Jan 05, 2014 2:08 pm 
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there's a weird spin going on here. "Anglo was bailed out to save the debtors" :? . Seems that Brian Lucey isn't the only one who gets assets and liabilities mixed up. Any student with an outstanding Xtravision account knows having your creditors on the rack isn't the worst thing in the world

also:
Quote:
Another major high-profile group not present includes industrialists: the sort of people who borrow money to invest in factories and other projects that create jobs. While many industrialists prefer to stay under the radar and do not seek publicity, the country's leading industrialists are certainly high-profile


ehh, Ardagh - one of the largest Anglo borrowers
http://www.thesundaytimes.co.uk/sto/new ... 403444.ece
Quote:
As part of the new refinancing deal that will transform the packaging group, the firm will pay off all its Anglo Irish Bank debts, a total of €380m


Quote:
The country's best-known retailers are also noticeably absent. In retrospect, this should not be too surprising. Very few major retailers built shops, preferring instead to rent retail space from developers

Arnotts?

Quote:
Catholics will probably be annoyed that their donations have gone to waste while Protestants might wonder whether they are excluded from Ireland's cosy golf club financial community.


I'm sure Mathesons, Frys et al will get over it.


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 Post subject: Re: Great & good aka High Profile Persons (HPP) debtor revie
PostPosted: Sun Jan 05, 2014 7:59 pm 
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slasher wrote:
there's a weird spin going on here. "Anglo was bailed out to save the debtors" :? . Seems that Brian Lucey isn't the only one who gets assets and liabilities mixed up. Any student with an outstanding Xtravision account knows having your creditors on the rack isn't the worst thing in the world

Eh, no.

If you get your debts written down, you gain. If you gain solvency from insolvency, you gain. If you get to keep your lifestyle on cosy terms rather than have the debt sold on to more hard-headed debt recovery management, you gain. This is the story of Anglo and indeed NAMA.

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