Dublin Opinion

Posted in Irish journalism, Banks | 6 Comments

6 Responses to “IRISH TIMES, 25 AUGUST 2007: IT’S TIME TO GET TOUGH WITH THE FINANCIAL SERVICES SECTOR, BUT IN A LIGHT-TOUCH KIND OF WAY”

1. on 23 Apr 2011 at 12:09 pm1Donagh

   The involvement of Irish directors in these companies is interesting and particularly in the case of the biggest German subsidary bank in the IFSC to go bust, Depfa.

   Many of the German banks that blew up during the credit crunch had subsidiaries at Dublin’s International Financial Services Centre.

   Chief among these was the giant Depfa, which is being bailed out at a cost to the German taxpayer of €100 billion.

   Depfa used the short-term funding markets to raise funds to lend to long-term infrastructural projects.

   It was unable to raise funds when the credit crunch hit and the flow of funds in markets dried up.

   Depfa’s Dublin operation, which was famously described by the German regulator as a ‘‘pigsty’’, is just one of the many troubled German banks that ran funding subsidiaries from Dublin.

   Others include West LB, Sachsen LB, IKB and Hypo Real Estate - which merged with Depfa shortly before the credit crunch struck.

   http://www.thepost.ie/themarket/irish-bond-grenades-explode-in-berlin-54584.html

   Of course, its well known now that one of the Irish directors of Depfa was Frances Ruane, Director of the ESRI
   http://www.irishtimes.com/newspaper/finance/2010/0102/1224261527333.html

   Even though she chooses not to include the position in her CV (dated 2007 in the URL):
   http://www.esri.ie/docs/RUANE_F_CVJan2007.pdf

2. on 23 Apr 2011 at 9:13 pm2Seán Báite

   ‘ESRI’ Donagh - ye’re just being a bit arsey saying ‘ERSI’, I suspect.

3. on 23 Apr 2011 at 11:01 pm3Donagh

   Whatcha talking about Seán? I said, ESRI. I always say ESRI.

   ESRI. ESRI. ESRI. ERSI. AERSI. ARSEY.

4. on 24 Apr 2011 at 11:13 pm4Elias

   That’s depressing, ERSI now as well? They ARE all at it.

5. on 26 Apr 2011 at 1:53 pm5Seán Báite

   I see you have your Stalinist retro-active spellchecker application working Donagh

   Then again - what am I doing arguing with ye about the order of the letters in the Emperor’s initials when the said Emperor is still strolling around stark bollock naked…

   ‘Irish Financial Regulators’ - another phrase to chuck in with ‘Military Intelligence’ and ‘Friendly Fire’

6. on 26 Apr 2011 at 7:00 pm6Donagh

   Exactly, if one doesn’t have the power to airbrush your own posts then what power do we have? Sod all obviously

Leave a Reply