December 2004: After failing to succeed Sean Fitzpatrick as Chief Executive of Anglo , Tiernan O’Mahony (above left) leaves the bank and sets up International Trading Securities Trading Corporation (ISTC). According to ‘Anglo Republic’ Fitzpatrick “opened his contacts book” and helped O’Mahony tap investment from Anglo’s main customers including Denis O’Brien, Sean Quinn, Johnny Ronan, Paddy Kelly and Seamus Ross.
February 2008: Investors in ISTC are forced to write off losses of €820 million, at the time the biggest cash loss for an irish company. The firm has just €57.8 million to cover liabilities of €878 million.
September 25, 2008 (8.30pm, but not listed in Kevin Cardiff’s appontment book above): Tiernan O’Mahony meets Kevin Cardiff at the Department of Finance to offer suggestions on whether the government should guarantee the banks. According to the Sunday Independent: “Mr O’Mahony told Mr Cardiff, according to well-placed sources, that the State needed to consider some form of a guarantee to restore confidence to the market and halt the flow of billions in deposits out of Irish banks.”
November 12, 2008: ISTC suspends trading in its shares, postpones publication of its financial results and scraps plans to raise €150 million in a last-minute rescue attempt by financier Dermot Desmond (source: ‘Anglo Republic’).
Kevin Cardiff’s appointment Diary (The Story)
Ex-Anglo Man Briefed Cardiff On Banks Crisis (Tom Lyons, Sunday Independent)
