Monday 20 November 2017

Gene Kerrigan: Defrauding banks are enemy of people

List of crimes grows longer but Michael Noonan still talks of 'exceptional cases

Here's the story of how one of the biggest banks in the world allegedly stole money from you and me. This wasn't a misunderstanding. It wasn't that someone hit the wrong key on a calculator. It's not like some money accidentally fell off a desk and into someone's briefcase.

"We are dealing here with fraud," John Corrigan, head of the National Treasury Management Agency, told an Oireachtas committee last week. He added: "Fraud, for it to be successful, has to have internal collusion."

The story begins in 2010, when the NTMA, which on our behalf manages the accumulated savings of the State, needed to sell off a huge tranche of shares. Why? Well, they needed €10bn to give away. Why? Well, that's been government policy since 2008. Whatever the bankers need, the bankers get.

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