Saturday 10 December 2016

Hapless investors were lambs to the slaughter at Anglo

Published 04/05/2014 | 02:30

It has been ruled that a man owes €31.5m to Anglo Irish Bank
It has been ruled that a man owes €31.5m to Anglo Irish Bank

People are really starting to miss the point when it comes to analysing the collapse of Anglo Irish Bank and the criminal events that took place there in the summer of 2008.

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A new narrative is emerging on foot of the fact that two former Anglo Irish Bank executives did not get jail sentences for committing a serious crime. Judge Martin Nolan's stinging criticism of the role of the failure of regulation in those events paints a picture of haplessness and incompetence in which former Anglo executives Pat Whelan and Willie McAteer were led into illegality.

We were told during the trial that the bank had no problem with lending the Maple 10 the money, neither did the regulator, the market, the lawyers. Everything about it seemed fine until the bank collapsed.

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