32 thoughts on “De Tuesday Papers

      1. Dub Spot

        Hors d’oeuvres, hors d’oeuvres… more like. Theresa Mayo?

        Bercow is merely invoking a 400 year old parliamentary convention designed to respect decisions and stop time wasting. Not that the Brit media above portray it that way.

        1. edalicious

          The absolute hypocrisy of May refusing to call a second referendum to respect the democratic process while at the same time trying to have MPs vote three times to approve the same deal.

        2. Junkface

          I’m glad that a grown up has gotten involved at some point. Just look at how the tabloid rags reacted. He’s doing something right

  1. SOQ

    It is slowly dawning that UK must have EU elections in May. Now that really is going to make for some interesting campaign slogans. How will a brexiteer convince people to vote for him or her?

    Vote for me because I hate Europe? Then why are you running etc. And then there is the DUP, they could be set for the mother of all shocks.

  2. eoin

    Poor Theresa May, her strategy of eliminating the least desirable Brexit options, leaving the UK parliament with no choice but to accept her draft withdrawal deal…..

    And now, she needs to seek a 2-year extension, which will mean, at a minimum, the UK remains in the EU five years after they voted to leave.

    Damn! Drat! But at least you can’t blame the pro-Remain Theresa for this state of affairs.Can you? You can blame the Speaker, the Opposition, Jeremy Corbyn, the DUP, the ERG, the media, the EU, the Irish, but the one person you can’t blame is….. Theresa May. Cute hoor.

    1. gobbledy

      Don’t think so Eoin

      She was quite emphatic that she would be delivering Brexit. She’s a poor manager and fails to consult widely

  3. eoin

    The Sun reports that John Delaney will have to shell out €50,000 in legal costs for his failed bid to bury the €100,000 “short term loan” story. The FAI released another non-statement last night saying it will address the matter on 3 April. Imagine Mick McCarthy after the Gibraltar match on Saturday saying he’ll refrain from commenting until Easter.

    Something is really whiffy about this.

      1. eoin

        You’re an accountant Frilly, wouldn’t the FAI have been required to disclose the €100,000 alleged short-term loan under its related party transactions note (note 20 in the accounts), further to IAS 24

        https://www.iasplus.com/en/standards/ias/ias24

        As the key member of management, John is undoubtedly a related party and the “related party note” DOES refer to his salary. The €100,000, if it was a short-term loan as claimed, would have impacted the financial position of the FAI.

        There was no disclosure in the accounts for the year to 31 December 2017. The accounts were audited by Deloitte, why didn’t they uncover a €100,000 lodgement in the FAI bank account in April 2017, did they query it at all?

        Questions, questions….

        1. Ding Dong the Frill is Dead

          I need to see the accounts E

          You have my email address yeah?
          Lemme see them first
          And I’ll get back with a view

          Related party transactions and disclosures usually travel around directors and transactions that were conducted at arms length – transparency and code of conduct stuff

          And those that may not have
          And are being disclosed so that everyone can see for themselves

          John Delaney is too close to all this
          And I suspect there may also be a risk of dominance

          I’ve personally met the man
          And think I need a full look before saying or suggesting a what if or a maybe

          1. eoin

            This is the 2018 FAI Annual report which includes financial statements for the year to 31 December 2017, the year in which the John Delaney alleged “short term loan” was made and repaid.

            https://www.fai.ie/sites/default/files/atoms/files/2018%20Annual%20Report.pdf

            The financial statements themselves are to be found from page 50. The auditors were Deloitte and there is no mention of the €100,000 loan under Note 20 related party transactions (pg 59) though the note does show the payments to senior management (mostly John Delaney!).

            IMO, the €100,000 should, pursuant to accounting standard IAS 24, have been included in Note 20. IMO, the auditors would have analysed the FAI bank accounts, the €100,000 receipt and payment would have stood out and would have been queried. IMO, the transaction should have been shown under “related party transactions”.

          2. Ding Dong the Frill is Dead

            It depends on their definition of Related Parties Eoin

            Also the nature of their enterprise would permit a significant amount of relationships
            Family business
            Clubs etc

            And Conflicts of Interests would be a day occurrence
            Bias, Dominance, Influence
            Ah come on…

            I’ll run the ruler over the FS when I’m in the office. In about 20

            And get back to you

            But so far let me drop this

            It’s a bitta window dressing
            What’s behind the curtain is the story IMO

            And a strong Financial Controller / Financial Accountant would put a stop to all that
            And you won’t have the skills in any Big 4 to challenge a bitta messing

            The whole thing got washed back anyway
            Apparently
            But lemme see

            And if ye can get me the Trail Balance ….

          3. eoin

            No Frilly, I don’t have the FAI management accounts or trial balances.

            The related party transactions note says “20. RELATED PARTY TRANSACTIONS
            The total remuneration for key management personnel for the period totalled €430,000 (2016: €430,000).”

            So, we KNOW that John Delaney is regarded as a related party (and indeed, he should be). The €100,000 alleged loan doesn’t affect the year end position, it was paid and repaid, but it would still qualify, IMO, as a related party transaction.

            IMO, if the FAI isn’t commenting, someone should be knocking on Deloitte’s door.

          4. Johnny

            It’s not a transition-it’s depicted as a shot term bridging loan,which is/was non material,as it had no real impact…..
            Had quick look at AC’s-my interest given my ‘obsession’ with DOB is how he routed the 10 million he gave/donated.
            FAI is not a charity (as far as I know),fascinated on how he donated this 10,000,0000 to minimize the tax bite.

          5. eoin

            Oh, a short term bridging loan made and repaid in the period which isn’t outstanding at the period end, still qualifies as a transaction and IMO, it should have appeared under the “related party transactions” note.

            Deloitte will have checked the FAI bank accounts, and I can’t understand why they apparently decided not to include the transaction under the “related party transactions” note.

            What explanation were Deloitte given for the transaction? Is a complaint to CARB in order?

          6. Johnny

            Eoin-there is not a chance the auditors went through every banking transaction-it’s like a medical check up-pulse/blood pressure not a proctologist:)
            There was no gain/loss or benefit to either party,not sure why you think it’s a transaction or believe the auditors review every bank entry-they don’t.

          7. eoin

            Johnny, IMO, it’s almost certain the Deloitte auditors will have found the €100,000 transaction and questioned it, and indeed it mightn’t have been hidden and the April and May balance sheet will have shown a €100,000 liability to the CEO. Even though it is not relevant to the position in the year end Balance Sheet and it has not net impact on the Cash Flow statement, IMO, it was a set of transactions (the alleged loan and the repayment) which would certainly fall within the ambit of accounting standard IAS 24.

            What were Deloitte told when they questioned the transaction?

            Deloitte was paid €135k by the FAI in 2017, including €60k for the audit. They have questions to answer, they might well face a complaint at CARB.

          8. Johnny

            Eoin-it’s not exactly JD’s first rodeo-the bridge loan explanation won’t have any blow back on the audit-why is the cash management so bad ?
            You don’t just run out of cash and need emergency loans-unless your not keeping accurate/update accounts/cash management.The explanation was fully vetted and ran by quite a few top notch legal minds-he’s been in the cross hairs for a long time.
            The bigger question is why did they need it,what happened,it’s extrodionary for a CEO to do this,but is it a smoking gun ?
            Time will tell…..

    1. martco

      “Something is really whiffy about this”

      Apparently the latest Persil non-bio is great for that problem but you have to use it with care otherwise you might end up needing professional help.

          1. martco

            well the oul FIFA kitbags would be filthy dirty so you might have to resort to a good bit of rinsing like

  4. eoin

    The Gardai and judiciary down Shannon Airport way are ruthless dealing with protesters trying to highlight and stop the use of the airport as a base for the US military. According to the Times Ireland today

    “Garda Carroll said that the two men [77- and 82-year old US military veterans who travelled to Ireland last week] were allegedly spotted crossing a runway to look at a military aircraft. He said that a cutter and gloves were found by a hole in the perimeter fence.”

    The were remanded in Limerick prison, bail refused.

    300 armed US troops were on just one aircraft landing in Shannon yesterday. So much for our neutrality.

    http://www.shannonwatch.org

  5. Johnny

    ‘Finance Ireland, Ireland’s largest non-bank lender, has announced that the Ireland Strategic Investment Fund (ISIF) has conditionally agreed to make a €30m equity investment in the company. Following the investment, which will see ISIF take a 32% shareholding, ISIF will nominate two Directors to join the company’s Board.‘

    https://www.financeireland.ie/announcements/ireland-strategic-investment-fund-isif-to-take-e30-million-equity-stake-in-finance-ireland/

    What could possibly go wrong with 30 million of your money,that once again the truly awful ‘business’ hack at the IT didn’t mention-or is this an ad it’s hard tell…..

    What the fook is the ISIF doing at this casino,with Billy Kane ?

    ‘It also indicated that it may on occasion offer first-time buyers LTVs higher than 90 per cent and movers LTVs that are higher than 80 per cent, subject to the Central Bank’s limits on the freedom of lenders to do so.
    Finance Ireland, led by former Irish Permanent chief executive Billy Kane, first entered the mortgage market late last year when it acquired Pepper Money’s €200 million home loans portfolio and platform.‘

    https://www.irishtimes.com/business/financial-services/finance-ireland-launches-new-range-of-residential-mortgages-1.3830582

    In my opinion the state owning 30% of this bookie,should be disclosed in reporting.

  6. Johnny

    FYI-first amendment situation,somewhat interesting as it involves anonymous ‘troll’ accounts,widely reported on FOX,WaPo etc.

    ‘Plaintiff, Devin G. Nunes, by counsel, files the following Complaint against defendants, Twitter, Inc. (“Twitter”), Elizabeth A. “Liz” Mair (“Mair”), Mair Strategies, LLC (“Mair Strategies”), “Devin Nunes’ Mom” (@DevinNunesMom) and “Devin Nunes’ cow” (@DevinCow), jointly and severally. Plaintiff seeks (a) compensatory damages ‘

    https://www.scribd.com/document/402297422/Nunes-Complaint-3-18-19

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