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Sat 02 Feb 2009Anglo Irish Bank reports
THE PUBLICATION of the annual report and accounts of Anglo Irish Bank, and the related PriceWaterhouseCooper report on the bank, has done little to reduce public disquiet about what went on there under former chairman Seán FitzPatrick. If anything it indicates that matters were a good deal worse than has been disclosed to date.
The size of the loans extended to the so called “golden circle” of clients to enable them to buy 10 per cent of the bank is significantly larger than previously revealed. Equally, the extent to which the directors and executives of the bank were also big customers is truly shocking. It confirms the picture that has emerged over the last few months of an organisation that was fundamentally flawed and morally bankrupt.
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