Tag Archives: Anglo

HOPES THAT Anglo Irish Bank’s art collection could help to raise significant money for the State have been dashed by the bank’s discovery that many of the paintings “have no value” – just like its once highly rated shares.

When Anglo became the State-owned Irish Bank Resolution Corporation (IBRC), it inherited Anglo’s art collection – some 320 pieces – along with other assets and liabilities.
About one-third of the paintings have been valued as worthless – in financial, not necessarily artistic, terms – consisting of “the type of art that could be bought from the railings on Merrion Square”, according to a bank spokesman.

Another 100 paintings have an estimated value each of between “€0 and €500” while there are just 100 artworks that may be worth more significant amounts. The entire collection has been valued at “less than €1 million” and more likely just €750,000.

A spokesman for IBRC said it is “actively considering options” regarding how to dispose of the art “for the benefit of the State – in the months ahead”.

Anglo’s sketchy art collection is of little cash value to the State (Irish Times)

(Photocall Ireland)

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)

March 18, 2010: Sean Fitzpatrick arrested while Brian Cowen is in the US. March 31, 2010: Brian Lenihan issues promissory note for €8.3bn, bringing the government’s investment in Anglo Irish bank to €12.3 billion

November 1, 2011: €715m Anglo bond due. Former Anglo executive Willie McAteer arrested.

December 5 and 6, 2011: Budget measures including €1.6bn in tax rises unveiled. December 10. Sean Fitzpatrick arrested.

January 25, 2012: €1.25bn Anglo bond due. Ivor Callely arrested.

An Arrest, Progress On Promissory Notes…Elsewhere Over A billion Euros Is Paid To Anglo Bondholders (NamaWinelake)

(Photocall Ireland)


Campaigners from the Jubilee Debt Campaign get their zombie on in support for Irish network Debt Justice Action outside the Irish Embassy in Grosvenor Place this morning – ahead of tomorrow’s €1.25 billion payment to unsecured Anglo bondholders.

Jubilee Debt Campaign is arguing for a ‘jubilee-style’ debt cancellation for Europe. Jubilee’s Nick Dearden sez:

“It is totally unjust to make Ireland’s people – especially the
poorest in that country – pay for the crimes of speculators and the banking elite.
A year ago George Osborne called Ireland a ‘friend in need’. We call on the British government to assure Ireland that they would not take punitive measures if the government halted payment on these unjust debts, and that the UK would assist in a fair write-down of
Ireland’s debt.”

Anglo Not Our Debt

(Nessa Ní Chasaide)