Tag Archives: Mike Aynsley

You may recall the disturbingly cosy text messages between IBRC (formerly Anglo) chief executive Mike Aynsley and property developer Paddy McKillen.

Minister for Finance Michael Noonan has now said he wrote to the bank’s chairman Alan Dukes seeking assurances in relation to the messages.

And In reply to a parliamentary question, Mr Noonan said that “in the opinion of the bank” the text messages were “an appropriate and necessary communication to confirm to the client the outcome of the board’s deliberation with regard to the future of his loans”.

He said he was told by the bank that text messaging is “a normal means of communicating with people quickly and efficiently in certain circumstances, in particular with clients who travel regularly and who do not have immediate access to email”.

And, you know, he’s cool with that.

Noonan hasn’t always had such faith in bankers..

In 2009: 

Fine Gael Limerick East TD Michael Noonan said the banks had misled the public, the Dail and their shareholders over an 18-month period by saying there was “no problem here, no toxic loans”. “If lying was an Olympic sport, we could put out a team of bankers and they would win gold for Ireland,” he told the Dail last night.

Bankers Lied To Public Over Extent Of Toxic Property Loans (Irish Independent, September 23, 2009)

And in 2010:

But on RTE’s ‘This Week’ programme, Mr Kenny increased the pressure on the Government to hold an inquiry into the causes of the banking crisis.He said he was prepared to nominate former party leader Michael Noonan to lead an all-party committee investigation.He said it was necessary to find out what went wrong in the banking sector. “This affects every single person. The Government are afraid to have an inquiry. Every minister says of course we’ll have an inquiry, but not yet,” he said.”A small few inside a golden circle — closely associated with the majority party in Government, Fianna Fail — have walked away with bulging pockets out of this, to the detriment of every other taxpayer in the country. That’s not the sense of values I have, and that’s why we need an inquiry now into why this happened,” he said.

Hopes Of Early Vote Unlikely Concedes Kenny (Irish Independent, January 11, 2010)

(Sasko 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)