Liveline Thread (15/02/2012 to 01/05/2012)

mike65

Still milking the Expo though.

JonathanAnon

artful_codger wrote: »

Fry model railway getting a mention today.

It's on the newswire now... In what seemed like a personal attack on Joe Duffy somebody has just posted a model train snuff movie... (viewer discretion is advised)

It's like Saw for model trains..

SEPT 23 1989

artful_codger wrote: »

Fry model railway getting a mention today.

bijapos

artful_codger wrote: »

Fry model railway getting a mention today.

....and more misery porn from the Job Fairs. No thanks :mad:

JonathanAnon

I'm assuming that we will have people on crying about the job losses in AIB... But you'd really have to wonder why the Government isnt closing down AIB altogether.. They have some record (even pre-nationalisation)..

Insurance Corporation of Ireland
The Can of Worms at ICI was the headline in Business & Finance magazine on 8 November 1984. The Insurance Corporation of Ireland (ICI) was a wholly owned subsidiary of AIB when it collapsed in 1985 with losses of over £200 million that had arisen due to severe under-was being written, whether adequate reserves were being maintained and to monitor the true profitability of the business. When it was discovered in November 1984 that ICI was operating below the statutory reserve ratio, a request for further capital was made to AIB - ICI had returned a profit of £80 million the previous year.
This collapse occurred at a time of deep economic recession in Ireland. The level of Government debt at that time was 116% of GDP. But the Irish taxpayer bailed ICI out of its difficulties. The Irish Government did so to ensure a continuation of the insurance business and to protect policyholders. AIB claimed that it could not resolve the problems of ICI without putting its core banking business in jeopardy. The investment of £85 million by AIB in ICI was written off and the cost to the Irish taxpayer was £400 million.

Tax evasion
The €90 million settlement that AIB reached with the Revenue Commissioners in respect of Deposit Interest Retention Tax evasion in 2000 was the highest tax settlement in the history of Ireland. The bank's internal auditor, Tony Spollen, highlighted a potential Deposit Interest Retention Tax (DIRT) liability of £100 million for the period 1986 - 1991, but Gerry Scanlon, the group chief executive at that time rubbished this estimate, describing it as "infantile". The Oireachtas Sub-Committee Inquiry into DIRT hearing on 27 September 1999 concluded that it was "extraordinary" when Scanlon told the Inquiry that he was unaware of the scale of the DIRT issue.
The Revenue Commissioners on 28 March 2006 imposed a tax settlement plus penalties on four former senior executives for their interest, while employed by AIB, arising from investments they maintained in Faldor Limited. Faldor was an investment company set up in the British Virgin Islands that between 1989 and 1996 hold funds on behalf of these senior AIB executives as well as people connected to them. Allied Irish Banks Investment Managers then managed the funds in the company on their behalf; at the time Mr Gerry Scanlan was CEO of the bank. Faldor subsequently benefited from inappropriate deal allocations, and artificial deals that amounted to €48,000 out of AIB Investment Managers' own funds.

Excess FX charging issues
In 2004 it was revealed that the bank had been overcharging on foreign exchange transactions for up to ten years. The overcharging affected 3 million purchase transactions of foreign drafts. Initially the projected amount of overcharging was €14m. However the bank has set aside €50m to cover the cost of refunds.
The Central Bank of Ireland published a report into an investigation of AIB Group concerning overcharging its own customers for FX transactions and deal allocation and other associated issues. This revealed excess charges of €34.2 million, including interest. AIB failed to comply with the law for a period of almost 8 years and that certain staff and management were fully aware of this at the time.
The Central Bank of Ireland knew that Allied Irish Banks were overcharging consumers in FX fees but failed to act for a number of years. They gave a parliamentary inquiry the "false impression" that they were unaware of it. The whistleblower who gave the CBOI the information was requested to come to a meeting with them but was only invited to withdraw the allegations of wrongdoing and at the same time found himself removed from his position at Allied Irish Banks without any reason given. After his case was highlighted in the media, the CBOI officially apologised on how the authorities treated him, eight years after alerting them of overcharging.
AIB announced on 27 September 2006 that the final outlay in respect of restitution and interest arising from overcharging amounted to €65 million and that this included a donation of €20.6 million on behalf of its customers to an unspecified charity that it was unable to identify. No employee or officer of the banks was disciplined.

Other charging issues
Apart from FX, the Central Bank of Ireland discovered, following an anonymous tip-off, that AIB overcharged customers €8.6 million. The account categories involved were:
Surplus Builder, variable rate mortgage product with savings: 4,200 customers impacted; financial impact €3.6 million
Student and Graduate facilities: 34,000 customers impacted; financial impact €1.4 million
Overdraft limit amendments, fees incorrectly applied: 24,000 customers impacted; financial impact €600,000
Financial & Leasing, early termination of consumer leases: 950 customers impacted; financial impact €230,000
Personal Savings Plans Products, loan discounts: 2,436 customers impacted; financial impact €196,000
Overdraft interest in Foreign Currency Hold Accounts, incorrect reference rate applied: 200 customers impacted
Merchant Terminal rental charges: 155 customers impacted
PPI Mortgage top ups: 573 customers impacted
Trust Funds' fees charged at double the rate for withdrawals, management fees and other charges: number of customers impacted not disclosed; period of overcharges 1972-1986, and into the 90s.
No regulatory action was taken.

Charles Haughey and the Moriarty Tribunal
In 2006, the Moriarty Tribunal published its report into the financial affairs of former Taoiseach Charles Haughey. Mr. Justice Moriarty found that AIB had settled a million-pound overdraft with Haughey on favourable terms for the politician shortly after he became Taoiseach in 1979; the tribunal found that the leniency shown by the bank in this case amounted to a benefit from the bank to Haughey. According to the report, the bank showed an extraordinary degree of deference to Mr. Haughey despite his financial excesses.

And of course:

Nationalisation
On 30 September 2010, the Irish Government announced plans to use its National Pensions Reserve to inject €3.7 billion of capital into Allied Irish Banks, becoming the majority shareholder and effectively nationalizing the bank.

It should have been shut down, and deposits moved to other banks.. Run by crooks..

bijapos

JonathanAnon wrote: »

I'm assuming that we will have people on crying about the job losses in AIB... But you'd really have to wonder why the Government isnt closing down AIB altogether.. They have some record (even pre-nationalisation)..



It should have been shut down, and deposits moved to other banks.. Run by crooks..

Insurance Corporation of Ireland
The Can of Worms at ICI was the headline in Business & Finance magazine on 8 November 1984. The Insurance Corporation of Ireland (ICI) was a wholly owned subsidiary of AIB when it collapsed in 1985 with losses of over £200 million that had arisen due to severe under-was being written, whether adequate reserves were being maintained and to monitor the true profitability of the business. When it was discovered in November 1984 that ICI was operating below the statutory reserve ratio, a request for further capital was made to AIB - ICI had returned a profit of £80 million the previous year.
This collapse occurred at a time of deep economic recession in Ireland. The level of Government debt at that time was 116% of GDP. But the Irish taxpayer bailed ICI out of its difficulties. The Irish Government did so to ensure a continuation of the insurance business and to protect policyholders. AIB claimed that it could not resolve the problems of ICI without putting its core banking business in jeopardy. The investment of £85 million by AIB in ICI was written off and the cost to the Irish taxpayer was £400 million.

Garret Fitzgerald was Taoiseach at the time, he later had a £200,000 loan to AIB that he borrowed and lost on GPA shares written off. Nice one AIB

SEPT 23 1989

JonathanAnon wrote: »

I'm assuming that we will have people on crying about the job losses in AIB... But you'd really have to wonder why the Government isnt closing down AIB altogether.. They have some record (even pre-nationalisation)..



It should have been shut down, and deposits moved to other banks.. Run by crooks..

They should have been let go to the wall in the 80's,

i will put the radio through the wall if they come on whinging:mad:

syklops

JonathanAnon wrote: »

It's on the newswire now... In what seemed like a personal attack on Joe Duffy somebody has just posted a model train snuff movie... (viewer discretion is advised)

It's like Saw for model trains..

If that was a Flying Scotsman I would be genuinely upset.

But luckily its some crappy diesel car.

syklops

SEPT 23 1989 wrote: »

i will put the radio through the wall if they come on whinging:mad:

You should film that happening.

JonathanAnon

syklops wrote: »

If that was a Flying Scotsman I would be genuinely upset. But luckily its some crappy diesel car.

Syk, I never knew you train-ed?

Zwillinge

Back from sabbatical...

How could I keep away?

syklops

The best way to put a lid on it and move on is to ring Joe and tell him about it.

furiousox

Clear as mud, excellent broadcasting once again.:rolleyes:

ThisRegard

Jaysus, they're talking about something that didn't happen.

joe316

Jeez 2 and a half thousand people lose their jobs and he's talking about this rubbish.

A photo!!

syklops

JonathanAnon wrote: »

Syk, I never knew you train-ed?

Years ago I did. Dont have the space anymore.

I was a real hit with the girls growing up.

joe316

Bing

Ballyer!

JonathanAnon

Joe only gets gold BARS now..

signostic

Has Mattie McGrath joined FG?

HeidiHeidi

What didn't happen???

shockwave

They cancelled it so whats the problem?

signostic

HeidiHeidi wrote: »

What didn't happen???

a party for being 1 year in govt

furiousox

WTF is he on about with the gold stars??
Like McDonalds??

HeidiHeidi

Joe has developed a really irritating habit of starting at the end of a story, without bothering to bring the listener into the loop. It's like eavesdropping on a private conversation.

syklops

HeidiHeidi wrote: »

What didn't happen???

Fine Gael planned to go to Stringfellows to celebrate a year in government then discovered it was closed so they went back to work.

telekon

This lad is the Aubrey of politics.

"I represent the people of Waterford Joe... the people of Waterford Joe...have I said WATERFORD enough?"

patwicklow

Aw no gold stars for the free loading ministers..

SEPT 23 1989

The Honeymoon is over

signostic

syklops wrote: »

Fine Gael planned to go to Stringfellows to celebrate a year in government then discovered it was closed so they went back to work doing nothing.

fixed your post

SilverLiningOK

No way should this be forgotten about. The Blueshirts and their rabid supporters think that they can do no wrong. This arrogant crowd of feudal princes and pricesses were caught in the act. They conned the sheeple into voting for them because they weren't Fianna Fail and now they want to party about it. Outrageous stuff in the face of the burden they and their fellow right wing establishment elites have put up on us. This being the gambling debts of their kind which we somehow ended u with.

Banish the lot of them like the snakes that they are !