Gamble that put a spanner in Saxony’s works

The risky activities of Dublin-based financial subsidiaries have had a deleterious effect on certain sections of the German economy, and our government appears to know very little about it

14th May, 2011

Dr Gerhard Schick is a German economist and Green MP who represents the state of Baden-Wurttemberg in the national parliament.

He was in Dublin recently, to bone up on the causes of the Irish financial crisis. One of the places he told me he wanted to see was the office of Ormond Quay Funding, a special purpose vehicle (SPV) located in the International Financial Services Centre.

You probably don’t remember a whole lot about Ormond...

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