Monday March 30, 2020

Punitive steps are now a necessity

Action must be seen to be taken if public confidence is to be restored, writes Robert Moynihan.

14th February, 2009

During September last year, Anglo Irish Bank placed more than €7 billion directly with Irish Life & Permanent (IL&P). IL&P then transferred these funds to Irish Life Investment Managers, its investment management arm. The investment management company then placed the funds back with Anglo. Everybody ended up with the same amount of funds that they started with.

It is likely that the agreed terms of the back-to-back deposits - for example,...

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