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):

Wednesday, 6 March 2013

Unicredit and the trouble with Dublin’s Cayman-on-the-Liffey - Ian Fraser, 10 Feb. 2013

Ian Fraser, a UK-based journalist who writes & comments for the Financial Times and the BBC - among others, recently wrote about my interview with Greece's Kathimerini (The IHT/New-York Times affiliate in Greece).

"In September 2007, a year before Ireland’s banks went belly up, Jonathan Sugarman, risk manager Unicredit Bank Ireland, alerted his bosses and regulators at the Central Bank of Ireland to the fact that Unicredit was in massive breach of liquidity requirements. The law was clear: liquidity cover was allowed to fall to 89 per cent but any lower and a report had to be filed with the regulator and the bank faced a fine. Sugarman identified that Unicredit was operating with cover of just 70 per cent, twenty times less than allowed. But his superiors at the bank and the regulators were intensely relaxed about the law-breaking. After six weeks of being stonewalled, Sugarman decided he had no choice other than to resign, as he did not wish to incriminate himself. Now a whistleblower, he has spent five years seeking to raise awareness of the failures of both the Irish central bank and Unicredit. He was interviewed by Kathimerini, the Greek affiliate of the New York Times."
To read further, please visit Ian Fraser's blog at:

Here is the first page of the article as it appeared in Greece: