'Ryder Cup in Kentucky, trips to Paris, Venice...' - Developers reveal junkets organised by the banks during boom
TWO of the country’s leading property developers have revealed details of the corporate hospitality lavished on them and their associates by the banks during the boom.
Trips to the Ryder Cup in Kentucky and other major sporting events were among junkets detailed by developers Gerry Gannon and Peter Cosgrave in statements to the Oireachtas Banking Inquiry.
Former AIB chief executive Colm Doherty also told the inquiry that the entertainment it provided to developers was “multi-faceted, occurring across a number of countries in which we operated”.
In a written submission to the inquiry, Mr Gannon detailed a trip to the Ryder Cup courtesy of AIB in 2008, a trip to Venice with Anglo Irish Bank, and further corporate hospitality afforded to him by Anglo at a race meeting at the Curragh.
Another executive director of Gannon Homes, Aidan Kenny, was brought on a trip to Paris by Anglo, Mr Gannon told the inquiry.
Meanwhile, Mr Cosgrave said it was impossible to provide the inquiry with an exhaustive list of hospitality provided by the banks to senior executives in the Cosgrave Property Group.
However, he was able to outline trips to several of the world’s most prestigious sporting events.
These included golf days in the UK, France and the US, courtesy of Ulster Bank, AIB, EBS and Bank of Ireland.
Trips to the Irish Open and British Open golf tournaments were organised by Ulster Bank, while Ulster Bank and AIB brought senior executives to the US Master in Augusta, Georgia.
The trips were outlined in written submissions published by the banking inquiry today.