We could soon be counting the cost of 'cosy capitalism'
'Cosy Irish capitalism," the 'Financial Times' newspaper called it in a recent article. The jibe will have even more force if the investigation into deposits at Anglo Irish Bank uncovers what it appears to be looking for.
This is whether there was a deliberate attempt to inflate the level of deposits in the bank's annual results by organising large transfers from other financial institutions -- in this case Irish Life & Permanent.
It is important to stress that it is only an investigation. It will require considerable effort to separate the normal huge flows of cash between banks from something more sinister. But it is clear that the investigators are not at all yet satisfied that all has been explained.