Tuesday 26 September 2017

The remaining pieceS of the Anglo jigsaw

Former members of the board of Anglo Irish Bank continue to hold senior roles in Irish business. Garry McGann is the chief executive of Smurfit Kappa, a multi-billion euro paper and packaging company. On July 10, 2008, he emailed Drumm seeking reassurances that everything that was being done was above board. Drumm wrote back to confirm that it was.

Donal O'Connor, the former managing director of PwC, is now chairman of Sherry FitzGerald, the estate agent.

Lar Bradshaw works as a business consultant and is still trying to get money back from a Nigerian oil well in which he co-invested with FitzPatrick.

Ned Sullivan remains the chairman of Greencore, Britain's biggest sandwich-maker.

Anne Heraty runs CPL Resources, one of the country's biggest recruitment companies.

Fintan Drury, who stepped down as a director the month before the Maple 10 transaction, chairs Platinum One, a successful sports star management agency.

David Drumm

The former chief executive of Anglo Irish Bank was in charge from September 2004 until December 2008. David Drumm, pictured below, doubled the size of the bank during that period and expanded its loan book into America, the UK and eastern Europe. He moved to Boston soon after the bank collapsed, went bankrupt there and has refused to return home since. He met with Patrick Neary and Con Horan from the Financial Regulator's office numerous times to discuss the Quinn affair. Drumm has had some contact with investigators into Anglo's collapse but he has refused to be interviewed in Ireland. He may eventually face extradition proceedings.

Patrick Neary

Patrick Neary, above, ended his disastrous reign as Ireland's Financial Regulator with a €630,000 pay-off. He has steadfastly maintained his silence publicly but has been interviewed extensively on what he did or didn't do in relation to Anglo Irish Bank. The regulator's office was under-resourced and there was little political will to support him in reining in the banks. Neary, a Latin and Greek student from UCD who was imbedded in the sleepy culture of the Central Bank from 1971, knew about Quinn's position in Anglo from the end of 2007 and was in constant contact with the bank about it. How much detail he knew about the deal that was ultimately arrived at remains unclear, however.

Con Horan

Con Horan, pictured below, was the man in charge of supervising Anglo for the Financial Regulator. Even more than Neary, he was repeatedly in contact with Drumm and others to discuss Quinn's extraordinary exposure. Horan became special adviser to Matthew Elderfield when he took over from Neary in 2009. He now works as a "national expert" at the European Banking Authority (EBA), a new London-based supervisory authority for European financial institutions. He has declined to comment to the Sunday Independent on what his new job entails. His pay is not disclosed in the EBA's annual report.

Ernst & Young

The auditor of Anglo Irish Bank continues to be one of the big four accountancy firms. It has worked for the State both as an adviser to the National Asset Management Agency and on trying to unravel the mess at Irish Nationwide Building Society since the collapse of the bank.

Matheson Ormsby Prentice/ Morgan Stanley

MOP was a legal adviser to Anglo Irish Bank and is known to have advised the lender on its Quinn exposure. Morgan Stanley, the global investment bank, was also an adviser during this period.

The Maple 10

Nine of the Maple 10 are now clients of Nama, with the exception of Paddy McKillen. The Maple 10 only had to repay 25 per cent each of the €451m they borrowed in total. Members of the Maple 10 include some of Nama's biggest clients such as Joe O'Reilly, the owner of the Dundrum shopping centre, and Gerry Gannon, the developer. It was a considerable sore point for Quinn when he found out afterwards he was expected to repay 100 per cent of his borrowings, while the Maple 10 had a softer deal. Meanwhile, the Maple 10, who are accused of no wrongdoing, were furious at the bank for leaving them with a bill they believe should have been paid by Quinn.

The Quinn family

Six members of the Quinn family ended up owning 15 per cent of Anglo in July 2008. The bank collapsed six months later and, combined with everything else, they ended up saddled with debts of €2.3bn relating to the Maple affair. The Quinn family maintain that these loans were illegal and are suing Anglo, which is now called IBRC. Navigant, a London-based financial consultancy, has written a detailed report outlining their defence.

Brian Cowen/ The civil service

The Financial Regulator has claimed that senior civil servants were aware of the Maple issue throughout 2008 via their membership of the Domestic Standing Group, a high-powered group involved in overseeing the economy during the crisis. The amount of detail they knew is unclear. Brian Cowen, the then Taoiseach, knew from at least March 2008 of Quinn's giant gamble on Anglo after Sean FitzPatrick rang him on his mobile. In April 2008 he attended a dinner where he was introduced to Anglo's board and executives by his college friend Fintan Drury, then an Anglo director. On Monday, July 28, 14 days after the Maple transaction, Cowen played golf and had dinner with FitzPatrick, spending all day with him. According to both, Quinn was never discussed. Cowen, who spent all summer studying in Stanford University in the United States, has never been publicly questioned in detail about what he knew or didn't know about the Maple affair.

Sunday Independent

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