To use engineering jargon gayle killilea , oh that's a legacy issue
https://www.independent.ie/irish-news/courts/former-journalist-gayle-killilea-sues-dermot-desmond-for-2m-in-row-over-house-once-sold-for-579m-42200983.html
Have you got a link for that, Gayle must have grown a huge pair to take Desmond on.....
Indeed, pyrite scandals very much linked to banking malpractice. Interesting that the likes of the much criticised Liam Carroll's developments were usually structurally sound, haven't read too much about any problems regarding pyrite or similar, but he was lax over health and safety etc.
Dunner's ex in the news recently suing Dermot Desmond, wonder how that will turn out.
Yep. Bút there's still a wink-wink-nudge-nudge thing from the media. Either our libel laws need serious reform, or the Paymaster has serious dirt on higher ups, or there is a lot of cowardice in the media and AGS. Or some combination of all three.
Didn't we change the rules to 1yr.
I thought it was 7 years?
Doubtful. Bankruptcy doesn't last too long in Ireland
Would his personal bankruptcy have taken that 500k away from him and he would receive a % in return.
So you agree with me. Stop arguing with me then!
That's my point, the same mystery it has always been, you don't need to to read to the end to figure out whodunit.
It would be disappointing if anyone even vaguely aware of the goings on would have needed this series to open their eyes.
Yeah, that was only thing I would have disagreed with in comment you quoted.
Blaming small amount of staff the councils have that may be capable of getting deep into details of what the construction industry is up to for being too comfy to go around to sites and be nosy is unfair. The councils (leadership) are not to blame either.
The councils are a creature of Central govt. with little power now, even the big ones are under the thumb. Seems like alot of the quango bodies/semi states with overlapping areas of responsibility have more power(s).
Central govt. hold the purse strings and tell the councils what to do. They don't particularly want highly active/aggressive regulation in this area imho. Would be very, very interesting to see what would happen if a large council just tried to go on a "solo run" and do it anyway...I doubt they would be thanked for their effort.
It's very clear who the paymaster is to most people. It's unclear to people who are simply stupid or don't want to believe it.
The paymaster is... Local, bitter, wealthy, ruthless, invested, driven, a risk taker, egotistical, entitled, a gambler, has a cohort of loyal bootlickers hates Kevin Lunney & knew Dublin Jimmy.
Who'd you think it is, Santa?
...its ultimately a major failing of a fire sector lead economy, this may never change unfortunately....
looking forward to getting back to this documentary, only watched first half hour, really interesting....
The councils don't even employ the staff required to do that work.
Most councils seem to regard their role as doing as little as possible in general and the central government doesn't care as long as it can continue to refuse to fund them (or allow them raise funds themselves i.e. a proper property tax) to do anything other than the bare minimum.
Surely it's still the same mystery it has always been?
It’s not about hindsight. I went to Irish Nationwide AGMs before the crash and heard the steady stream of complaints about Fingers, his name over concentration on Irish residential property and his failure of decent governance. These weren’t a surprise to anyone in the sector.
At least we all know who the paymaster is now.
Not sure why you mention about pyrite and mica as nothing to do with financial services and a total different issue
as has been mentioned it illustrates the lack of appetite by irish authorities to regulate and to enforce laws and take action in areas like construction. In the case of quarrying and concrete , illegal quarries were allowed to operate for many years as exposed by a prime time investigates program. In the case of Sean Quinn he just started digging a hole in his farm and excavating gravel without any planning permission or licence, he subsequently got planning permission retrospectively when his operation was already massive .
Its not a big jump to conclude that the concrete blocks that contained mica and pyrite also came from illegal quarries but these operations were allowed to continue. Even where illegal quarrying was reported to county councils by neighbours due to adverse local environmental issues it still took many years to get these operations closed down.
The priory hall scandal was exposed a decade ago yet even after this scandal the "self regulation" regime was allowed to continue, County councils officials do not want to go out to building sites get their boots dirty and inspect buildings during construction, they want to stay in their warm offices or better still work from home
Why are you amazed? The border people are widely considered to have a casual regard for the law. Again, the worst thing about Dukes saying what he did is that it just provides a sound bite for the Quinn supporters.
AIB always had s.hite due diligence. As evidenced by the Insurance Corporation of Ireland debacle from the 1980s, the Rusnak/Allfirst forex scandal in 2002, the DIRT scandal (all banks implicated but AIB had largest settlement) in the late 1990s, foreign exchange overcharging issues from the early 2000s and most recently the mortgage tracker fine of €120m.
That's just from memory, I've probably forgotten a few.
"Why as Quinns exposure to Anglo CFD's such a problem for Anglo when they discovered it"
I would guess partially for selfish reasons as they didn't want him calling the shots, but also they had enough banking knowledge to know that as a bank and a PLC having one key shareholder would get them in trouble with regulator particularly as he seems to have amassed the shareholding in a rather surreptitious manner using the CFD's.
I hope you are not suggesting Mr Quinn is the mysterious Paymaster. In fact, Mr Quinn is on record as stating that he is not the Paymaster, doesn't even know who the Paymaster is, and condemns the activities associated with this person, while also, public spirited chap that he is, running down to the local parish priest's house to stick up for the Paymaster, who he doesn't know, has never met, and whose activities he condemns.
Not difficult to make money in that sector due to lack of regulation. The government has finally announced plans to regulate gambling, but don't hold your breath. I used to spread bet, lost my ass (my own fault) if I took it up again, wouldn't go near Quinnbet. Stick with the tried and trusted operators, e.g Igindex.
whatever you think of him, the man knows how to make money.
Quinn Bet made 2.2m profit last year. The money is flowing in.
This keeps coming up. If Anglo and INBS were allowed to fail, why not AIB? They fucked up as badly. The former Chair of AIB had the cheek to say to the Oireachtas inquiry that it was all the fault of Anglo and INBS that AIB made too many bad commercial property loans, they were only following the others. Talk about passing the buck.
And when you say 'allowed to fail', what precisely do you mean? Burn the deposit holders? The bond holders? Both?
My own view, the guarantee should have been limited to deposit holders across all banks and building societies. But we are where we are. You or I weren't making the key decisions at the time. Easy to criticise in hindsight, and I'm no fan of FF (or FG either). If they didn't guarantee the bondholders, the situation could have been even worse, Ireland might have got a reputation among international investors as a country whose banking system can't be trusted and the economy might still be screwed even now.
A thug may be ott but I agree he should have served time for what he did.
@redlough
Hindsight is a luxury the government didn't have. I think they would of let both of them go to the wall if they knew how bad a f**king mess it was. But the banks lied to the government to save their own skins and everyone has been left with the mess afterwards. Yet how many of these people ended up in jail over it?
...
Again the big question, why the hell did the regulator not know what was going on so they could advise the government? that is what was supposed to happen
That's the thing. The regulator was asleep and letting the lads run "their" industry how they saw fit to make the most money possible (I'd agree with what Muahahaha posted in comment above in https://www.boards.ie/discussion/comment/119967782/#Comment_119967782). The industry liked it, the govt./polticians were complicit in situation developing. That was of course the reason why they did not have a handle on how bad it could be.
I just don't agree that govt. had to do what they did with including Anglo as a snap "all or nothing" decision (first the bank "guarantee"/cheapest bailout ever, and then the nationalisation of the whole of Anglo later) for what was basically an Irish property investment/speculation vehicle rather than a "too big to fail" systemic bank. Am sure they knew that much about what Anglo Irish was, even if they didn't know how big the debts could get. Did they even talk to the ECB or the EU about any of it considering (as you say) they really hadn't a bulls notion how bad it was/could get? I am not maybe as well up on history as some posting here but don't think they did, they just went and did it. It was reckless.
@Muahahaha
Anyway I just finished the 3rd episode last night, must say it as a very well put together documentary so kudos to the maker. Though such a story could easily have been 5 or 6 episodes but he was probably constrained by what he could sell to RTE.
One thing that stood out to me in the doc was this constant victim mentality of Quinn (and his wife) becasue they are from rural Ireland and 'those people up in Dublin havent a clue'. It was like listening to a broken record, it was just constant Dublin bashing out of him without recognising that he gambled his own company away. But of course that wasnt Quinns fault, it was those people up in Dublin wot done it <rolleyes>
Yeah I watched it a few days ago myself. A great piece of work. As you said that came through very clearly (the victimhood + a lack of reflection really, at most he admitted he made some mistakes, but believes he has been punished unjustly and far too harshly for them and seemed very angry and bitter about it!!).
A broke man couldn't afford such a tantrum. Whether it's in the wife's name, the kids or even the grandkids' you can be sure Quinn has more than you'll earn in your lifetime stashed away.
He's a thug and should be in prison.
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