Wednesday 22 November 2017

Plan to fund bank through Arab investors

THE Government examined plans for a bank funded by Arab investors to channel substantial sums of money into Ireland.

Taoiseach Charles Haughey and then Foreign Minister Brian Lenihan were briefed on the finance scheme in late 1980.

Dr Omar Al-Hassan, ambassador to the Arab League in London at the time, was using a proposal drafted by an Irish senator for talks with potential Middle East investors.

According to previously unreleased letters from the Taoiseach's office in November that year, the plan was to get the bank up and running with small sums of cash before expanding. It envisaged having £9m (€37m in today's money) in deposits after three years.

Irish Independent

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