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 Post subject: Liquidator’s IBRC report in progress
PostPosted: Sun Jul 20, 2014 12:46 pm 
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Liquidator’s IBRC report in progress and to be sent ‘imminently’ - -> http://www.irishexaminer.com/business/l ... 75595.html

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The special liquidator’s report into IBRC will be sent to the Office of the Director of Corporate Enforcement (ODCE) "imminently", according to sources.
A spokesman for KPMG, the special liquidators of IBRC, said the report “is in progress” but declined to comment on when exactly it would be delivered to the ODCE.
The contents of the report are confidential and will not be released to the general public.
Under Section 56 of the Company Law Enforcement Act, all liquidators have to make a report for the ODCE.

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 Post subject: Re: Liquidator’s IBRC report in progress
PostPosted: Sun Jul 20, 2014 1:08 pm 
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ECB raises serious concerns about promissory note deal - -> http://www.irishtimes.com/business/econ ... -1.1753024
Mon, Apr 7, 2014

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Frankfurt says liquidation of defunct bank may have contravened European Union financing rules

Ireland won European Central Bank approval last year to stretch out the cost of bailing out collapsed Anglo Irish Bank after nearly 18 months of talks to slice billions off the Government’s borrowing needs, cut its budget deficit and help it exit an EU/IMF bailout.

As part of the debt swap, Ireland pledged to issue new bonds worth €25 billion, but to slowly drip-fed them into the market via the country’s central bank, with a minimum of €500 million to be sold by the end of 2014.


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 Post subject: Re: Liquidator’s IBRC report in progress
PostPosted: Wed Mar 18, 2015 3:09 pm 
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IBRC progress update report 12 March 2015

http://www.finance.gov.ie/sites/default ... c%2014.pdf

Cash inflow and outflow summary
Inflows: €16.53bn
Outflows: €14.68 bn
Net cash 6 Feb 2015: €1.85bn

Tasks to completion
Liquidity management of €1.85 billion
Manage remaining loan book of €3.6 billion
Set up SMU by 1 July 2015. To support on-going activities, a Service Management Unit (“SMU”) will be put in place. This will comprise IBRC and KPMG staff and personnel supported by external service providers where necessary i.e. IT, HR, Legal. This unit will formally operate from 1 July 2015 until the liquidation is concluded. It is envisioned that 36 IBRC employees will form part of the SMU.

All IBRC offices closed with the exception of Stephen Court.
There are currently 157 employees remaining as at 1 March 2015. Staff levels are being monitored to ensure that adequate staffing levels are maintained as the SL progresses.
A further 121 employees will leave IBRC by 30 June 2015.

As at 6 February 2015, IBRC had cash balances of approximately .1.85 billion. Surplus funds from the liquidation will be available for distribution to unsecured creditors.
The dividend payable to unsecured creditors cannot be estimated at this time.
We hope to be in a position to make an interim dividend to unsecured creditors in Q4 2015.


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 Post subject: Re: Liquidator’s IBRC report in progress
PostPosted: Thu Mar 19, 2015 10:22 am 
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State for early cash payout from liquidation of IBRC

http://www.irishtimes.com/business/econ ... -1.2139453


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 Post subject: Re: Liquidator’s IBRC report in progress
PostPosted: Thu Apr 16, 2015 12:32 pm 
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IBRC deal with the Quinn family would see pragmatism triumph over fairness

http://www.independent.ie/opinion/comme ... 45967.html


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 Post subject: Re: Liquidator’s IBRC report in progress
PostPosted: Wed Jun 10, 2015 10:52 pm 
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Constantin reporting Peter Matthews who claims that IBRC were cooking the books and extracting additional interest for many many years which was known to regulator and others.

http://trueeconomics.blogspot.de/2015/0 ... uscomments

Questions how investigation will fare if all this was supposedly known already and nothing was done.


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 Post subject: Re: Liquidator’s IBRC report in progress
PostPosted: Thu Jun 11, 2015 11:26 am 
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^^^ This would appear to be massively important. But no mention in the media? I know none of us are surprised by what makes it into the O'Brien media or RTE, but ignoring the issue won't make it go away.


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 Post subject: Re: Liquidator’s IBRC report in progress
PostPosted: Thu Jun 11, 2015 11:58 am 
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Isn't this the equivalent of the libor scandal on an Irish scale?


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 Post subject: Re: Liquidator’s IBRC report in progress
PostPosted: Thu Jun 11, 2015 1:29 pm 
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dipole wrote:
Isn't this the equivalent of the libor scandal on an Irish scale?

There's an interesting discussion of "TIBOR" on an old NWL comment thread here:

https://namawinelake.wordpress.com/2012 ... ment-29529


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 Post subject: Re: Liquidator’s IBRC report in progress
PostPosted: Thu Jun 11, 2015 8:52 pm 
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I wonder what the 'Public Interest Director' Alan Dukes has to say about all this?


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 Post subject: Re: Liquidator’s IBRC report in progress
PostPosted: Sun Jun 14, 2015 9:53 am 
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Anglo Overcharging Saga: Ganley Affidavit of 2013 - Constantin Gurdgiev -> http://www.trueeconomics.blogspot.co.uk ... anley.html
Friday, June 12, 2015

Quote:
Here are some select quotes from the Affidavit, filed by Mr. Declan Ganley on August 12, 2013 with respect to his knowledge about the share interest rate rigging practices at the Anglo Irish Bank as covered in my earlier posts here:
http://trueeconomics.blogspot.ie/2015/0 ... anglo.html
http://trueeconomics.blogspot.ie/2015/0 ... -ibrc.html
and implications of which are discussed here: http://trueeconomics.blogspot.ie/2015/0 ... still.html

Per Mr. Ganley's Affidavit: he met Mr. R.K. - former executive in Anglo Irish Bank in October 2010 and during the course of his discussion with Mr. R.K., Mr. R.K. "told me that one of several areas that should be pursued should be the opportunistic over charging of interest rates targeting multiple customers of Anglo. He said that it wasn't a great secret within Anglo and that it had been standard practice for many years. He said that the skim on these loans was jokingly known as "TIBOR" after a Mr. Tiarnan O'Mahoney, who he said oversaw this practice at the bank. He explained that TIBOR was the fake rate that Anglo would apply, pretending that it was the daily DIBOR rate. He said that it would be easy to check, by just looking into what the actual DIBOR rate was on a given day and then checking what Anglo had reported it to be to various customers. The resulting mark up would go to Anglo's coffers."

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 Post subject: Re: Liquidator’s IBRC report in progress
PostPosted: Sun Jun 14, 2015 10:21 am 
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So is the taxpayer now on the hock for possible/probable compensation ?


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 Post subject: Re: Liquidator’s IBRC report in progress
PostPosted: Sun Jun 14, 2015 11:34 am 
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If there is fraud by one party in the performance of a contract, the other can apply to Court to have that contract rescinded. Consider that in the context of a loan agreement where a bank has fraudulently manipulated the Libor / Euribor rate. It would mean, subject to the Judge's discretion, that the borrower would not have to discharge the interest due under the facility. The borrower still has to pay back the capital sum advanced of course, but in many instances would have already paid back the capital sum. They would not be liable for further interest payments and could recover interest payments already made due to the voidability of the loan agreement. The implications of this for any bank involved in interest rigging are potentially massive.


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 Post subject: Re: Liquidator’s IBRC report in progress
PostPosted: Mon Jun 15, 2015 12:07 am 
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Not forgetting Peter Mathews was expelled for resisting the Fine Gael party whip back on the 2nd of July according to wiki.

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 Post subject: Re: Liquidator’s IBRC report in progress
PostPosted: Mon Jun 15, 2015 12:19 am 
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Roymcfaldo wrote:
If there is fraud by one party in the performance of a contract, the other can apply to Court to have that contract rescinded. Consider that in the context of a loan agreement where a bank has fraudulently manipulated the Libor / Euribor rate. It would mean, subject to the Judge's discretion, that the borrower would not have to discharge the interest due under the facility. The borrower still has to pay back the capital sum advanced of course, but in many instances would have already paid back the capital sum. They would not be liable for further interest payments and could recover interest payments already made due to the voidability of the loan agreement. The implications of this for any bank involved in interest rigging are potentially massive.



How many are going to blame the overcharging on a business failing ?


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