Guido Fawkes found some Anglo documents.
“The fraud comes from overstating the DIBOR base rate on which customer’s loans were calculated. DIBOR is the Dublin Interbank Offered Rate calculated and was published daily like LIBOR, it was set in stone and used by all Irish banks as the basis for settlement of trades and financial transactions before they joined the Euro.
Essentially Anglo-Irish lied to customers as to what that the real base rate was by adding between 1/4% to 1/3% to the official underlying rate, then they added the usual banker’s spread that they will have agreed contractually with their corporate customers.
Guido’s source says that inside Anglo-Irish the false rate quoted to borrowers was known internally as “TIBOR” after Tiernan O’Mahoney, the Director and Chief Operating Officer to whom Des Whyte, the treasury manager who prepared the figures, reported. Sources say that the “TIBOR” version of “DIBOR” was not used with sophisticated money market customers who would have queried the rate.
According to a source the fiddle continued throughout the late 90s into the early half of the decade as Anglo-Irish’s loan book grew on the back of the Celtic tiger. Customers could have been ripped off by as much €100 million.