Senator David Norris' address to Seanad Eireann (the Irish Senate)

In Sept. 2007, fourteen months before Ireland's bank bailout, I resigned from my position as the Risk Manager of UniCredit Bank Ireland. I did that in order not to incriminate myself. I have spent the last 4 years seeking justice. On Feb. 23rd., 2010, I was fortunate to have Senator David Norris raise the matter in Seanad Eireann (the Irish Senate), and request a response from the Minister of Finance, Mr. Brian Lenihan. Senator Norris concluded by stating that:
"...there is ministerial responsibility in this matter. This is a grossly serious matter which has been reported to the Financial Regulator. A man has lost his job as a result. He honourably resigned. The degree of breach was 40 times the accepted margin. This is a disaster. If we are not prepared to face the issue and investigate it when it has been laid before the House, there is absolutely no hope for the financial system or its reputation worldwide...How can the Financial Regulator investigate himself? He was in breach of his responsibility."
In Nov. 2011, Emma Alberici, Europe correspondent for ABC TV, told my story as part of her documentary 'Going Rogue' which featured Nick Leeson and Sir John Vickers among other interviewees. It is ironic that at a time when the Irish tax-payer is bailing out un-secured bond holders, my story which occurred in Dublin, is deemed of interest to the Australian TV license payer. Please click on 'play video' on the following link:
VRT, Belgian state-TV, aired this interview with me on March 6th., 2013. My Interview begins in minute 27:
Het verdriet van Europa: Zeepbellen blazen (The sadness of Europe: Bursting bubbles)
VRT, Belgian state-TV, released extra footage of my interview on March 8th., 2013. (in English):

Tuesday, 28 June 2011

'Deutsche Bank, UniCredit May Have to Raise Additional Capital After Basel' - Bloomberg, 27 June '11

Deutsche Bank AG (DBK), Germany’s biggest lender, and UniCredit SpA (UCG) are among European banks that may have to raise additional capital after regulators dismissed lenders’ threats that stiffer rules may stunt economic growth.

Regulators meeting in Basel this weekend agreed to make as many as 30 of the world’s largest, or systemically important, banks hold as much as 2.5 percentage points more capital than the 7 percent core Tier 1 capital required. They also blocked European banks’ requests to use hybrid capital, such as contingent convertible bonds, to meet the target. The biggest banks will use mostly retained earnings and ordinary shares.
Lenders had lobbied against the extra capital requirements, saying they risked stunting the global economic recovery and some had sought to avoid being categorized as systemically important. The decision marks a loss for European banks that are grappling with the region’s debt crisis and had sought to use hybrid capital to meet regulators’ extra requirements.
“It’s likely to be the catalyst for the last wave of capital raisings, with UniCredit, Deutsche Bank and the top three French banks needing to boost capital,” said Christopher Wheeler, a banking analyst at Mediobanca SpA in London. “The winners are the U.S. banks.”

Combined Shortfall

Deutsche Bank spokesman Ronald Weichert declined to comment beyond remarks by Chief Risk Officer Hugo Banziger on June 10, when he said the bank was “confident” of meeting the Basel III capital requirements. UniCredit spokesman Andrea Morawski referred to Chief Executive Officer Federico Ghizzoni’s comments on June 17, when he said the lender could handle a 2 percent surcharge through retained earnings alone. Spokeswomen for France’s biggest banks -- BNP Paribas (BNP) SA, Credit Agricole and Societe Generale -- all declined to comment.
The banks, together with Banco Santander SA (SAN) and Credit Suisse Group AG, will have a combined 62 billion-euro ($88 billion) capital shortfall, according to Mediobanca. Spokesmen for Credit Suisse and Santander declined to comment.
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