Sunday 23 November 2014

The Anglo Irish mushroom cloud spreads over Bluebay to Helix

Published 01/06/2014 | 02:30

You're never more than a couple of metres from a former Anglo banker. The National Pensions Reserve Fund handed over €200m of taxpayers' money to Bluebay Asset Management, a private equity firm, to create a €450m fund to lend to small businesses.

Jolly good idea, given that the banks weren't lending. Former Anglo Irish Bank director of lending Pat Walsh heads up the fund. He left Anglo before it went into liquidation. He helped launch the Anglo's special €500m small business fund, weeks before it was nationalised.

Last week, the Bluebay fund inked a deal with medical technology group Helix Health to provide €9m worth of funding, which will help the group grow through acquisition.

It must have been like an Anglo reunion. Former Anglo chair Peter Murray has been a director of the company since 2006. Murray left Anglo back in 2005, before everything went brown. He is also a shareholder with a small stake. Former Anglo director, and DDDA board member with Seanie FitzPatrick, Lar Bradshaw, was a board member until 2010. Bradshaw is a director of Stidel Nominees which is listed as owning 20,000 shares in Helix. The innovative Helix Health was also an Anglo customer back in the day, with not one, but two mortgages with the now vaporised bank.

The Anglo links are "all mere coincidental," according to Bluebay. Even so, escaping the Anglo mushroom cloud is almost impossible ...

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