Tag Archives: Alan Dukes

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A letter sent from former IBRC chairman Alan Dukes to Finance Minister Michael Noonan on February 14, 2013 

You may recall how Mr Justice Brian Cregan was appointed to carry out a Commission of Investigation into IBRC on June 16, 2015.

One of the terms of reference is “whether the Minister for Finance or his Department was kept informed where appropriate in respect of the transactions concerned, and whether he, or officials on his behalf, took appropriate steps in respect of the information provided to them.”

The commission’s establishment followed Social Democrat TD Catherine Murphy asking Finance Minister Michael Noonan questions about the sale of Siteserv to a company owned by Denis O’Brien.

Further to this.

The former chairman of IBRC Alan Dukes sent a letter to Finance Minister Michael Noonan on February 14, 2013 – a week after IBRC went into liquidation.

This letter was obtained from the Department of Finance by Ms Murphy, following a Freedom of Information request.

Readers will note there were three sentences redacted in the letter of February 14, 2013.

Following an appeal to the Information Commissioner, the commissioner annulled the decision of the department to redact these sentences.

It found the manner in which the Department had processed the request “most unsatisfactory” and not in keeping with the statutory provisions of the Freedom of Information Act.

Further to this, Justine McCarthy, in yesterday’s Sunday Times, reported:

The Sunday Times has established that the three missing sentences from Dukes’s letter are:

“1. The Department of Finance has at all times been provided with all papers presented to the board;

2. The Department of Finance has been entitled to have an observer at every meeting of the board;

3. The minutes of all committee meetings were systematically provided to the Department of Finance.”

…The ruling by Stephen Rafferty, an investigator in the information commissioner’s office, was made on February 8 but only made public last Thursday. The department has until March 1 to lodge an appeal to the High Court.

…When told what the redacted portion of Dukes’s letter says, Murphy replied: “It’s strange the department would have redacted that. It obviously gives a clue about something. There seems to be a surprisingly small amount of information [available] about the relationship between the department and the bank, given how bad we know that relationship was.

The information commissioner was quite scathing about the department and the fact they are taking their time about whether they’ll release it or lodge an appeal indicates there is not a culture of openness there.”

Anyone?

Revealed: Hidden claims over IBRC liquidation (Justine McCarthy, Sunday Times)

90190840Former IBRC chairman Alan Dukes and CEO Mike Aynsley in June, 2010

The Commission of Investigation will examine whether there is “prima facie evidence of material deficiencies” in the performance of those acting on behalf of IBRC, including board members, directors and management in relation to transactions.

It will also look at the staff of the IBRC’s wealth management unit… The interest rates, extension of interest rates or period of repayments that were given by IBRC, which resulted in a loss of more than €4m in interest, will be examined.

Unusual share trading which would give rise to concerns of insider information being improperly provided will also be investigated in relation to the transactions. The commission will report back by December 31

Hmm.

BRC commission to report back by end of year (RTÉ)

(Mark Stedman/Photocall Ireland)

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John Moran, former secretary general at the Department of Finance (top left) and Alan Dukes, former Chairman of IBRC (top right) and an excerpt from the minutes of a meeting held between IBRC and Department of Finance officials on December 1, 2011

How tense?

Freshly obtained FOI documents by Catherine Murphy reveal the level of mistrust and rancour between the Department of Finance and Alan Dukes, chairman of IBRC, formerly Anglo.

They include a letter Dukes sent to former secretary general at the Department of Finance John Moran on October 6, 2011.

Followed by the minutes of two meetings between IBRC and Department of Finance officials  – on November 24 and December 1, 2011 – when both Dukes and Moran were present.

The final document is a letter Moran sent to Dukes on December 23, 2011.

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Alan Dukes (left) and Michael Noonan at a Fine Gael event in 2002

 

The Government is considering the appointment of a Commission of Investigation into certain activities and transactions at IBRC, former Anglo Irish Bank.
A proposal to establish such an inquiry has been brought to Cabinet today by Minister for Finance, Michael Noonan, using existing 2004 legislation. An announcement is anticipated later today.

The Government had previously asked IBRC special liquidators, Kieran Wallace [of KPMG, which advised on the Siteserv deal] and Eamonn Richardson to review various IBRC transactions which involved a cost to the Exchequer of at least €10 million or were seen to involve other matters of public interest.

RUN!

Government considering IBRC commission of investigation (Harry McGee and Cliff Taylor, Irish Times)

Earlier: Previously On ‘Falsified Documents’

Update:

CDXOGuNVIAEBH-O

Former IBRC chairman Alan Dukes defends his handling of the Siteserv transaction this afternoon at his solicitor’s office in Dublin.

Pic via Vinny Broderick

Earlier: It Wasn’t Me

00010732Alan Dukes attending the Moriarty Tribunal

In his evidence to the Tribunal on Day 285 (1 April 2004), Mr Alan Dukes described how he carried out his own investigation into the second mobile phone licence process following his appointment as Minister for Transport, Energy and Communications.

He stated that he discussed the matter with Senior Departmental Officials and examined the process which had been followed by the Department for the awarding of the licence, the criteria applied, the requirements to be fulfilled by the applicants, the evaluation methodology, the milestones to be observed in the process, the involvement of the external assessors, the composition and makeup of the project subcommittee involved in the evaluation process and how the winning applicant was ultimately chosen.

He told the Tribunal that following these discussions with those Senior Departmental Officials he had no doubt as to the integrity of the process. Importantly, Mr Dukes stated that this view had not changed having regard to all of the evidence that had been given to the Tribunal.

Good times.

Earlier: “The €5million Was An Essential Component”

What Did Alan Say In Evidence (MoriartyTribunal)

Meanwhile: UK company willing to fund action over Esat Digifone case (irish Times)

Thanks Eddie

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Former IBRC chief and FIne Gael leader Alan Dukes (top) and Enda Kenny in the Dail this morning taking siteserv questions from Sinn Féin President Gerry Adams.

You want Senior Hurling?

There you go now.

Earlier: Are You Satisfied?

Previously: Siteserv And The Bank That Liked To Say Yes

Contains Impurities

alan

 

“It seems inconceivable that senior management in Anglo didn’t know that the gardaí had sought court orders for these tapes

“Alan Dukes was appointed as a public interest director to the bank in December 2008 and paid €127,000 in 2010.

He became chairperson in 2010. But he wasn’t the only political appointment to the Bank. Former Fianna Fáil senator, Aidan Eames was appointed to the Board in June 2010.”

The Public Interest Directors didn’t inform the Central Bank at the time. It seems they didn’t even inform the government,”

“Why did Alan Dukes sing dumb? Tánaiste what are you going to do about these tapes?

 

Sinn Fein’s Mary Lou McDonald during Leader’s Questions this morning.

 

McDonald queries Dukes’ knowledge of Anglo tapes (Irish Times)

 

90216694As part of the State bank guarantee in 2008, the then Fianna Fáil/Green coalition was entitled to appoint two new ‘public interest’ directors to the boards of the six banks covered by the guarantee.

Former Fine Gael leader Alan Dukes and Frank Daly were appointed to the board of Anglo Irish Bank in December 2008. Mr Dukes was subsequently appointed chairman of IBRC, until it was liquidated in February of this year.

In Saturday’s instalment of the Anglo Tapes, which are from December 2008, Paul Williams, of the Irish Independent, told how then Taoiseach Brian Cowen and the late Finance Minister Brian Lenihan ignored advice from international bankers Merrill Lynch (which were advising the Government) to shut down Anglo.

“Mr Drumm reveals a conversation he’s apparently had with former Fine Gael leader and ex-finance minister Alan Dukes – the government-appointed member of the board of the bank, where the former politician allegedly reported that the Government had decided to keep the bank going. Mr Dukes was appointed as public-interest director at Anglo days beforehand. The tapes put a new perspective on the political and banking situation before Mr Drumm was sacked and a number of months before Anglo was nationalised at a cost of €30bn. Up until now, it has never been known that Merrill Lynch went so far in urging the government to close Anglo.
“Drumm explains his plans to burn his own bondholders, which he says would have saved the Irish taxpayer €9bn – but was never implemented.”

 

In The FitzPatrick Tapes (Penguin, 2011), Tom Lyons and Brian, Carey write how, in February 2009, as the 2008 annual reports for Anglo Irish Bank were to be published, the Department of Finance warned Anglo’s chairman Donal O’Connor (who succeeded Sean FitzPatrick) and his board, which included Mr Dukes, not to refer to the need for emergency funding.

DUkes11Dukes12 It states that the Department of Finance drew up a ‘less negative’ version of events which Mr O’Connor signed.

In August 2009, Mr Lenihan appointed Mike Aynsley as the new CEO of Anglo Irish Bank and Mr O’Connor stepped down to be replaced by Mr Dukes.

Last Tuesday, Alan Dukes was in America when he spoke to the Irish Daily Mail:

He told the paper: “I am away. I haven’t heard the tapes. I don’t know what’s in them. And in any case I wouldn’t comment about them, because the issues they were talking about are relevant to court cases going on at the moment.”

“I am not making any comment about it, full stop. Paragraph. End of story.”

Last Friday Mr Dukes’ former party colleague Taoiseach and Fine Gael leader Enda Kenny spoke about the Anglo Tapes while he was in Brussels for an EU summit.

During a Press conference, he branded the tapes a “thunderbolt”.

Earlier in the week, the Irish Independent reported that Finance Minister Michael Noonan, also of Fine Gael, knew nothing about the tapes until he opened the paper last Monday.

Hmm.

(Sask Lazarov/Photocall Ireland)

Paddy McKillen (top) is a Belfast-born property investor with developments scattered all over the world.

He owes up to €370million to IBRC (formely Anglo) and the Bank of Scotland (Ireland).

Yesterday London’s Royal Court of Justice heard how, after paying off some debt, McKillen had €50million (£40million) left over last year. The money was made from property sales.

But he never told IBRC about the money at his disposal.

Under cross-examination yesterday, a barrister asked McKillen: “Surely, as their best client, you would want to tell them about the £40 million?”

McKillen:“And give them all our cash?”
Barrister: “Yes.”
McKillen:” No, that is not the way business works, I am sorry. Sorry about that.”

It was also put to McKillen, who failed in his bid to have this part of his case heard in private, that he didn’t want the Irish taxpayer to know that he had assets which could be sold to pay off his bank debt.

McKillen said that assumption was nonsense and said his relationship with IBRC Chief Executive Mike Aynsley is excellent.

How excellent?

In March, at the same London court, where McKillen is trying to reverse NAMA’s sale of €790 million in loans associated with the Maybourne Hotel Group to  his rivals 77-year-old twins David and Frederick Barclay in September 2011, heard how Aynsely sent a reassuring text to McKillen on January 27 of this year.

The text said IBRC would not be selling the debt secured on McKillen’s 36 per cent stake in the Maybourne Hotels to the twins.

It read: “BB [Barclay Brothers] have now been told that the bank has chosen a path to work consensually with you rather than to deal with them. I understand they are not happy!” 

Aynsely then sent a second text minutes later, saying: “Please keep that confidential as I can’t have board positions like this leaking out!”

McKillen also told the court in March that IBRC chairman, former Fine Gael leader Alan Dukes, had assured him IBRC would continue to support him as “a client of 25 years” on the basis he had the “best performing loans in the bank”.

McKillen May Have Kept Details Of €50m Sale Receipts From IBRC (Mark hennessy, irish Times)

McKillen Case Dredges Up Memories Of Anglo Culture (John McManus, irish Times March 26)

(Mark Stedman/Photocall Ireland)