tag:blogger.com,1999:blog-72430773586346962302024-03-14T10:28:36.868-07:00Jonathan Sugarman - A UniCredit Banker Speaks Out______________
JONATHAN SUGARMAN - A BANKER SPEAKS OUT___________Whistleblower IRLhttp://www.blogger.com/profile/17567226722898760654noreply@blogger.comBlogger61125tag:blogger.com,1999:blog-7243077358634696230.post-31013664898331623132013-10-17T20:48:00.000-07:002013-10-17T20:48:19.056-07:00EVIL and the Central Bank [of Ireland] - Village Magazine, Oct.-Nov. 2013<div dir="ltr" style="text-align: left;" trbidi="on">
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Whistleblower IRLhttp://www.blogger.com/profile/17567226722898760654noreply@blogger.comtag:blogger.com,1999:blog-7243077358634696230.post-5989157545056656642013-09-10T02:26:00.000-07:002013-09-10T02:36:24.543-07:00The finance manager who tried to play by the rules - Fintan O'Toole, Irish Times, 23 April 2010<div dir="ltr" style="text-align: left;" trbidi="on">
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I am 'James' in this article.<br />
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Whistleblower IRLhttp://www.blogger.com/profile/17567226722898760654noreply@blogger.comtag:blogger.com,1999:blog-7243077358634696230.post-49441111160327137902013-08-18T06:05:00.001-07:002013-08-18T06:05:14.889-07:00Village magazine's open letter to the DPP, Claire Loftus. Cover page, Aug-Sept '13<div dir="ltr" style="text-align: left;" trbidi="on">
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Whistleblower IRLhttp://www.blogger.com/profile/17567226722898760654noreply@blogger.comtag:blogger.com,1999:blog-7243077358634696230.post-16940399778501364132013-08-18T05:58:00.003-07:002013-08-18T06:00:57.335-07:00Defying white-collar impunity - Village magazine editorial, Aug-Sept '13<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="background-color: #20124d;"><span style="color: white;">FOR those of us who love this great little country, or are stuck here, it has been a sorry third millennium. First, whatever Roddy Doyle thinks, we lost the run of ourselves – economically, socially, environmentally and culturally, becoming bumptious, crude and greedy; then we imploded exposing a legacy of dust and a citizenry bitter, beleaguered, rudderless and above all compliant. But through the turmoil we never seem to </span></span><br />
<span style="background-color: #20124d;"><span style="color: white;">have stopped off to learn the big lessons – like that our vision of the future needs to be sustainable and compassionate. </span></span><br />
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<span style="background-color: #20124d;"><span style="color: white;">Every page of this issue groans under the evidence of lessons unlearnt – from Frank Connolly on Frank Dunlop [p31] to Niall Crowley on philanthropy [p54] to features on the Public Accounts Committee’s approach to the discredited Dublin Docklands Development Authority [p18], planning malpratice [p33],</span></span><br />
<span style="background-color: #20124d;"><span style="color: white;">climate-change scepticism [p56], institutional abuse [p38] and nepotism in the cultural sector [p64]. </span></span><br />
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<span style="background-color: #20124d;"><span style="color: white;">Nothing is being done properly. It says it all that the answer this country found to Fianna Fáil was Fine Gael. For never have two political parties been so indistinguishable. The same deference to Big Finance and </span></span><br />
<span style="background-color: #20124d;"><span style="color: white;">multinational corporations prevails. For many the solution is a return to the past. But more.</span></span><br />
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<span style="background-color: #20124d;"><span style="color: white;">Village’s conclusion is that we need to start over again. Normally it is good to start with a clean page but the page in front of us is filthy. We have to clean it.If there were any sign the authorities were serious about regulation we might let bygones sit. But from the Director of Public Prosecutions (DPP) to the financial regulator to the failure to appoint a planning regulator with teeth to the eviscerated Human Rights and Equality Commission we’re not guarding against the dangers of repeated recklessness.</span></span><br />
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<span style="background-color: #20124d;"><span style="color: white;">This magazine feels in the particular circumstances of Ireland 2013, we cannot move on until there has been justice for the perpetrators of the now-embedded dysfunctionality. In a democracy the culture of impunity, especially white-collar impunity, best evidenced in the failure to prosecute on foot of the planning and </span></span><br />
<span style="background-color: #20124d;"><span style="color: white;">payments tribunals and the banking delinquencies, cannot prevail. There must be prosecutability and it must be seen by all.</span></span><br />
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<span style="background-color: #20124d;"><span style="color: white;">It is a fundament of our criminal law, recently confirmed in the High Court, that the public, acting as ‘common informer’ may initiate criminal proceedings. If the proceedings are treated summarily they proceed to verdict led by the common informer; if on indictment, the DPP may take them over after the return for trial.Village is asking the DPP to signal the initiation of prosecutions against some of the most obvious potential defendants from the tribunals and banking debacle. These include UniCredit Bank, John Bowes, Michael Fingleton, Michael Lowry, and the protagonists in Monarch Properties found to be corrupt by the Mahon Tribunal. </span></span><br />
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<span style="background-color: #20124d;"><span style="color: white;">The offences that should be tried include offences under the Central Bank Acts, detailed on page 30, deceit, fraud, corruption, bribery, perjury and obstruction of tribunals.If the DPP signals no such intent, </span></span><br />
<span style="background-color: #20124d;"><span style="color: white;">Village and its protagonists will seek the issue of a summons in September. A press conference</span></span><br />
<span style="background-color: #20124d;"><span style="color: white;">will be called outlining the stance. It will seek public support for other actions by asking persons </span></span><br />
<span style="background-color: #20124d;"><span style="color: white;">with evidence to come forward, and perhaps engage in fundraising. </span></span><br />
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<span style="background-color: #20124d;"><span style="color: white;">The ethos of the DPP must be changed. The lessons for accountability of the allegedly corrupt over the last twenty years are that tribunals were run lazily and profligately. The Planning Tribunal relied too much on the evidence of one man and the Payments Tribunal ran into difficulties about the culpability of civil servants. The courts – the criminal courts – not the tribunals, is where these matters should be settled. But clearly the Garda and its Fraud Squad, Criminal Assets Bureau (CAB), the DPP, the Office of the Director of Corporate Enforcement (ODCE) and the Central Bank have failed in their solemn duties, presumably for</span></span><br />
<span style="background-color: #20124d;"><span style="color: white;">internal cultural reasons. In those circumstances it falls to private citizens to assert the democratic imperative of prosecutions in a state whose failure is largely attributable to the machinations of a quantifiable few. </span></span><br />
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<span style="background-color: #20124d;"><span style="color: white;">Village is not looking for heads on sticks, it is not asserting the guilt of anyone (it defends the central presumption of innocence), it is taking the clear position that there appears to be enough evidence that people such as those cited above should at least be prosecuted. Never have institutional minds needed more to be concentrated. </span></span><br />
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<a href="http://cdn.thejournal.ie/media/2013/08/actual-edl-aug-13.pdf" style="background-color: #20124d;"><span style="color: white;">http://cdn.thejournal.ie/media/2013/08/actual-edl-aug-13.pdf</span></a></div>
Whistleblower IRLhttp://www.blogger.com/profile/17567226722898760654noreply@blogger.comtag:blogger.com,1999:blog-7243077358634696230.post-52279655671333393172013-08-18T05:40:00.000-07:002013-08-18T06:01:14.753-07:00When Irish people do what their government won’t - GolemXIV, Aug '13<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="background-color: #20124d;"><span style="color: white;">It has been clear for some time now that the ideal of equality before the law has been buried.</span></span></div>
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<span style="background-color: #20124d;"><span style="color: white;">The US. <a href="http://www.golemxiv.co.uk/2013/03/twilight-of-justice/" style="border: 0px; margin: 0px; outline: 0px; padding: 0px; text-decoration: none; vertical-align: baseline;" target="_blank"> Department of Justice made it clear </a>a few months ago, after it had declined to press criminal charges against a string of banks (<a href="http://www.november.org/razorwire/rzold/27/page12.html" style="border: 0px; margin: 0px; outline: 0px; padding: 0px; text-decoration: none; vertical-align: baseline;" target="_blank">Citi</a>, <a href="http://www.golemxiv.co.uk/2011/04/money-laundering-and-the-moral-world-of-bankers/" style="border: 0px; margin: 0px; outline: 0px; padding: 0px; text-decoration: none; vertical-align: baseline;" target="_blank">Wachovia</a> and HSBC), that ‘Too Big To Fail’ meant while such institutions could be investigated and fined, they could not ever be found criminally guilty, because that would endanger their continued survival. Thus TBTF equals TBTP.</span></span></div>
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<span style="background-color: #20124d;"><span style="color: white;">The list of G-SIFI’s (Globally Systemically Important Financial Institutions – both <a href="http://www.golemxiv.co.uk/2013/03/twilight-of-justice/" style="border: 0px; margin: 0px; outline: 0px; padding: 0px; text-decoration: none; vertical-align: baseline;" target="_blank">banks </a>and<a href="http://www.golemxiv.co.uk/2013/07/the-too-big-to-fail-insurers-the-next-bail-outs-another-nail-in-democracys-coffin/" style="border: 0px; margin: 0px; outline: 0px; padding: 0px; text-decoration: none; vertical-align: baseline;" target="_blank">Insurers</a>) is therefore a list of those financial institutions that are now above the law. If it profits those institutions, and those who own and run them, to disregard the law, they can and will because all they face is a fine. A fine is just another marginal cost of doing business. A tax. And a small, discretionary one at that.</span></span></div>
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<span style="background-color: #20124d;"><span style="color: white;">In Europe we have had no similarly outright admission by the State that TBTF means TBTP. Instead the G-SIFI lists of banks and insurers have been published without anyone in government caring to make it clear that the State has taken it upon itself to raise the golden financial class above the law.</span></span></div>
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<span style="background-color: #20124d;"><span style="color: white;">Of course there is one loophole – just a tiny one and one that is easily ignored – but one nevertheless. And that is that if no Public Prosecutor will take a Bank to court then it is still possible for an ordinary citizen to do so (Of course how easy or impossible it is depends on the country). But In Ireland it is possible and one man, Michael Smith, has decided to try.</span></span></div>
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<span style="background-color: #20124d;"><span style="color: white;">Michael Smith is a former barrister and the owner and editor of <a href="http://www.villagemagazine.ie/" style="border: 0px; margin: 0px; outline: 0px; padding: 0px; text-decoration: none; vertical-align: baseline;" target="_blank">The Village</a> magazine in Dubiln. He, like me and many others, has had a long interest in the on-going case of the UniCredit whistleblower, Jonathan Sugarman, AKA <a href="http://whistleblowerirl.blogspot.co.uk/" style="border: 0px; margin: 0px; outline: 0px; padding: 0px; text-decoration: none; vertical-align: baseline;" target="_blank">WhisteblowerIRL</a>. It was Mr Smith who accompanied Mr Sugarman when he went to to talk to the Irish authorities about what he knew. It was at that meeting that Mr Sugarman was told by the authorities that they might well prosecute him if he told them about the crime over which he had resigned from UniCredit, whereas they could not promise to prosecute the bank.</span></span></div>
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<span style="background-color: #20124d;"><span style="color: white;">For those of you who don’t know, the crime in question is actually very straightforward. Mr Sugarman’s job as Risk Managere at UniCredit, was to make sure the Bank was solvent at the end of each day – to check its liquidity. Mr Sugarman became alarmed when he found, at the height of the Bubble, that UniCredit was in breach of its requirements. Not by just a little but by huge sums, and not on one rogue day but regularly. The Irish Law is very clear. It was Mr Sugarman’s job to tell his bank and the regulator of the breach. This he did.</span></span></div>
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<span style="background-color: #20124d;"><span style="color: white;">The bank told him to shut up. The regulator ignored him. Of the very few concrete actions taken by the authorities perhaps the most symbolic was that they removed from the Central bank’s web site the document in which the law can be seen. You can however still see the law for yourself, <a href="http://www.scribd.com/doc/150102161/Requirements-for-the-Management-of-Liquidity-Risk-28-June-2006-Regulatory-Document-for-Credit-Institutions-from-the-Financial-Regulator#page=26" style="border: 0px; margin: 0px; outline: 0px; padding: 0px; text-decoration: none; vertical-align: baseline;" target="_blank">here</a> in sections 9.4 and 10.</span></span></div>
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<span style="background-color: #20124d;"><span style="color: white;">Sickened by this attitude Mr Smith, in consultation with Mr Sugarman, has decided if the Irish DPP will not insitute an investigation/prosecution against UniCredit Ireland and several other Irish based banks such as Anglo, then The Village will.</span></span></div>
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<span style="background-color: #20124d;"><span style="color: white;"><a href="http://www.golemxiv.co.uk/wp-content/uploads/2013/08/2013-08-14_01-09-14_1.jpg" style="border: 0px; margin: 0px; outline: 0px; padding: 0px; text-decoration: none; vertical-align: baseline;"></a> In an open letter to the Irish DPP Mr SMith calls their bluff. Essentially he asks is the Irish state’s legal aparatus whoring for the banks or does it still have a single grain of honour left?</span></span></div>
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<span style="background-color: #20124d;"><span style="color: white;">You can read the editorial <a href="http://cdn.thejournal.ie/media/2013/08/actual-edl-aug-13.pdf" style="border: 0px; margin: 0px; outline: 0px; padding: 0px; text-decoration: none; vertical-align: baseline;" target="_blank">here</a>. The whole article is only available in the latest print issue. You can read the two previous articles he has written about the Sugarman/UniCredit affair <a href="http://www.villagemagazine.ie/index.php/2012/11/blowing-the-whistle-so-hard-it-hurts/" style="border: 0px; margin: 0px; outline: 0px; padding: 0px; text-decoration: none; vertical-align: baseline;" target="_blank">here</a> and <a href="http://www.villagemagazine.ie/index.php/2013/04/still-waiting-for-the-truth-from-the-regulator/" style="border: 0px; margin: 0px; outline: 0px; padding: 0px; text-decoration: none; vertical-align: baseline;" target="_blank">here</a>.</span></span></div>
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<span style="background-color: #20124d;"><span style="color: white;">It comes to somthing when ordinary people have to uphold the laws because their government refuse to. But that is where we are, not just in Ireland but in all of our nations.</span></span></div>
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<span style="background-color: #20124d;"><span style="color: white;">It remains to be seen what measures the banks and their friends in government will be willing to take to close off from the people from any hope of legal and peaceful redress.</span></span></div>
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<span style="background-color: #20124d;"><span style="color: white;">I sincerely hope Mr Smith does file suit against Unicredit, Anglo and the others. I hope people are able to support him. Perhaps we, in other countries, can hope to do the same. Most fervently I hope the government in Ireland and the Trioka in Bruselles do not close down this hope of redress.</span></span></div>
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<a href="http://www.golemxiv.co.uk/2013/08/when-people-do-what-their-goverment-wont/" style="background-color: #20124d;"><span style="color: lime;">http://www.golemxiv.co.uk/2013/08/when-people-do-what-their-goverment-wont/</span></a></div>
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<b style="background-color: #20124d;"><span style="color: white;">About Golem XIV:</span></b></div>
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<span style="background-color: #20124d;"><span style="color: white;">My name is David Malone. I am a second generation documentary film-maker. My father made The Ascent of Man with Bronowski, The Age of Uncertainy with Galbraith and Cosmos with Sagan.</span></span></div>
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<span style="background-color: #20124d;"><span style="color: white;">I learned my craft at the BBC science department where I worked for 9 years, ending up on Horizon. Since then I have made films for C4, BBC2 and more recently BBC4.</span></span></div>
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<a href="http://www.golemxiv.co.uk/about-me/" style="background-color: #20124d;"><span style="color: lime;">http://www.golemxiv.co.uk/about-me/</span></a></div>
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Whistleblower IRLhttp://www.blogger.com/profile/17567226722898760654noreply@blogger.comtag:blogger.com,1999:blog-7243077358634696230.post-35234985376850418132013-08-18T05:23:00.003-07:002013-08-18T05:23:52.077-07:00Blowing the whistle so hard it hurts - Village magazine editorial, Nov-Dec '12<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="background-color: #20124d;"><span style="color: white;">Nearly all Ireland’s banks breached liquidity requirements, leading to the lack of liquidity that the government provided a guarantee against, and which ultimately emerged as the insolvency that bankrupted the country and immiserated the next generation. Failures at the Regulator and in the Central Bank contributed as much as anything to this bankruptcy. The public is entitled to know that these well-paid and cosseted functionaries have learnt lessons and are now demonstrating the most stringent and scrupulous standards. It’s interesting then to know how they treated the most important whistleblower in Irish banking history.</span></span></div>
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<span style="background-color: #20124d;"><span style="color: white;">In December 2010 a risk-manager in the Irish unit of UniCredit, Italy’s largest bank, described in <i>Village</i> how in 2007 the Financial Regulator failed to intervene after he first alleged he falsified liquidity-ratio figures. The risk-manager maintained he was specifically warned by senior personnel at the Irish subsidiary not to report the matter to the Financial Regulator, even though sound banking depends on maintenance of these ‘liquidity ratios’ which are crucial to the ability of the company to deal with losses of confidence. The liquidity ratio should be no less than 90 per cent. At UniCredit it was calculated at an extraordinary 50 per cent. A ratio of 89 per cent would in normal circumstances be deemed problematic. In banking terms this is like paying with a two-euro note.</span></span></div>
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<span style="background-color: #20124d;"><span style="color: white;">Jonathan Sugarman blew the whistle on the massive repeated breaches. This magazine received aggressive threats from McCann FitzGerald solicitors on behalf of UniCredit not to publish the information.</span></span></div>
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<span style="background-color: #20124d;"><span style="color: white;">The new ‘poster-boy’ regulator, Matthew Elderfield, stated in response to questions from the <i>Sunday Business Post</i>, and the <i>Süddeutsche Zeitung</i>, a respected German newspaper, about statements made in the Seanad by David Norris which backed up Sugarman’s account, that “our records do not match the description of events given by Senator Norris nor did we receive what might be described as a ‘whistleblower’ letter. We can, however, confirm that an overnight liquidity breach was reported by an institution around the time in question. The matter was followed up with the institution and rectified to the satisfaction of the Financial Regulator at the time”.</span></span></div>
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<span style="background-color: #20124d;"><span style="color: white;">For someone in whom so much public good-will has been invested, this is remarkably disingenuous, though certainly true. The Regulator’s records presumably do not match Senator Norris’s because its agents didn’t look hard enough or take a proper record; and the Regulator did not receive a whistleblower letter as the letter came from UniCredit itself, which limited its declaration to one overnight breach. Notably, nothing the Regulator said undermined the credibility of the risk-manager.</span></span></div>
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<span style="background-color: #20124d;"><span style="color: white;">Largely as a result of the story in <i>Village</i> which named the bank, the Central Bank said it would conduct a review of the case and invited parties with information to share it: “if any party has specific information they wish to draw to our attention in this matter it will be treated on a confidential basis”. Things dragged out but in February 2012 the risk-manager attended a meeting with the office of the regulator. Scandalously the bank’s offer of ‘confidentiality’ was revealed under pressure to be spurious when it insisted that it wouldn’t be enough to shield Sugarman against self-incrimination in the event his own actions constituted criminal activity. The Central Bank insisted it must forward information to the DPP if there were evidence of a crime. This highlights the need for whistleblower legislation to protect insiders who tell their truth – and particularly that legislation should be retrospective, so it would embrace cases like Mr Sugarman’s.</span></span></div>
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<span style="background-color: #20124d;"><span style="color: white;">In June, the Central bank informed Mr Sugarman, without giving reasons, that the matter was closed and only after Mark Keenan raised the affair anew in the <i>Irish Independent</i> in September, did the Central Bank finally furnished minutes of the meeting it had had with Mr Sugarman. This was six months after the original meeting. For some reason Mr Keenan is no longer writing on these issues in the <i>Irish Independent</i>.</span></span></div>
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<span style="background-color: #20124d;"><span style="color: white;">Matthew Elderfield and his office are doing no favours to EU banking regulators, or to the world’s banking and economic system, in being disingenuous about liquidity breaches at the elusive UniCredit. If there is a desire not to frighten the horses just while our bailout is under review, it is misplaced. The lesson of recent history for this country is scrupulousness and openness.</span></span></div>
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<span style="background-color: #20124d;"><span style="color: white;">There is a general official view that Ireland’s ethical delinquencies are in the past. Deviant planning stopped when the tribunals started; and bad banking regulation stopped with the demise of Pat Neary. In fact this is not so with planning as we have seen with the kicking to touch of John Gormley’s reviews of planning in six counties. Scrutiny of what happened in banking has been limited to two innocuous reports by Patrick Honohan, Peter Nyberg and Klaus Regling. These notably failed to attribute blame or to deal with how liquidity ratios were breached all over financial Dublin with no comment from the usual over-paid auditors, and no sanction.</span></span></div>
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<span style="background-color: #20124d;"><span style="color: white;">Inconveniently for a country that has started to see corruption and regulation in black (then) and white (now) terms, the general view may not reflect the reality. Without proper scrutiny we cannot be sure either way.</span></span></div>
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<span style="background-color: #20124d;"><span style="color: white;">Like bad planning, bank under-regulation was a manifestation of this country’s ineradicable tendency to pander to vested interests and to the short term. It is time we got to the bottom of what happened in Irish banking. Scrupulous investigation of Mr Sugarman’s allegations would be a symbolic good start.</span></span></div>
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<span style="background-color: #20124d; color: white;"><a href="http://www.villagemagazine.ie/index.php/2012/11/blowing-the-whistle-so-hard-it-hurts/" style="background-color: #20124d;">http://www.villagemagazine.ie/index.php/2012/11/blowing-the-whistle-so-hard-it-hurts/</a></span></div>
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Whistleblower IRLhttp://www.blogger.com/profile/17567226722898760654noreply@blogger.comtag:blogger.com,1999:blog-7243077358634696230.post-43303995947774353992013-08-18T05:16:00.001-07:002013-08-18T05:26:00.541-07:00Still waiting for the truth from the regulator (Village magazine, December ’10)<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="background-color: #20124d; color: white;"><strong style="border: 0px; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">UniCredit breached liquidity requirements in 2007. Matthew Elderfield nods. The interconnectedness of banking dysfunctionality.</strong><br /><em style="border: 0px; font-family: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Michael Smith</em></span></div>
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<span style="background-color: #20124d; color: white;">There is a general official view that Ireland’s ethical delinquencies are in the past. Corrupt planning stopped when the tribunals started; and bad bank-regulation stopped with the demise of Pat Neary and the production of two limited and innocuous reports by Patrick Honohan and Klaus Regling. Inconveniently for a country that has started to see regulation in black (then) and white (now) terms, the general view does not reflect the reality. Hold tight for a mind-boggling trip through the complexity of banking dysfunctionality....</span></div>
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<span style="color: white;"><a href="http://www.villagemagazine.ie/index.php/2013/04/still-waiting-for-the-truth-from-the-regulator/" style="background-color: #20124d;" target="_blank">http://www.villagemagazine.ie/index.php/2013/04/still-waiting-for-the-truth-from-the-regulator/</a></span></div>
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<tr><td style="text-align: center;"><a href="http://www.villagemagazine.ie/wp-content/uploads/2010/12/elderfield-300x284.jpg" imageanchor="1" style="background-color: #351c75; margin-left: auto; margin-right: auto;"><span style="color: white;"><img border="0" src="http://www.villagemagazine.ie/wp-content/uploads/2010/12/elderfield-300x284.jpg" /></span></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><strong style="border: 0px; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; line-height: 20.796875px; margin: 0px; outline: 0px; padding: 0px; text-align: start; vertical-align: baseline;"><span style="background-color: white;">Matthew Elderfield, the departing Irish Financial Regulator</span></strong></td></tr>
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Whistleblower IRLhttp://www.blogger.com/profile/17567226722898760654noreply@blogger.comtag:blogger.com,1999:blog-7243077358634696230.post-11357300454114134402013-04-16T14:21:00.001-07:002013-04-16T14:21:52.441-07:00RTÉ - The missing link<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: georgia, serif;">In response to emails I received today, here is the item that appeared on RTÉ, Ireland's state-broadcaster, in August of 2012. I am sure that is a simple technical error, but the link now returns an error message (see screen-shot below). </span></div>
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<span style="font-family: georgia, serif;">Perhaps this might be the result of cut-backs at </span><span style="font-family: georgia, serif;">RTÉ?</span></div>
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<span style="font-family: georgia, serif;">I will be happy to provide a new link to the page, should </span><span style="font-family: georgia, serif;">RTÉ decide to resurrect the page.</span></div>
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<span style="font-family: georgia, serif;"> Today in the Press - Monday August 27</span></h1>
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<span style="font-family: georgia, serif;">- Monday August 27</span><span style="font-family: georgia, serif;">Updated: 09:18, Tuesday, 28 August 2012</span><div style="background-color: white; clear: none; color: #500050; float: left; font-family: arial, sans-serif; font-size: 13px; line-height: 1.4em; margin-bottom: 12px; padding: 3px 0px 0px; width: 688.7833251953125px;">
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<span style="font-family: georgia, serif;"><strong>The Irish Independent</strong> reports that the Financial Regulator has refused to reveal what action has been taken in regard to a serious complaint of liquidity irregularities made to his office in 2007 by a whistle-blowing former banker regarding Unicredit Bank Ireland.</span></blockquote>
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<span style="font-family: georgia, serif;">It was alleged that the regulator received details that Unicredit Bank Ireland, an offshoot of Italy's biggest bank, had been operating in the IFSC with liquidity levels vastly below what was required by law.</span></blockquote>
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<span style="font-family: georgia, serif;">In addition, Jonathan Sugarman, a former executive with Unicredit Bank Ireland, has consistently claimed that the Irish regulator's office took no action regarding his complaint.</span><span style="font-family: georgia, serif;"></span></blockquote>
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<span style="font-family: georgia, serif;">Mr Sugarman was appointed risk manager for Unicredit Bank Ireland back in 2007 when it had an operation worth $50bn (€39.94bn) based in Dublin's IFSC.</span><span style="font-family: georgia, serif;">Upon assuming the new position, Mr Sugarman claimed to have noticed serious irregularities in the bank's liquidity levels. The bank was required by law to keep assets and cash in reserve equivalent to 90% of its liabilities. Mr Sugarman says he believed Unicredit was operating in Dublin with cover of just 70%. Having called in independent consultants to confirm his fears, he then claims to have raised the matter with his superior at the bank. He says he was told "not to worry."</span></blockquote>
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<span style="font-family: georgia, serif;">However, Mr Sugarman resigned his position and claims he then approached the Irish Financial Regulator's office in late 2007 to report the irregularities -- as required by law.</span></blockquote>
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<span style="font-family: georgia, serif;">The weblink that used to work:</span><a href="http://www.rte.ie/news/2012/0827/today-in-the-papers-business.html" style="color: #1155cc;" target="_blank"><span style="font-family: georgia, serif;">http://www.rte.ie/news/2012/<wbr></wbr>0827/today-in-the-papers-<wbr></wbr>business.html</span></a></blockquote>
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<span style="font-family: georgia, serif; font-size: large;">Here is the article by Mark Keenan in the Irish Independent, which was referenced by RTE:</span></div>
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<span style="font-family: georgia, serif;">Regulator is silent over action taken on UniCredit complaint - Irish Independent</span></h1>
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<span style="font-family: georgia, serif;"></span><span style="font-family: georgia, serif;"><strong style="margin-bottom: 0px !important; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding: 0px;">MARK KEENAN</strong> – 27 AUGUST 2012</span><span style="font-family: georgia, serif;"></span></blockquote>
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<span style="font-family: georgia, serif;">THE Financial Regulator has refused to reveal what action has been taken in regard to a serious complaint of liquidity irregularities made to his office in 2007 by a whistle-blowing former banker regarding Unicredit Bank Ireland.</span><span style="font-family: georgia, serif;">It was alleged that the regulator received details that Unicredit Bank Ireland, an offshoot of Italy's biggest bank, had been operating in the IFSC with liquidity levels vastly below what was required by law.</span><span style="margin: 0px !important; padding: 0px; text-decoration: inherit !important;"><span style="font-family: georgia, serif;">In addition, Jonathan Sugarman, a former executive with Unicredit Bank Ireland, has consistently claimed that the <span name="link0" style="border-bottom-color: rgb(0, 153, 0); border-bottom-style: solid; border-bottom-width: 1px; color: rgb(0, 153, 0) !important; margin: 0px !important; min-height: auto; padding-bottom: 1px !important; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline !important;">Irish</span> regulator's office took no action regarding his complaint.</span></span><span style="font-family: georgia, serif;">Mr Sugarman was appointed risk manager for Unicredit Bank Ireland back in 2007 when it had an operation worth $50bn (€39.94bn) based in Dublin's IFSC.</span><span style="font-family: georgia, serif;">Upon assuming the new position, Mr Sugarman claimed to have noticed serious irregularities in the bank's liquidity levels. The bank was required by law to keep assets and cash in reserve equivalent to 90pc of </span><span style="font-family: georgia, serif;">its liabilities. Mr Sugarman says he believed Unicredit was operating in Dublin with cover of just 70pc. Having called in independent consultants to confirm his fears, he then claims to have raised the matter with his superior at the bank. He says he was told "not to worry."</span><span style="font-family: georgia, serif;">However, Mr Sugarman resigned his position and claims he then approached the Irish Financial Regulator's office in late 2007 to report the irregularities -- as required by law.</span><strong style="margin-bottom: 0px !important; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding: 0px;"><span style="font-family: georgia, serif;">Fraud</span></strong><span style="font-family: georgia, serif;">He claims the Irish regulator did nothing about his complaint.</span><span style="font-family: georgia, serif;">Alessandro Profumo, who was CEO of the accused bank's parent company, Unicredit -- from 1997 to 2010 and during the period covered by Mr Sugarman's complaint -- is now preparing to go on trial for fraud in Italy on October 1.</span><span style="font-family: georgia, serif;">Mr Profumo and 16 past and present employees of Unicredit will have to answer charges that they had cooked the books to defraud the Italian taxpayer out of €245m taxes on profits.</span><span style="font-family: georgia, serif;">The charges relate directly to practices during the period 2007 to 2008.</span><span style="font-family: georgia, serif;">When contacted on this matter, the Financial Regulator Matthew Elderfield said in a statement that: "The Central Bank met with Mr Sugarman and received some information from him and took the appropriate action."</span><span style="font-family: georgia, serif;">When the Irish Independent enquired about what the regulator meant by "appropriate action", the regulator's office said there would be no more correspondence on the matter.</span><span style="font-family: georgia, serif;">Late last year investigators from Australia's state-run ABC TV network also contacted the Irish regulator's office to ask what had come of Mr Sugarman's complaint against Unicredit Ireland.</span><span style="font-family: georgia, serif;">In a reply late last year, ABC says it received a letter from the Irish Financial Regulator's office to say that it was still examining the allegations first brought by Mr Sugarman.</span><span style="font-family: georgia, serif;">Yesterday Fianna Fail's finance spokesman Michael McGrath said: "It is essential that the Irish Financial Regulator should account for how the complaint -- dating to late 2007 and relating to liquidity reserves -- has been dealt with."</span><span style="font-family: georgia, serif;">Mr Sugarman could not be contacted by the Irish Independent.</span><span style="font-family: georgia, serif;"><a href="http://www.independent.ie/business/irish/regulator-is-silent-over-action-taken-on-unicredit-complaint-26891235.html" style="color: #1155cc;" target="_blank">http://www.independent.ie/<wbr></wbr>business/irish/regulator-is-<wbr></wbr>silent-over-action-taken-on-<wbr></wbr>unicredit-complaint-26891235.<wbr></wbr>html</a></span></blockquote>
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Whistleblower IRLhttp://www.blogger.com/profile/17567226722898760654noreply@blogger.comtag:blogger.com,1999:blog-7243077358634696230.post-17714799411114521472013-03-25T12:31:00.002-07:002013-03-25T12:31:30.544-07:00Further info re Ireland, Depfa and Hypo Real Estate<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: Georgia, Times New Roman, serif;">Further to recent comments I made on Twitter regarding the silence of Dublin & Berlin about what German banks got up to in the IFSC [Irish Financial Services Centre], I have received a number of emails asking for further information. My response to these emails is to simply quote a sub-article of the article that was written about me by Fintan O'Toole in the Irish Times. The article was published on Saturday, 3 April, 2010. </span></div>
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<span style="font-family: Georgia, Times New Roman, serif;"><b>The finance manager who tried to play by the rules</b> </span></div>
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<span style="font-family: Georgia, Times New Roman, serif;">- Fintan O'Toole, Irish Times, Saturday, 3 April, 2010</span></div>
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<span style="font-family: Georgia, Times New Roman, serif;">The experience of this former IFSC banker is a parable of Celtic Tiger Ireland, illustrating the culture of light touch regulation that led the country to NAMA and bank bailouts....</span></div>
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<span class="hP" id=":a5" style="outline: none; padding-right: 10px;" tabindex="-1"><b><span style="font-family: Georgia, Times New Roman, serif;">Light Regulation<wbr></wbr>: The lure of the IFSC</span></b></span></blockquote>
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<span style="font-family: Georgia, Times New Roman, serif;"><span class="hP" style="outline: none; padding-right: 10px;" tabindex="-1">Catastrophic as this week's [Irish, JS] banking bailout figures are, they could actually have been much worse. It is a matter of sheer luck that in 2007, before the credit crunch, a Dublin-based bank called Depfa was bought by the German financial group Hypo Real Estate. Very few people in Ireland had ever heard of Depfa. Although it was as German as sauerkraut, it was actually the largest bank in Ireland - bigger than AIB. It was, in legal and regulatory terms, an entirely Irish company. When the financial crisis unfolded, Depfa brought down Hypo. The cost to the German government so far is €102 billion.</span></span></blockquote>
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<span style="font-family: Georgia, Times New Roman, serif;">The IFSC [Irish Financial Services Centre, JS], where Depfa was based, provides 25,000 jobs, and at its height brought in well over €1 billion a year in taxes. The downside was that, as well as low corporate taxes, part of the attraction for foreign banks was light regulation. And the need to keep these banks sweet reinforced the ultimately disastrous idea that all our regulators should fight in the featherweight division.</span></blockquote>
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<span style="font-family: Georgia, Times New Roman, serif;">Ireland already suffered, as the Dail's [parliament] Dirt inquiry put it, from "a particularly close and inappropriate relationship between banking and the State and its agencies...[who] were perhaps too mindful of the concerns of the banks, and too attentive to their pleas and lobbying".</span></blockquote>
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<span style="font-family: Georgia, Times New Roman, serif;">These lobbies were immensely strengthened by the growth of the IFSC. The problem was that, as well as having many legitimate operations, the IFSC also contained brass-plate tax-avoidance operations that earned it the tittle of 'Liechtenstein on the Liffey' and sharp operators that led the <i>new York Times</i> to label it 'The Wild West of European Finance'. Yet, even after IFSC-based companies were involved in three spectacular frauds - Europe's biggest corporate collapse (Parmalat); a $500 million fraud by the American Insurance Group (AIG); and the largest single collapse in Australian history - there was no attempt to enhance the regulatory regime. Banks like Anglo Irish couldn't be subject to serious regulation without imposing the same rules at the IFSC. And the absolute understanding was that no one at the IFSC was to be given the slightest cause for anxiety.</span></blockquote>
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<span style="background-color: #20124d; color: white; font-family: Georgia, Times New Roman, serif;">It is not for me to comment about who brought who down - Depfa, or Hypo Real Estate, but I do recommend reading these blog postings by David Malone on his Golem XIV blog:</span></div>
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<span style="background-color: #20124d;"><span style="color: white;"><a href="http://www.golemxiv.co.uk/2011/01/ireland-was-germanys-off-shore-tart/" target="_blank">http://www.golemxiv.co.uk/2011/01/ireland-was-germanys-off-shore-tart/</a></span></span></div>
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<span style="background-color: #20124d;"><span style="color: white;"><a href="http://www.golemxiv.co.uk/2011/01/ireland-was-germanys-off-shore-tart-part-2-the-us-connection/" target="_blank">http://www.golemxiv.co.uk/2011/01/ireland-was-germanys-off-shore-tart-part-2-the-us-connection/</a></span></span></div>
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<span style="background-color: #20124d; color: white; font-family: Georgia, Times New Roman, serif;">David McWilliams, an Irish economist, made a very interesting remark when interviewed for German TV (in English)</span></div>
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<a href="http://www.youtube.com/watch?v=8RE56XsRmRU" target="_blank">http://www.youtube.com/watch?v=8RE56XsRmRU</a></div>
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Whistleblower IRLhttp://www.blogger.com/profile/17567226722898760654noreply@blogger.comtag:blogger.com,1999:blog-7243077358634696230.post-73396487711117574622013-03-17T11:01:00.000-07:002013-03-17T11:01:14.354-07:00Unpleasantness in Belgium, Silence in Ireland. - David Malone, Golem XIV blog, 12 March 2013<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="color: white; font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><span style="line-height: 21px;">A small storm has begun to form in Belgium this morning. The centre of the storm is a comment made on a Belgian television documentary (begins 26 minutes in) by none other than Jonathan Sugarman, AKA WhistleblowerIRL, whom the Village Magazine called the most significant whistleblower in Ireland.</span></span><br />
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<span style="color: white; font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><span style="line-height: 21px;">You have to hand it to Sugarman. He has a knack for giving the authorities heartburn. I wrote an update about his case at the time of the Village Magazine piece which filled in a couple of interesting details.</span></span><br />
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<span style="color: white; font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><span style="line-height: 21px;">This time he happened to mention as an example of the total lack of financial regulatory oversight in Ireland during the bubble years the Belgian Bank KBC. As Sugarman said, just this month KBC Belgium had to give KBC Ireland another €100 million in order to bail it out. To illustrate how KBC had got itself into the state where it is still being bailed out by the Belgian tax payer via its parent company, he told how he himself had been given a mortgage by KBC in Ireland. As he said in the interview,</span></span><br />
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<span style="color: white; font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><span style="line-height: 21px;">“When I looked at the forms I had to fill in for KBC Ireland, it was a joke. I could have said I was Mickey Mouse and I work in La la land and I would still have a million euro to buy a house with maybe was woth 200 000 euro. Did anybody ask questions. No. The bank is growing. Where’s the problem.”</span></span></blockquote>
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<span style="color: white; font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><span style="line-height: 21px;">Where indeed? What he didn’t say in the interview is that the bank did not actually bother to value the property he was buying before it gave him the mortgage. It looked at the house next door and guessed.</span></span><br />
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<span style="color: white; font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><span style="line-height: 21px;">So now given the continued bleeding and rotting going on inside KBC as well as the epic implosion of Dexia and the fact that, as in Ireland, no one has been held responsible, there are questions being asked in Belgium that powerful people don’t want asked.</span></span><br />
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<span style="color: white; font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><span style="line-height: 21px;">Back in 2010 I wrote an article about the way German banks used Ireland as a dark pit for doing deals they could not do elsewhere. It was called Ireland was Germany’s Off-shore Tart. It seems she was Belgium’s tart too.</span></span><br />
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<span style="color: white; font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><span style="line-height: 21px;">What Sugarman’s story reveals above all is how no one in power, whether that be financial, political or media power, wants any questions asked or truths exposed. Sugarman has been ignored by everyone in the Irish establishment: his bank, the banks regulator, all the Irish political parties, all the newspapers and I was there when he told his story to one of Ireland’s top TV journalists only to never hear from him again.</span></span><br />
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<span style="color: white; font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><span style="line-height: 21px;">Sugarman was the risk manager who resigned from Unicredit when his warnings to senior management, that the bank was routinely failing to hold enough capital to protect depositors from a bank run, were being ignored.</span></span><br />
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<span style="color: white; font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><span style="line-height: 21px;">Irish law says clearly a breach of the minimum holdings of even 1% must be notified to the regulator immediately. He was finding UniCredit being routinely 19% short. When he asked an independent company to check his figures they told him the breaches were as high as 40%. This means the bank was short billions. Such a shortfall means if there was run on the bank it would not have a hope of surviving.</span></span><br />
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<span style="color: white; font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><span style="line-height: 21px;">Sugarman was ignored and told to stop complaining. He resigned.</span></span><br />
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<span style="color: white; font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><span style="line-height: 21px;">A month later Northern Rock collapsed when a run on the bank exhausted its cash reserves. A year later the Irish banks collapsed.</span></span><br />
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<span style="color: white; font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><span style="line-height: 21px;">You might have thought the Irish Bank regulator would want to know what Sugarman had to say. You’d be wrong. The Irish regulator has gone out of his way to ignore him. I have been privy to all the emails and correspondence and it is a shameful and tawdry story of obfuscation, lying and threats. Meetings where he was told he could come and tell the regulator what he knew, but that if he revealed any wrong doing by the bank that occurred during the time he was there, the regulator would have to report him to the police. Despite the fact he had been the one trying to raise the alarm.</span></span><br />
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<span style="color: white; font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><span style="line-height: 21px;">And so it is that Sugarman has been interviewded by Australian television, Belgian television,Greek television, interviewed by the major Greek newspaper Kathemarini (which is affiliated with the NY Times) which was picked up, written about and made available to an English speaking audience by the noted and respected British financial journalist Ian Fraser on his blog,</span></span><br />
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<span style="color: white; font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><span style="line-height: 21px;">And all the while there has been nothing in Ireland.</span></span><br />
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<span style="color: white; font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><span style="line-height: 21px;">If it were just the banks who we had to fight for truth and justice life would be easy. But we are fighting our own political class and our media as well.</span></span><br />
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<span style="color: white; font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><span style="line-height: 21px;">We are not all in this together. They are all in it together, against us. We are on our own.</span></span><br />
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<span style="color: white; font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><span style="line-height: 21px;"><a href="http://www.golemxiv.co.uk/2013/03/unpleasantness-in-belgium-silence-in-ireland/">http://www.golemxiv.co.uk/2013/03/unpleasantness-in-belgium-silence-in-ireland/</a></span></span><br />
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Whistleblower IRLhttp://www.blogger.com/profile/17567226722898760654noreply@blogger.comtag:blogger.com,1999:blog-7243077358634696230.post-35464037693445383682013-03-06T12:21:00.000-08:002013-03-06T12:21:22.906-08:00Unicredit and the trouble with Dublin’s Cayman-on-the-Liffey - Ian Fraser, 10 Feb. 2013<div dir="ltr" style="text-align: left;" trbidi="on">
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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).<br />
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<a href="http://www.ianfraser.org/wp-content/uploads/2013/02/Dublin-Liffey-finance.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="192" src="http://www.ianfraser.org/wp-content/uploads/2013/02/Dublin-Liffey-finance.jpg" width="320" /></a></div>
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<span style="background-color: #20124d;"><span style="color: #fff2cc;"><strong style="border: 0px; font-family: Arial, Helvetica, sans-serif; font-size: 15px; line-height: 19.4375px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">"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. </strong><strong style="border: 0px; font-family: Arial, Helvetica, sans-serif; font-size: 15px; line-height: 19.4375px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">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. </strong><strong style="border: 0px; font-family: Arial, Helvetica, sans-serif; font-size: 15px; line-height: 19.4375px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Sugarman identified that Unicredit was operating with cover of just 70 per cent, twenty times less than allowed. </strong><strong style="border: 0px; font-family: Arial, Helvetica, sans-serif; font-size: 15px; line-height: 19.4375px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">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 <a href="http://www.ekathimerini.com/ekathi/aboutus" style="border: 0px; margin: 0px; outline: 0px; padding: 0px; text-decoration: none; vertical-align: baseline;" target="_blank">Kathimerini</a>, the Greek affiliate of the New York Times."</strong></span></span></blockquote>
To read further, please visit Ian Fraser's blog at:<br />
<a href="http://www.ianfraser.org/unicredit-and-irelands-dark-heart-of-finance/" target="_blank">http://www.ianfraser.org/unicredit-and-irelands-dark-heart-of-finance/</a><br />
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Here is the first page of the article as it appeared in Greece:<br />
<a href="https://docs.google.com/file/d/0B7sRHdMOz5GVX2ZFTFVheDc1cTA/edit?usp=sharing" target="_blank">https://docs.google.com/file/d/0B7sRHdMOz5GVX2ZFTFVheDc1cTA/edit?usp=sharing</a><br />
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Whistleblower IRLhttp://www.blogger.com/profile/17567226722898760654noreply@blogger.comtag:blogger.com,1999:blog-7243077358634696230.post-52425098288996199132012-12-03T05:21:00.002-08:002012-12-03T05:21:43.187-08:00German man locked up over HVB bank [UniCredit's Bavarian subsidiary] allegations may have been telling truth - The Guardian, 28 Nov. 2012<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="background-color: #20124d;"><span style="color: white;">German man locked up over HVB bank allegations may have been telling truth</span></span></h1>
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<span style="background-color: #20124d;"><span style="color: white;">Gustl Mollath was put in a psychiatric unit for claiming his wife was involved in money-laundering at the Bavarian bank. But seven years on evidence has emerged that could set him free</span></span></div>
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<span style="background-color: #20124d;"><span style="color: white;"><span itemprop="author" itemscope="" itemtype="http://schema.org/Person" style="background-repeat: no-repeat no-repeat; border-collapse: collapse; font-weight: bold; margin: 0px; padding: 0px;"><span itemprop="name" style="background-repeat: no-repeat no-repeat; border-collapse: collapse; margin: 0px; padding: 0px;"><a class="contributor" href="http://www.guardian.co.uk/profile/kateconnolly" itemprop="url" rel="author" style="background-repeat: no-repeat no-repeat; border-collapse: collapse; margin: 0px; padding: 0px;">Kate Connolly</a></span></span> in Berlin</span></span></div>
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<li class="publication" style="background-repeat: no-repeat no-repeat; border-collapse: collapse; margin: 0px; overflow: hidden; padding: 0px; text-align: left;"><span style="background-color: #20124d;"><span style="color: white;"><a href="http://www.guardian.co.uk/" itemprop="publisher" style="background-repeat: no-repeat no-repeat; border-collapse: collapse; margin: 0px; padding: 0px; text-decoration: initial;">guardian.co.uk</a>, <time datetime="2012-11-28T18:04GMT" itemprop="datePublished" pubdate="" style="background-repeat: no-repeat no-repeat; border-collapse: collapse; margin: 0px; padding: 0px;">Wednesday 28 November 2012 18.04 GM</time></span></span></li>
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<a href="http://static.guim.co.uk/sys-images/Guardian/Pix/pictures/2012/11/28/1354125535879/Horst-Seehofer-010.jpg" imageanchor="1" style="background-color: #20124d; margin-left: 1em; margin-right: 1em;"><span style="color: white;"><img border="0" height="192" src="http://static.guim.co.uk/sys-images/Guardian/Pix/pictures/2012/11/28/1354125535879/Horst-Seehofer-010.jpg" width="320" /></span></a></div>
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<span style="background-color: #20124d; font-size: 12px; line-height: 16px;"><span style="color: white;">Horst Seehofer, the prime minister of Bavaria, has called for Gustl Mollath's case to be reopened. Photograph: Pawel Kopczynski/Reuters</span></span></div>
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<span style="background-color: #20124d;"><span style="color: white;">A German man committed to a high-security psychiatric hospital after being accused of fabricating a story of money-laundering activities at a major bank is to have his case reviewed after evidence has emerged proving the validity of his claims.</span></span></div>
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<span style="background-color: #20124d;"><span style="color: white;">In a plot worthy of a crime blockbuster, Gustl Mollath, 56, was submitted to the secure unit of a psychiatric hospital seven years ago after court experts diagnosed him with paranoid personality disorder following his claims that staff at the Hypo Vereinsbank (HVB) – including his wife, then an assets consultant at HVB – had been illegally smuggling large sums of money into Switzerland.</span></span></div>
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<span style="background-color: #20124d;"><span style="color: white;">Mollath was tried in 2006 after his ex-wife accused him of causing her physical harm. He denied the charges, claiming she was trying to sully his name in the light of the evidence he allegedly had against her. He was admitted to the clinic, where he has remained against his will ever since.</span></span></div>
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<span style="background-color: #20124d;"><span style="color: white;">But recent evidence brought to the attention of state prosecutors shows that money-laundering activities were indeed practiced over several years by members of staff at the Munich-based bank, the sixth-largest private financial institute in <a href="http://www.guardian.co.uk/world/germany" style="background-repeat: no-repeat no-repeat; border-collapse: collapse; margin: 0px; padding: 0px; text-decoration: initial;" title="More from guardian.co.uk on Germany">Germany</a>, as detailed in an internal audit report carried out by the bank in 2003. The report, which has now been posted online, detailed illegal activities including money-laundering and aiding tax evasion. A number of employees, including Mollath's wife, were subsequently sacked following the bank's investigation.</span></span></div>
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<span style="background-color: #20124d;"><span style="color: white;">The "Mollath affair", as it has been dubbed by the German media, has taken on such political dimensions that it now threatens to bring down the government of Bavaria. Under the weight of public and political pressure Horst Seehofer, the prime minister of the rich southern state and a member of the Christian Social Union (CSU) – the sister party to Angela Merkel's Christian Democrats – has now called for the case to be reopened, amid charges that Mollath was possibly the victim of a gross miscarriage of justice.</span></span></div>
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<span style="background-color: #20124d;"><span style="color: white;">"The judiciary would be well-advised to reassess the case," Seehofer said this week. "I want them to concentrate on the question of whether everything has been done correctly."</span></span></div>
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<span style="background-color: #20124d;"><span style="color: white;">His justice minister, Beate Merk, who has refused repeated calls to resign, said she had no doubt the case had been carried out "by the book and quite correctly".</span></span></div>
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<span style="background-color: #20124d;"><span style="color: white;">Mollath has been inundated with public support in the form of thousands of letters and internet posts, many comparing his fight to that of David versus Goliath. He said he was delighted that what he called the "murky business of the bank" is now emerging, 10 years after he first made his claims.</span></span></div>
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<span style="background-color: #20124d;"><span style="color: white;">"This is precisely what I wanted to achieve all along," he told the Süddeutsche Zeitung, which brought the audit report to light earlier this month. In an interview in his sparsely furnished room in Bayreuth's hospital for psychiatry, he pointed out the irony that he had suffered the fate he had repeatedly warned his wife she would face, telling her: 'Please be careful. One day you will end up in handcuffs and then you'll be banged up for a few years'", he said.</span></span></div>
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<span style="background-color: #20124d;"><span style="color: white;">Asked whether it felt any responsibility towards Mollath, a spokeswoman for HVB told the Guardian: "We don't recognise any connection between the results of our audit report and either the criminal trial or the commitment of Mr Mollath."</span></span></div>
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<span style="background-color: #20124d;"><span style="color: white;">Asked why the bank kept the report to itself and did not approach the authorities, the spokeswoman added: "In 2003 HVB initiated extensive investigations via internal audits in response to information provided by Mr Mollath on transactions that had taken place a long time before … It was determined that employees had acted contrary to their instructions regarding Swiss banking transactions".</span></span></div>
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<span style="background-color: #20124d;"><span style="color: white;">But while the findings, it said, had resulted in sackings, the audit "did not produce sufficient evidence indicating criminal conduct … that would have made a criminal charge seem appropriate".</span></span></div>
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<span style="background-color: #20124d;"><span style="color: white;"><a href="http://www.guardian.co.uk/world/2012/nov/28/gustl-mollath-hsv-claims-fraud" target="_blank">http://www.guardian.co.uk/world/2012/nov/28/gustl-mollath-hsv-claims-fraud</a></span></span></div>
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<a href="http://www.hypovereinsbank.de/portal?view=/privatkunden/home.jsp" style="background-color: #20124d;" target="_blank"><span style="color: white;">http://www.hypovereinsbank.de/portal?view=/privatkunden/home.jsp</span></a></div>
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Whistleblower IRLhttp://www.blogger.com/profile/17567226722898760654noreply@blogger.comtag:blogger.com,1999:blog-7243077358634696230.post-20273214741959985892012-12-02T03:55:00.001-08:002012-12-02T04:00:01.924-08:00My speech at Aristotle University of Thessaloniki, Greece, 19 Nov. 2012<div dir="ltr" style="text-align: left;" trbidi="on">
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font-size: 14.44444465637207px;"> </span><span style="background-color: #20124d;"><span style="color: white;"><br /><br /><span style="font-family: arial, helvetica, verdana, geneva, lucida, 'lucida grande', sans-serif; font-size: 14.44444465637207px;">Lefteris Tsoulfidis, Associate Professor, Department of Economics, University of Macedonia, </span><br style="font-family: arial, helvetica, verdana, geneva, lucida, 'lucida grande', sans-serif; font-size: 14.44444465637207px;" /><br /><span style="font-family: arial, helvetica, verdana, geneva, lucida, 'lucida grande', sans-serif; font-size: 14.44444465637207px;">Jonathan Sugarman, Financial commentator, former Risk Manager of UniCredit Bank Ireland</span><br style="font-family: arial, helvetica, verdana, geneva, lucida, 'lucida grande', sans-serif; font-size: 14.44444465637207px;" /><br style="font-family: arial, helvetica, verdana, geneva, lucida, 'lucida grande', sans-serif; font-size: 14.44444465637207px;" /><br style="font-family: arial, helvetica, verdana, geneva, lucida, 'lucida grande', sans-serif; font-size: 14.44444465637207px;" /><span style="font-family: arial, helvetica, verdana, geneva, lucida, 'lucida grande', sans-serif; font-size: 14.44444465637207px;">Contact Info</span><br style="font-family: arial, helvetica, verdana, geneva, lucida, 'lucida grande', sans-serif; font-size: 14.44444465637207px;" /><a href="mailto:authacademicinitiative@gmail.com" style="font-family: arial, helvetica, verdana, geneva, lucida, 'lucida grande', sans-serif; font-size: 14.44444465637207px; text-decoration: initial;">authacademicinitiative@gmail.com</a><br style="font-family: arial, helvetica, verdana, geneva, lucida, 'lucida grande', sans-serif; font-size: 14.44444465637207px;" /><span style="font-family: arial, helvetica, verdana, geneva, lucida, 'lucida grande', sans-serif; font-size: 14.44444465637207px;">About the event</span><br style="font-family: arial, helvetica, verdana, geneva, lucida, 'lucida grande', sans-serif; font-size: 14.44444465637207px;" /><span style="font-family: arial, helvetica, verdana, geneva, lucida, 'lucida grande', sans-serif; font-size: 14.44444465637207px;">Dates: </span><br style="font-family: arial, helvetica, verdana, geneva, lucida, 'lucida grande', sans-serif; font-size: 14.44444465637207px;" /><span style="font-family: arial, helvetica, verdana, geneva, lucida, 'lucida grande', sans-serif; font-size: 14.44444465637207px;">Monday, the 19th November, 2012 - 6pm to 9pm</span><br style="font-family: arial, helvetica, verdana, geneva, lucida, 'lucida grande', sans-serif; font-size: 14.44444465637207px;" /><span style="font-family: arial, helvetica, verdana, geneva, lucida, 'lucida grande', sans-serif; font-size: 14.44444465637207px;">Venue: </span><br style="font-family: arial, helvetica, verdana, geneva, lucida, 'lucida grande', sans-serif; font-size: 14.44444465637207px;" /><span style="font-family: arial, helvetica, verdana, geneva, lucida, 'lucida grande', sans-serif; font-size: 14.44444465637207px;">KE.D.E.A Building (Auditorium A, ground floor)</span><br style="font-family: arial, helvetica, verdana, geneva, lucida, 'lucida grande', sans-serif; font-size: 14.44444465637207px;" /><span style="font-family: arial, helvetica, verdana, geneva, lucida, 'lucida grande', sans-serif; font-size: 14.44444465637207px;">Event organization</span><br style="font-family: arial, helvetica, verdana, geneva, lucida, 'lucida grande', sans-serif; font-size: 14.44444465637207px;" /><span style="font-family: arial, helvetica, verdana, geneva, lucida, 'lucida grande', sans-serif; font-size: 14.44444465637207px;">University Initiative for Policy Alternative outlets</span><br style="font-family: arial, helvetica, verdana, geneva, lucida, 'lucida grande', sans-serif; font-size: 14.44444465637207px;" /><span style="font-family: arial, helvetica, verdana, geneva, lucida, 'lucida grande', sans-serif; font-size: 14.44444465637207px;">Submitted on 15/11/2012 @ 14:35</span></span></span><br />
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Whistleblower IRLhttp://www.blogger.com/profile/17567226722898760654noreply@blogger.comtag:blogger.com,1999:blog-7243077358634696230.post-58376290607942117242012-11-18T10:12:00.000-08:002012-11-18T10:12:02.374-08:00Dr. Brian Hillery, Mr. Matthew Elderfield, care for a probity test?<div dir="ltr" style="text-align: left;" trbidi="on">
<span style="background-color: #20124d;"><span style="color: white;">David Malone raised some interesting points in his Golem XIV blog last Friday: David <span style="font-family: Ubuntu;"><span style="line-height: 21px;">learned his craft as a documentary maker at the BBC science department, where he worked for 9 years, ending up on Horizon. Since then he has made films for Channel 4, BBC2 and more recently BBC4. Some of his </span><span style="line-height: 21px;">documentaries</span><span style="line-height: 21px;"> are available on YouTube.</span></span></span></span><br />
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<b><span style="color: orange; font-size: large;">Jonathan Sugarman versus UniCredit – an update</span></b><br />
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by Golem XIV on NOVEMBER 16, 2012 in LATEST</div>
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WhistleblowerIRL, AKA Jonathan Sugarman continues to fight UniCredit. One rather impecunious man fighting a trillion euro bank. But Jonathan is nothing if not …well I leave you to fill in the blank.</div>
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The update comes via a very good 12th Nov. editorial in Village Magazine in Ireland, “Blowing the whistle so hard it hurts”.</div>
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"In December 2010 a risk-manager in the Irish unit of UniCredit, Italy’s largest bank, described in Village how in 2007 the Financial Regulator failed to intervene after he first alleged he falsified liquidity-ratio figures. The risk-manager maintained he was specifically warned by senior personnel at the Irish subsidiary not to report the matter to the Financial Regulator<br />Jonathan Sugarman blew the whistle on the massive repeated breaches. This magazine received aggressive threats from McCann FitzGerald solicitors on behalf of UniCredit not to publish the information."</blockquote>
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To the credit of its publisher and owner, Michael Smith, the magazine has stood by the story and refused to be cowed. I recommend reading the whole story. You can follow any further developments at Jonathan’s blog.</div>
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One thing to keep in mind when you read the story. The Irish financial regulator, Matthew Elderfield, was recruited, fresh from his earlier success at being one of the three Heads of Department at the British regulator, the FSA who were overseeing…Northern Rock. Mr Elderfield, along with his two fellow Heads of Department, was specifically criticised in the official report into Northern Rock. His supporters, namely the people in Ireland who hired him, will say he was only in that job three months when Northern Rock imploded. What, and that makes his silence all right?! So if an aircraft inspector had only been at his job for three months it would be fine for him to say nothing about an unsafe aircraft? That would be OK would it?</div>
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That would be a double standard if one could call it any sort of standard at all.</div>
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So I have my doubts about Mr Elderfield. Which are made worse when you consider some of the people above him and the world view they seem to have. You see there is an old guard In Ireland – as there is in most countries, mine definitely included – that has not moved on and has zero intention of ever moving on. Here for example you can watch Mr Bertie Ahern back in 2007 saying how he can’t understand why people who talk down the wonders of Ireland’s no-touch economy don’t just kill themselves. Mr Ahern was never Elderfield’s boss. I mention Ahern simply as an example of a world-view which is still there, defended by people still in positions of power.</div>
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One such old guard is Mr Elderfield’s boss, Dr Brian Hillery. Dr Hillery was appointed to be a Director of the Central Bank of Ireland which incorporates the Financial Regulators Office of Ireland, in May 2008. Before his appointment to be guardian of financial probity in Dublin, he was the Chairman of …UniCredit Bank Ireland at the precise time Mr Sugarman was there trying to report those financial ‘problems’ to the financial regulator (who at the time was Mr Elderfields disgeraced predecessor, Mr Patrick Neary). So definitely no conflict of interests there. Obviously.</div>
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I feel absolutely sure that Dr Hillery would be very comfortable with, and would fully support, a rigorous investigation of UniCredits’ behaviour and its attention to the law, and that the pressure brought to bear upon Village magazine when it chose to write about Unicredit and its breaches of liquidity are purely coincidental. I feel equally sure Mr Elderfield would feel fully supported in any investigation he undertook , which combined with his own proven track record of razor sharp and iron fisted regulatory zeal must make the Irish people feel warm all over. In good hands – as the priest/radio one DJ said to the boy.</div>
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Oh and it might be worth keeping in mind that Dr Hillery was also Chairman of Independent Newspapers in Ireland. Whose papers have not covered this story with any great … regularity shall we say.</div>
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<a href="http://www.golemxiv.co.uk/2012/11/jonathan-sugarman-versus-unicredit-an-update/"><span style="font-size: x-small;">http://www.golemxiv.co.uk/2012/11/jonathan-sugarman-versus-unicredit-an-update/</span></a></div>
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<span style="color: white; font-size: x-small;"><a href="http://www.youtube.com/watch?v=hfjGSfuSQpA">http://www.youtube.com/watch?v=hfjGSfuSQpA</a></span><br />
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<a href="http://www.villagemagazine.ie/index.php/2012/11/blowing-the-whistle-so-hard-it-hurts/"><span style="font-size: x-small;">http://www.villagemagazine.ie/index.php/2012/11/blowing-the-whistle-so-hard-it-hurts/</span></a><br />
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A reader's Comment:</div>
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C. Flower November 17, 2012 at 11:51 am # </div>
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Great post, and also choice comments from the Dork from Cork. Jonathan Sugarman thought his job was risk management, when in reality it seems his employers wanted him to be rubber stamping illegal breaches of liquidity. Bank bosses knew their banks had gone over a cliff and the whole strategy was to buy time to consolidate their personal wealth and pass debt over to the public. The role of insiders like Hillery in this is essential – in part in that they give an aura of probity, respectability, and officialdom (Hillery being the son of a past President of Ireland) to a rogue operation – and also in that they tie “officialdom” and the political class into a backstream of financial benefits. Hillery is discussed further here –</div>
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<a href="http://www.politicalworld.org/showthread.php?p=292604#post292604">http://www.politicalworld.org/showthread.php?p=292604#post292604</a></div>
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Whistleblower IRLhttp://www.blogger.com/profile/17567226722898760654noreply@blogger.comtag:blogger.com,1999:blog-7243077358634696230.post-23367421893884214652012-11-06T08:36:00.001-08:002012-11-06T08:36:48.357-08:00Blowing the whistle so hard it hurts - Village magazine's latest editorial article<div dir="ltr" style="text-align: left;" trbidi="on">
<span style="background-color: #20124d; font-family: Georgia, serif; line-height: 19.5px;"><span style="color: white;">Nearly all Ireland’s banks breached liquidity requirements, leading to the lack of liquidity that the government provided a guarantee against, and which ultimately emerged as the insolvency that bankrupted the country and immiserated the next generation. Failures at the Regulator and in the Central Bank contributed as much as anything to this bankruptcy. The public is entitled to know that these well-paid and cosseted functionaries have learnt lessons and are now demonstrating the most stringent and scrupulous standards. It’s interesting then to know how they treated the most important whistleblower in Irish banking history.</span></span><br />
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<span style="background-color: #20124d;"><span style="color: white;">In December 2010 a risk-manager in the Irish unit of UniCredit, Italy’s largest bank, described in <em style="border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Village</em>how in 2007 the Financial Regulator failed to intervene after he first alleged he falsified liquidity-ratio figures. The risk-manager maintained he was specifically warned by senior personnel at the Irish subsidiary not to report the matter to the Financial Regulator, even though sound banking depends on maintenance of these ‘liquidity ratios’ which are crucial to the ability of the company to deal with losses of confidence. The liquidity ratio should be no less than 90 per cent. At UniCredit it was calculated at an extraordinary 50 per cent. A ratio of 89 per cent would in normal circumstances be deemed problematic. In banking terms this is like paying with a two-euro note.</span></span></div>
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<span style="background-color: #20124d;"><span style="color: white;">Jonathan Sugarman blew the whistle on the massive repeated breaches. This magazine received aggressive threats from McCann FitzGerald solicitors on behalf of UniCredit not to publish the information.</span></span></div>
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<span style="background-color: #20124d;"><span style="color: white;">The new ‘poster-boy’ regulator, Matthew Elderfield, stated in response to questions from the Sunday Business Post, and the Süddeutsche Zeitung, a respected German newspaper, about statements made in the Seanad by David Norris which backed up Sugarman’s account, that “our records do not match the description of events given by Senator Norris nor did we receive what might be described as a ‘whistleblower’ letter. We can, however, confirm that an overnight liquidity breach was reported by an institution around the time in question. The matter was followed up with the institution and rectified to the satisfaction of the Financial Regulator at the time”.</span></span></div>
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<span style="background-color: #20124d;"><span style="color: white;">For someone in whom so much public good-will has been invested, this is remarkably disingenuous, though certainly true. The Regulator’s records presumably do not match Senator Norris’s because its agents didn’t look hard enough or take a proper record; and the Regulator did not receive a whistleblower letter as the letter came from UniCredit itself, which limited its declaration to one overnight breach. Notably, nothing the Regulator said undermined the credibility of the risk-manager.</span></span></div>
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<span style="background-color: #20124d;"><span style="color: white;">Largely as a result of the story in <em style="border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Village</em> which named the bank, the Central Bank said it would conduct a review of the case and invited parties with information to share it: “if any party has specific information they wish to draw to our attention in this matter it will be treated on a confidential basis”. Things dragged out but in February 2012 the risk-manager attended a meeting with the office of the regulator. Scandalously the bank’s offer of ‘confidentiality’ was revealed under pressure to be spurious when it insisted that it wouldn’t be enough to shield Sugarman against self-incrimination in the event his own actions constituted criminal activity. The Central Bank insisted it must forward information to the DPP if there were evidence of a crime. This highlights the need for whistleblower legislation to protect insiders who tell their truth – and particularly that legislation should be retrospective, so it would embrace cases like Mr Sugarman’s.</span></span></div>
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<span style="background-color: #20124d;"><span style="color: white;">In June, the Central bank informed Mr Sugarman, without giving reasons, that the matter was closed and only after Mark Keenan raised the affair anew in the <em style="border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Irish Independent</em> in September, did the Central Bank finally furnished minutes of the meeting it had had with Mr Sugarman. This was six months after the original meeting. For some reason Mr Keenan is no longer writing on these issues in the <em style="border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Irish Independent</em>.</span></span></div>
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<span style="background-color: #20124d;"><span style="color: white;">Matthew Elderfield and his office are doing no favours to EU banking regulators, or to the world’s banking and economic system, in being disingenuous about liquidity breaches at the elusive UniCredit. If there is a desire not to frighten the horses just while our bailout is under review, it is misplaced. The lesson of recent history for this country is scrupulousness and openness.</span></span></div>
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<span style="background-color: #20124d;"><span style="color: white;">There is a general official view that Ireland’s ethical delinquencies are in the past. Deviant planning stopped when the tribunals started; and bad banking regulation stopped with the demise of Pat Neary. In fact this is not so with planning as we have seen with the kicking to touch of John Gormley’s reviews of planning in six counties. Scrutiny of what happened in banking has been limited to two innocuous reports by Patrick Honohan, Peter Nyberg and Klaus Regling. These notably failed to attribute blame or to deal with how liquidity ratios were breached all over financial Dublin with no comment from the usual over-paid auditors, and no sanction.</span></span></div>
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<span style="background-color: #20124d;"><span style="color: white;">Inconveniently for a country that has started to see corruption and regulation in black (then) and white (now) terms, the general view may not reflect the reality. Without proper scrutiny we cannot be sure either way.</span></span></div>
<span style="background-color: #20124d; font-family: Georgia, serif; line-height: 19.5px;"><span style="color: white;">Like bad planning, bank under-regulation was a manifestation of this country’s ineradicable tendency to pander to vested interests and to the short term. It is time we got to the bottom of what happened in Irish banking. Scrupulous investigation of Mr Sugarman’s allegations would be a symbolic good start.</span></span><br />
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<a href="http://www.villagemagazine.ie/index.php/2012/11/blowing-the-whistle-so-hard-it-hurts/" target="_blank">http://www.villagemagazine.ie/index.php/2012/11/blowing-the-whistle-so-hard-it-hurts/</a></div>
Whistleblower IRLhttp://www.blogger.com/profile/17567226722898760654noreply@blogger.comtag:blogger.com,1999:blog-7243077358634696230.post-47919430802466767772012-09-15T05:50:00.001-07:002012-09-15T05:57:43.830-07:00The efficacy of Irish whistleblower legislation - a Village magazine cartoon that says a million words...<div dir="ltr" style="text-align: left;" trbidi="on"><div class="separator" style="clear: both; text-align: center;"><a href="http://www.villagemagazine.ie/wp-content/uploads/2012/09/whblwr-cartoon11.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="305" src="http://www.villagemagazine.ie/wp-content/uploads/2012/09/whblwr-cartoon11.jpg" width="400" /></a></div><blockquote class="tr_bq"><h2><span style="color: red;">Villager September-October ’12 including threats to whistleblower, Sugarman </span></h2><small>Village, Sep 11th, 2012 | By <a href="http://www.villagemagazine.ie/index.php/author/admin/" target="_blank" title="Posts by admin">admin</a> | Category: <a href="http://www.villagemagazine.ie/index.php/category/news/" rel="category tag" target="_blank" title="View all posts in NEWS">NEWS</a></small><br />
<small> </small> <br />
<b>Cover-up</b><br />
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Jonathan Sugarman, a former Risk Manager, blew the whistle on his then employer Unicredit Bank, Italy’s biggest, which in 2007 failed dramatically to maintain proper liquidity ratios – which keep banks from customer runs on their funds. Village was the first to name Unicredit, despite threats from McCann FitzGerald solicitors that Unicredit would sue if implicated. Subsequently the Central Bank Financial Regulator’s Department, announced that it would consider any information offered about the affair “in confidence” but when Sugarman contacted them they revealed that in fact they reserved the right to report him to the Gardai for criminal activity if he offered the Central Bank information that implicated him. In the end – in February – Sugarman bravely nevertheless met the Central Bank, which indicated that they had already asked Unicredit to recreate reports dating back to the alleged breaches in 2007 but gave no information as to how their investigations were proceeding. Subsequently the Central Bank indicated, with no reasoning, that it was closing the file – and notably failed to produce minutes. When the Irish Independent’s intrepid Mark Keenan recently started sniffing about the issue, the Central Bank finally sent minutes of the meeting, It is not clear if the file remains closed, or why, and the Central Bank, for the moment is keeping schtum.<br />
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<a href="http://www.villagemagazine.ie/index.php/2012/09/villager-3/" target="_blank">http://www.villagemagazine.ie/<wbr></wbr>index.php/2012/09/villager-3/</a></blockquote>Please see my <a href="http://whistleblowerirl.blogspot.com/2012/09/pandoras-box-begins-to-open-despite.html" target="_blank">previous blog post</a> in which I make further points about this latest update in Village.<br />
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Just as a reminder, this is what the Irish Minister of Finance said a year ago about the new legislation introduced to protect whistle blowers in banks:<br />
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<blockquote style="font-family: arial; font-size: small;"><span style="font-size: medium;"><b>Central Bank Bill published - The Irish Times, 28 July 2011</b></span></blockquote><blockquote style="font-family: arial; font-size: small;"><b><span style="font-size: xx-small;">CHARLIE TAYLOR</span></b></blockquote><div class="im"><blockquote style="font-family: arial; font-size: small;">New legislation that enhances the Central Bank's regulatory powers and provides protection for whistleblowers was published today.</blockquote><blockquote style="font-family: arial; font-size: small;">The Central Bank (Supervision and Enforcement) Bill 2011 strengthens the ability of authorities to impose and supervise compliance with regulatory requirements and to undertake interventions when necessary.</blockquote><blockquote style="font-family: arial; font-size: small;"><b>The publication of the Bill is a further requirement under the EU-IMF programme of support for Ireland.</b></blockquote><blockquote style="font-family: arial; font-size: small;"><b>Announcing the publication of the Bill this morning, Minister for Finance Michael Noonan said the legislation was a response to the regulatory failures which led to the recent financial crisis.</b></blockquote><blockquote style="font-family: arial; font-size: small;">"The publication of the Central Bank (Supervision and Enforcement) Bill 2011 represents a significant further step in the reform of financial regulation in Ireland. The changes introduced by the Bill will underpin an assertive, risk-based model of regulation supported by a credible threat of enforcement," said Mr Noonan.</blockquote><blockquote style="font-family: arial; font-size: small;">Among the provisions included in the Bill is protection from civil liability and victimisation for so-called whistleblowers and a requirement for financial service providers to provide independently prepared reports to the Central Bank for diagnostic, monitoring and compliance purposes.</blockquote><blockquote style="font-family: arial; font-size: small;">The power to issue regulatory interventions is included in the new legislation as is the ability to fine or suspend financial services providers where necessary.</blockquote><blockquote style="font-family: arial; font-size: small;">The Bill is expected to progress to second stage in the Dáil this autumn.<br />
<a href="http://www.irishtimes.com/newspaper/breaking/2011/0728/breaking22.html" target="_blank"><span style="color: #0000ee; font-family: arial; font-size: x-small;"></span></a></blockquote><blockquote style="font-family: arial;"><span style="font-size: small;"><a href="http://www.irishtimes.com/newspaper/breaking/2011/0728/breaking22.html" target="_blank"><span style="color: #0000ee; font-family: arial;">http://www.irishtimes.com/</span><span style="color: #0000ee; font-family: arial;"></span><span style="color: #0000ee; font-family: arial;">news<wbr></wbr>paper/breaking/2011/0728/</span><span style="color: #0000ee; font-family: arial;"></span><span style="color: #0000ee; font-family: arial;">break<wbr></wbr>ing22.html</span></a></span></blockquote></div></div>Whistleblower IRLhttp://www.blogger.com/profile/17567226722898760654noreply@blogger.comtag:blogger.com,1999:blog-7243077358634696230.post-8732650108303976352012-09-06T10:51:00.003-07:002012-09-06T10:55:32.233-07:00Pandora's box begins to open despite the best efforts of The Central Bank & McCann FitzGerald on behalf of UniCredit - Upcoming report in Village magazine<div dir="ltr" style="text-align: left;" trbidi="on"><br />
<div style="font-family: arial;">Michael Smith, editor & owner of Village magazine, authorised me this evening to publish the following update which is to appear in Village magazine next week:</div><div><blockquote class="tr_bq"><div class="western" style="margin-bottom: 0cm;"><i><span style="font-family: Courier New, Courier, monospace;"><b>Cover-up</b><br />
Jonathan Sugarman, a former Risk Manager, blew the whistle on his then employer Unicredit Bank, Italy’s biggest, which in 2007 failed dramatically to maintain proper liquidity ratios – which keep banks<br />
from customer runs on their funds. Village was the first to name Unicredit, despite threats from McCann FitzGerald solicitors that they would sue if implicated. Subsequently the Central Bank Financial Regulator’s Department, announced that it would consider any information offered about the affair “in confidence” but when Sugarman contacted them they revealed that in fact they reserved the right to report him to the Gardai for criminal activity if he offered the Central Bank information that implicated him. In the end – in February - Sugarman bravely nevertheless met the Central Bank, which indicated that they had already asked Unicredit to recreate reports dating back to the alleged breaches in 2007 but gave no information as<br />
to how their investigations were proceeding. Subequently the Central Bank indicated, with no reasoning, that it was closing the file – and notably failed to produce minutes. When the Irish Independent’s Mark Keenan recently started sniffing about the issue, the<br />
Central Bank finally sent minutes of the meeting. It is not clear if the file remains closed, or why, and the Central Bank, for the moment </span></i><i style="font-family: 'Courier New', Courier, monospace;">is keeping schtum.</i></div></blockquote></div><div style="font-family: arial;"><br />
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</div><div style="font-family: arial;">The implications of the piece above are far reaching. For the moment, I will touch only on some of them:</div><div style="font-family: arial;"><br />
</div><div style="font-family: arial;">1. May 2011 was <b>the first time</b> the Central Bank of Ireland invited me to their offices to discuss the liquidity breach I had officially reported in the summer of 2007. I was invited to come and talk to them "confidentially". During the meeting it became clear that the confidentiality undertaking pertained merely to my identity. I was then threatened by CB officials with the possibility of having to face criminal proceedings as a result of disclosing any facts about what transpired during my employment as UniCredit Ireland's Risk Manager.</div><div style="font-family: arial;"><br />
</div><div style="font-family: arial;">2. Having followed the Eugene McErlean case closely, I requested the Central Bank's permission to record our meetings. The answer was NO. Please see the e-mail below for further reference. It took <b>eight </b>long years for the Central Bank of Ireland to admit that it had been less than professional in dealing with the issues McErlean brought to the CB's attention as a senior AIB auditor. Kathleen Barrington reported in the Sunday Business Post in October 2010 that:</div><div style="font-family: arial;"><br />
</div><blockquote class="tr_bq"><span style="color: white;"><i>"<span style="font-family: arial, sans-serif;">The significance of the apology issued by </span><span style="font-family: arial, sans-serif;">Elderfield</span><span style="font-family: arial, sans-serif;"> last week should not be underestimated. </span></i><i><span style="font-family: arial, sans-serif;">It was generously and graciously phrased, and it left no doubt that McErlean had been doing his job properly and that he had been badly let down by the regulatory authorities. </span></i><i><span style="font-family: arial, sans-serif;">Elderfield</span><span style="font-family: arial, sans-serif;"> said it was his opinion that ‘‘some matters could have been better handled by the public authorities involved’’ and added that he was ‘‘sorry for any unintended distress caused for Mr McErlean’’</span></i></span><a href="http://kathleenbarrington.blogspot.com/2010/10/aib-mysteries-still-unexplained.html" target="_blank">http://kathleenbarrington.<wbr></wbr>blogspot.com/2010/10/aib-<wbr></wbr>mysteries-still-unexplained.<wbr></wbr>html</a></blockquote><div style="font-family: arial;"><br />
</div><div style="font-family: arial;">One has to wonder <i>why</i> I was not allowed to record my meetings with the Central Bank of Ireland. After all, I was the one doing the talking, they were doing the listening, <i>why </i>would I not be allowed to record my own voice?!? Unfortunately for the Central Bank of Ireland, I was accompanied to my meetings with them by a person who is well known in Dublin and formally-educated in Irish law. </div><div style="font-family: arial;"><br />
</div><div style="font-family: arial;"><br />
</div><div style="font-family: arial;">3. A second meeting with the Central Bank of Ireland took place on February 23rd. this year. When minutes of our meeting failed to arrive, the CB was contacted seeking clarification. A reply dated June 6th. was received; it did not include any minutes of the February meeting and stated that the case is now <b><u>closed</u></b>. </div><div style="font-family: arial;"><br />
</div><div style="font-family: arial;">This might be pure co-incidence, but on the day that Mark Keenan's first of two references to my story within last week appeared in the Irish Independent, the Central Bank issued minutes of of the meeting. Yes, the minutes of a meeting that took place in February were issued in August after the case had been declared closed in June. </div><div style="font-family: arial;"><br />
</div><div style="font-family: arial;">A crucial aspect of the minutes that were issued last week is the complete absence of an admission made repeatedly during the meeting by Central Bank officials. Whilst there is no recording of the meeting (in this age of alleged transparency & probity in Irish financial services), I was fortunately accompanied to the meeting by the person whom I refer to above. </div><div style="font-family: arial;"><br />
</div><div style="font-family: arial;"><br />
</div><div style="font-family: arial;">4. Anyone wishing to write to me regarding the above, should please do so to the following address:</div><div style="font-family: arial;"><a href="mailto:Whistleblower.IRL@gmail.com" target="_blank">Whistleblower.IRL@gmail.com</a></div><div style="font-family: arial;"><br />
</div><div style="font-family: arial;">Alternatively, comments/questions can be raised publicly on-line on the following thread on PoliticalWorld.org. I am very grateful for all the encouragement and support I have received from PoliticalWorld members.</div><div style="font-family: arial;"><a href="http://www.politicalworld.org/showthread.php?t=5528" target="_blank">http://www.politicalworld.org/<wbr></wbr>showthread.php?t=5528</a></div><div style="font-family: arial;"><br />
</div><div style="font-family: arial;"><br />
</div><div style="font-family: arial;">5. I can not over-state my gratitude to Michael Smith who decided to persist and publish his coverage of the liquidity breaches at UniCredit Ireland, despite ferocious threats from McCann Fitgerald - one of Ireland's biggest law firms. Please see the following article which was published in Village magazine in December 2010:</div><div style="font-family: arial;"><a href="http://www.villagemagazine.ie/index.php/2010/12/still-waiting-for-the-truth-from-the-regulator/" target="_blank">http://www.villagemagazine.ie/<wbr></wbr>index.php/2010/12/still-<wbr></wbr>waiting-for-the-truth-from-<wbr></wbr>the-regulator/</a></div><div style="font-family: arial;"><br />
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</span></div><div style="font-family: arial; font-size: small;"><span style="color: white;"><span style="font-family: arial, sans-serif; font-size: 13px;">---------- Forwarded message ----------</span><br style="font-family: arial, sans-serif; font-size: 13px;" /><span style="font-family: arial, sans-serif; font-size: 13px;">From: </span><b class="gmail_sendername" style="font-family: arial, sans-serif; font-size: 13px;">Oakes Peter</b><span style="font-family: arial, sans-serif; font-size: 13px;"> </span><span dir="ltr" style="font-family: arial, sans-serif; font-size: 13px;"><<a href="mailto:peter.oakes@centralbank.ie" target="_blank">peter.oakes<wbr></wbr>@centralbank.ie</a>></span><br style="font-family: arial, sans-serif; font-size: 13px;" /><span style="font-family: arial, sans-serif; font-size: 13px;">Date: 18 April 2011 21:28</span><br style="font-family: arial, sans-serif; font-size: 13px;" /><span style="font-family: arial, sans-serif; font-size: 13px;">Subject: RE: Jonathan Sugarman - meeting with the Central Bank, Wednesday 4th May</span><br style="font-family: arial, sans-serif; font-size: 13px;" /><span style="font-family: arial, sans-serif; font-size: 13px;">To: <b>Jonathan Sugarman</b></span></span></div><div style="font-family: arial; font-size: small;"><span style="color: white; font-family: arial, sans-serif;"><b><br />
</b></span><br />
<div class="gmail_quote" style="font-family: arial, sans-serif; font-size: 13px;"><span style="font-family: arial, helvetica, sans-serif;"><span style="color: white;"><br />
</span></span><br />
<div lang="EN-IE"><div class="MsoNormal"><span style="font-family: arial, helvetica, sans-serif;"><span style="font-size: 11pt;"><span style="color: white;">Dear Mr Sugarman</span></span></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-family: arial, helvetica, sans-serif;"><span style="font-size: 11pt;"><span style="color: white;">I had assumed that the meeting was confirmed for 4<sup>th</sup> May and that we only had to settle on the time for the meeting (proposed for 10.30a.m.) I apologise if this was not clear from the exchange of emails. </span></span></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-family: arial, helvetica, sans-serif;"><span style="font-size: 11pt;"><span style="color: white;">Please note that the agenda is simply an open invitation to you to inform the Central Bank’s banking supervisory division of any matter or issue, coming to your attention out of your employment with Unicredit, which you may wish to share with the Central Bank. </span></span></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-family: arial, helvetica, sans-serif;"><span style="font-size: 11pt;"><span style="color: white;"><b>It is not the Central Bank’s intention that the meeting be recorded by either party. </b> I note that you wish Mr X to attend the meeting. In what capacity do you propose Mr X attend the meeting please? For example is Mr X retained to provide you legal advice or would he be attending for another purpose? </span></span></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-family: arial, helvetica, sans-serif;"><span style="font-size: 11pt;"><span style="color: white;">Would you please provide a postal correspondence address and telephone number? </span></span></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-family: arial, helvetica, sans-serif;"><span style="font-size: 11pt;"><span style="color: white;">Going forward Mr Frank Brosnan of the Central Bank (or one of his colleagues) will correspond with you.</span></span></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-family: arial, helvetica, sans-serif;"><span style="font-size: 11pt;"><span style="color: white;">I will now be away from the office for a number of weeks. My PA’s email is <a href="mailto:s....@centralbank.ie" target="_blank">s....@centralbank.ie</a>. Ms SC will forward any emails you might send her to Mr Brosnan’s office until you and Mr Brosnan are in direct contact.</span></span></span></div><div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-family: arial, helvetica, sans-serif;"><span style="font-size: 11pt;"><span style="color: white;">Regards</span></span></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-family: arial, helvetica, sans-serif;"><span style="font-size: 11pt;"><span style="color: white;">Peter Oakes</span></span></span></div><div class="MsoNormal"><span style="font-family: arial, helvetica, sans-serif;"><span style="font-size: 11pt;"><span style="color: white;">Director, Enforcement</span></span></span></div></div><div class="MsoNormal"><span style="font-family: arial, helvetica, sans-serif;"><span style="font-size: 11pt;"><span style="color: white;">Central Bank of Ireland</span></span></span></div><div><div class="MsoNormal"><span style="font-family: arial, helvetica, sans-serif;"><span style="font-size: 11pt;"><span style="color: white;">Ph <a href="tel:%2B%20353%201%20224%204040" target="_blank" value="+35312244040">+ 353 1 224 4040</a></span></span></span></div></div></div></div></div><div style="font-family: arial; font-size: small;"><br />
</div></div>Whistleblower IRLhttp://www.blogger.com/profile/17567226722898760654noreply@blogger.comtag:blogger.com,1999:blog-7243077358634696230.post-31788747032122171862012-09-06T00:52:00.000-07:002012-09-06T00:52:23.725-07:00The Irish Independent referred to UniCredit Ireland again last Thursday<div dir="ltr" style="text-align: left;" trbidi="on"><span style="font-family: Verdana, sans-serif;">Mark Keenan reported in The Independent last week that:</span><br />
<br />
<div class="gmail_quote" style="font-family: arial; font-size: small;"><div class="gmail_quote"><blockquote class="tr_bq"><span style="font-family: verdana, sans-serif;">"<i>...In 2005, Dublin-based Cologne RE played a pivotal role in a sham scheme to inflate the reserves of US insurance giant <a href="http://searchtopics.independent.ie/topic/American_International_Group" target="_blank">AIG</a> -- the scandal that originally brought the IFSC its international "wild west" monicker. US Investigators heard that "Cologne RE was seen as an ideal location for the fraud because Dublin "did not report to anyone" and so avoided the "North American problem" of financial regulation.</i></span></blockquote><blockquote class="tr_bq"><i><span style="font-family: verdana, sans-serif;">In 2007, German bank Sachsen LB needed a bailout when it was discovered that its two Dublin-based investment vehicles had insufficient assets to cover their liabilities.</span><span style="font-family: verdana, sans-serif;">There was the Depfa bank scandal. The subsidiary of Hypo real Estate ran into trouble in 2008, eventually prompting a bailout by the German government that is still the biggest in Irish banking history.</span><span style="font-family: verdana, sans-serif;"><br />
</span><b><span style="font-family: verdana, sans-serif;"></span></b></i></blockquote><blockquote class="tr_bq"><i><b><span style="font-family: verdana, sans-serif;">The regulator still won't reveal what action, if any, had been taken against Unicredit's IFSC subsidiary in 2007 when whistleblower banker Jonathan Sugarman, then its risk manager, shopped his bank to the Irish regulator after alleging that its liquidity reserves were 20pc below the legally required limit. Sugarman has since claimed the regulator's office did nothing about it.</span></b><span style="font-family: verdana, sans-serif;"><br />
</span><span style="font-family: verdana, sans-serif;"></span></i></blockquote><blockquote class="tr_bq"><i><span style="font-family: verdana, sans-serif;">Meantime, 16 executives from the parent company, including the CEO, are going on trial in Italy for cooking the books in that year.</span><span style="font-family: verdana, sans-serif;"><br />
</span><span style="font-family: verdana, sans-serif;"></span></i></blockquote><blockquote class="tr_bq"><span style="font-family: verdana, sans-serif;"><i>So what did Mr Elderfield first make of Dublin when he arrived here from <a href="http://searchtopics.independent.ie/topic/Bermuda" target="_blank">Bermuda</a> back in 2009? Was there much cleaning up to do?...</i>"</span><br />
<span style="font-family: verdana, sans-serif;"><a href="http://www.independent.ie/business/irish/ifsc-banks-circle-their-wagons-as-elderfield-tries-to-tame-wild-west-3214910.html" target="_blank"></a></span></blockquote><blockquote class="tr_bq"><span style="color: cyan; font-family: verdana, sans-serif;"><a href="http://www.independent.ie/business/irish/ifsc-banks-circle-their-wagons-as-elderfield-tries-to-tame-wild-west-3214910.html" target="_blank">http://www.independent.ie/<wbr></wbr>business/irish/ifsc-banks-<wbr></wbr>circle-their-wagons-as-<wbr></wbr>elderfield-tries-to-tame-wild-<wbr></wbr>west-3214910.html</a></span></blockquote></div><span style="font-family: verdana, sans-serif;"><br />
</span></div><span style="font-family: verdana, sans-serif; font-size: x-small;"><br />
</span><div style="font-family: arial; font-size: small;"><span style="font-family: verdana, sans-serif;">And in case you were wondering what took Mr. Elderfield to Bermuda in the first place, here is a quote from The Independent in June 2010:</span></div><div style="font-family: arial; font-size: small;"><span style="font-family: verdana, sans-serif;"><br />
</span></div><div style="font-family: arial; font-size: small;"><blockquote><span style="font-family: verdana, sans-serif;">"<i><span style="font-size: 12.800000190734863px; line-height: 15.199999809265137px;">THE watchdog brought in to clean up</span><span style="font-size: 12.800000190734863px; line-height: 15.199999809265137px;"> </span>Ireland<span style="font-size: 12.800000190734863px; line-height: 15.199999809265137px;">'s banks was the official responsible for supervising</span><span style="font-size: 12.800000190734863px; line-height: 15.199999809265137px;"> </span>Northern Rock<span style="font-size: 12.800000190734863px; line-height: 15.199999809265137px;"> </span><span style="font-size: 12.800000190734863px; line-height: 15.199999809265137px;">in the months before the collapsed bank applied for its first bailout.</span></i></span></blockquote><blockquote><span style="font-family: verdana, sans-serif;"><i>The Irish Independent has learned that Financial Regulator Matthew Elderfield oversaw the regulation of Northern Rock in the three months to August 2007....</i>" </span><a href="http://www.independent.ie/business/irish/regulator-helped-supervise-northern-rock-before-bailout-2211123.html" style="color: #1155cc;" target="_blank"><span style="font-family: verdana, sans-serif;"></span></a></blockquote><blockquote><a href="http://www.independent.ie/business/irish/regulator-helped-supervise-northern-rock-before-bailout-2211123.html" target="_blank"><span style="color: cyan; font-family: verdana, sans-serif;">http://www.independent.ie/<wbr></wbr>business/irish/regulator-<wbr></wbr>helped-supervise-northern-<wbr></wbr>rock-before-bailout-2211123.<wbr></wbr>html</span></a></blockquote></div></div>Whistleblower IRLhttp://www.blogger.com/profile/17567226722898760654noreply@blogger.comtag:blogger.com,1999:blog-7243077358634696230.post-60617768923879932002012-08-27T04:31:00.000-07:002012-08-27T04:31:41.481-07:00Regulator is silent over action taken on Unicredit complaint - today's Irish Independent<div dir="ltr" style="text-align: left;" trbidi="on"><br />
<div><div style="font-family: arial, sans-serif; line-height: normal;"><span style="color: white;">By Mark Keenan</span></div><div style="font-family: arial, sans-serif; line-height: normal;"><span style="color: white;">Monday August 27 2012</span></div><div style="font-family: arial, sans-serif; line-height: normal;"><span style="color: white;"><br />
</span></div><div style="font-family: arial, sans-serif; line-height: normal;"><span style="color: white;">THE Financial Regulator has refused to reveal what action has been taken in regard to a serious complaint of liquidity irregularities made to his office in 2007 by a whistle-blowing former banker regarding Unicredit Bank Ireland.</span></div><div style="font-family: arial, sans-serif; line-height: normal;"><span style="color: white;"><br />
</span></div><div style="font-family: arial, sans-serif; line-height: normal;"><span style="color: white;">It was alleged that the regulator received details that Unicredit Bank Ireland, an offshoot of Italy's biggest bank, had been operating in the IFSC with liquidity levels vastly below what was required by law. In addition, Jonathan Sugarman, a former executive with Unicredit Bank Ireland, has consistently claimed that the Irish regulator's office took no action regarding his complaint. Mr Sugarman was appointed risk manager for Unicredit Bank Ireland back in 2007 when it had an operation worth $50bn (€39.94bn) based in Dublin's IFSC.</span></div><div style="font-family: arial, sans-serif; line-height: normal;"><span style="color: white;"><br />
</span></div><div style="font-family: arial, sans-serif; line-height: normal;"><span style="color: white;">Upon assuming the new position, Mr Sugarman claimed to have noticed serious irregularities in the bank's liquidity levels. The bank was required by law to keep assets and cash in reserve equivalent to 90pc of its liabilities. Mr Sugarman says he believed Unicredit was operating in Dublin with cover of just 70pc. Having called in independent consultants to confirm his fears, he then claims to have raised the matter with his superior at the bank. He says he was told "not to worry."</span></div><div style="font-family: arial, sans-serif; line-height: normal;"><span style="color: white;"><br />
</span></div><div style="font-family: arial, sans-serif; line-height: normal;"><span style="color: white;">However, Mr Sugarman resigned his position and claims he then approached the Irish Financial Regulator's office in late 2007 to report the irregularities -- as required by law.</span></div><div style="font-family: arial, sans-serif; line-height: normal;"><span style="color: white;"><br />
</span></div><div style="font-family: arial, sans-serif; line-height: normal;"><b><span style="color: white;">Fraud</span></b></div><div style="font-family: arial, sans-serif; line-height: normal;"><span style="color: white;"><br />
</span></div><div style="font-family: arial, sans-serif; line-height: normal;"><span style="color: white;">He claims the Irish regulator did nothing about his complaint.</span></div><div style="font-family: arial, sans-serif; line-height: normal;"><span style="color: white;"><br />
</span></div><div style="font-family: arial, sans-serif; line-height: normal;"><span style="color: white;">Alessandro Profumo, who was CEO of the accused bank's parent company, Unicredit -- from 1997 to 2010 and during the period covered by Mr Sugarman's complaint -- is now preparing to go on trial for fraud in Italy on </span></div><div style="font-family: arial, sans-serif; line-height: normal;"><span style="color: white;">October 1.</span></div><div style="font-family: arial, sans-serif; line-height: normal;"><span style="color: white;"><br />
</span></div><div style="font-family: arial, sans-serif; line-height: normal;"><span style="color: white;">Mr Profumo and 16 past and present employees of Unicredit will have to answer charges that they had cooked the books to defraud the Italian taxpayer out of €245m taxes on profits.</span></div><div style="font-family: arial, sans-serif; line-height: normal;"><span style="color: white;">The charges relate directly to practices during the period 2007 to 2008.</span></div><div style="font-family: arial, sans-serif; line-height: normal;"><span style="color: white;"><br />
</span></div><div style="font-family: arial, sans-serif; line-height: normal;"><span style="color: white;">When contacted on this matter, the Financial Regulator Matthew Elderfield said in a statement that: "The Central Bank met with Mr Sugarman and received some information from him and took the appropriate action."</span></div><div style="font-family: arial, sans-serif; line-height: normal;"><span style="color: white;">When the Irish Independent enquired about what the regulator meant by "appropriate action", the regulator's office said there would be no more correspondence on the matter.</span></div><div style="font-family: arial, sans-serif; line-height: normal;"><span style="color: white;"><br />
</span></div><div style="font-family: arial, sans-serif; line-height: normal;"><span style="color: white;">Late last year investigators from Australia's state-run ABC TV network also contacted the Irish regulator's office to ask what had come of Mr Sugarman's complaint against Unicredit Ireland. In a reply late last year, ABC says it received a letter from the Irish Financial Regulator's office to say that it was still examining the allegations first brought by Mr Sugarman.</span></div><div style="font-family: arial, sans-serif; line-height: normal;"><span style="color: white;"><br />
</span></div><div style="font-family: arial, sans-serif; line-height: normal;"><span style="color: white;">Yesterday Fianna Fail's finance spokesman Michael McGrath said: "It is essential that the Irish Financial Regulator should account for how the complaint -- dating to late 2007 and relating to liquidity reserves -- has been dealt with."</span></div><div style="font-family: arial, sans-serif; line-height: normal;"><span style="color: white;"><br />
</span></div><div style="font-family: arial, sans-serif; line-height: normal;"><span style="color: white;">Mr Sugarman could not be contacted by the Irish Independent.</span></div><div style="color: #222222; font-family: arial, sans-serif; font-size: 13px; line-height: normal;"><br />
</div><div style="font-family: arial, sans-serif; font-size: 13px; line-height: normal;"><span style="color: orange;"><br />
</span></div><div style="font-family: arial, sans-serif; font-size: 13px; line-height: normal;"><a href="http://www.independent.ie/business/irish/regulator-is-silent-over-action-taken-on-unicredit-complaint-3210447.html" target="_blank"><span style="color: orange;">http://www.independent.ie/business/irish/regulator-is-silent-over-action-taken-on-unicredit-complaint-3210447.html</span></a></div></div></div>Whistleblower IRLhttp://www.blogger.com/profile/17567226722898760654noreply@blogger.comtag:blogger.com,1999:blog-7243077358634696230.post-33056899418593580542012-06-29T01:20:00.000-07:002012-06-29T01:20:32.933-07:00Italian & French translations of Z.G. Herman's letter to the Financial Times<div dir="ltr" style="text-align: left;" trbidi="on"><br />
Thanks to my friends PP & MF, here are loose translations of Z.G. Herman's letter to the Financial Times of 18 June 2012. Please see my previous blog posting for the original text in English.<br />
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<b>Italian: </b><br />
<span style="color: #ffe599;"><i>"Nei film di Hollywood le situazioni di crisi hanno quasi sempre un lieto fine e ne siamo fortemente impressi, in realtà per ottenere lo stesso risultato non siamo disposti a cambiare. Che cosa significa che in Grecia abbia vinto un partito o l’altro? Assolutamente niente. Devono ancora formare un governo, che ancora dovrà applicare effettivamente le misure necessarie (e non è ancora chiaro quali siano) soprattutto il popolo dovrà essere in grado di lavorare effettivamente con tali misure. Questo solo per la Grecia.</i></span><br />
<i style="color: #ffe599;">La Spagna è la prossima, poi l’Italia, quindi anche i paesi del Nord Europa senza parlare degli Stati Uniti, Cina, India, Australia e tanti altri. Perché?</i><br />
<i style="color: #ffe599;">Perché quello che stiamo "a guardare" non è una tragedia greca, nemmeno spagnola, neanche europea, il mondo intero è spinto con tenacia da un sistema che si basa sull'illusione di una costante crescita quantitativa economica in un sistema a circuito chiuso, che richiede sovrapproduzione e sovraconsumo basato su un aumento del debito. Creiamo bolle dopo bolle che cercano di ingannare il sistema, siamo governati da leggi naturali rigorose che non possono essere ingannate. Oggi sono state scoperte.</i><br />
<i style="color: #ffe599;">Siamo noi al centro di questo incubo di contesto globale, un sistema totalmente interconnesso, per farla breve: siamo tutti incatenati su una barca che affonda.</i><br />
<i style="color: #ffe599;">Qual’è la nostra prossima mossa? "</i><br />
<span style="color: #ffe599;"><i><br />
</i></span><br />
<b>French:</b><br />
<i style="color: #ffe599;">‘’Les catastrophes ont toujours une issue sans conséquences dans les films hollywoodiens et nous en sommes profondément imprégnés, dans la réalité pour obtenir le même résultat nous ne sommes pas disposés à changer. Que signifie la victoire d’un parti ou d’un autre en Grèce ? Absolument rien. Ils doivent encore former un gouvernement, qui devra ensuite appliquer les mesures nécessaires (il n’est pas encore clair lesquelles) le peuple devra surtout être en mesure de travailler effectivement avec de telles mesures. Cela seulement pour la Grèce.</i><br />
<i style="color: #ffe599;">L’Espagne suit, ensuite l’Italie, et même les pays du nord de l’Europe, sans mentionner les USA, la Chine, l’Inde, l’Australie et tous les autres. Pourquoi?</i><br />
<i style="color: #ffe599;">Parce que ce que nous sommes en train d’ « observer » n’est pas un drame grec, même pas espagnol, européen non plus. Le monde entier est entrainé avec force dans un système basé sur l’illusion d’une croissance économique en circuit fermé qui requiert surproduction et surconsommation avec une dette croissante. Nous créons bulle sur bulle voulant fausser le système mais ce dernier est basé sur des lois naturelles qui ne peuvent être ignorées. Nous les découvrons aujourd’hui.</i><br />
<i style="color: #ffe599;">Nous nous trouvons au centre de ce cauchemar, dans un système global, complètement interdépendant, pour résumer, nous sommes enchainés les uns aux autres sur un bateau en train de couler.</i><br />
<span style="color: #ffe599;"><i>Que faire maintenant ?“</i></span><span style="background-color: #20124d; color: #ffe599;"><i> </i></span><br />
<span style="background-color: #20124d; color: #ffe599;"><i><br />
</i></span><br />
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</div>Whistleblower IRLhttp://www.blogger.com/profile/17567226722898760654noreply@blogger.comtag:blogger.com,1999:blog-7243077358634696230.post-29940615118947958182012-06-23T10:51:00.001-07:002012-06-23T10:53:02.858-07:00An observation about the current state of the global financial mess<div dir="ltr" style="text-align: left;" trbidi="on"><br />
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A friend of mine sent this on to me this week. I have no idea who the author of this letter to the Financial Times is, but I think his observations are thought provoking. Especially at a time when the papers are full with the calming voices of our 'Dear', but dangerously incompetent, leaders. Well said Mr. Z. G. Herman, whoever and wherever you are.<br />
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<blockquote class="tr_bq"><i style="background-color: #20124d;"><b><span style="color: #ffd966;"><span style="font-family: arial, sans-serif; font-size: 13px; text-align: -webkit-auto;">"We are so much brainwashed by Hollywood movies that we crave a happy ending every time there is a crisis situation, but we are not willing to change in order to get it. What does it mean that certain parties won in Greece? Absolutely nothing. They still have to form a government, that government still has to actually apply necessary measures (and it is still unclear what those are) and most importantly the public will need to be able to actually work through those measures. And this is only Greece.</span><br style="font-family: arial, sans-serif; font-size: 13px; text-align: -webkit-auto;" /><span style="font-family: arial, sans-serif; font-size: 13px; text-align: -webkit-auto;"></span></span></b></i></blockquote><blockquote class="tr_bq"><i style="background-color: #20124d;"><b><span style="color: #ffd966;"><span style="font-family: arial, sans-serif; font-size: 13px; text-align: -webkit-auto;">Spain is next, then Italy, then even the Northern European countries not to mention the US, China, India, Australia and everybody. Why?</span><br style="font-family: arial, sans-serif; font-size: 13px; text-align: -webkit-auto;" /><span style="font-family: arial, sans-serif; font-size: 13px; text-align: -webkit-auto;"></span></span></b></i></blockquote><blockquote class="tr_bq"><i style="background-color: #20124d;"><b><span style="color: #ffd966;"><span style="font-family: arial, sans-serif; font-size: 13px; text-align: -webkit-auto;">Because what we are "watching" is not a Greek drama, not even Spanish, not even European.</span><span style="font-family: arial, sans-serif; font-size: 13px; text-align: -webkit-auto;">The whole world is stubbornly pushing on with a system that is based on the illusion of constant quantitative economic growth in a closed, finite system, requiring overproduction and over consumption based on increasing debt. We blow bubbles after bubbles trying to cheat the system but we live among strict natural laws that cannot be cheated. And today we were found out.</span><br style="font-family: arial, sans-serif; font-size: 13px; text-align: -webkit-auto;" /><span style="font-family: arial, sans-serif; font-size: 13px; text-align: -webkit-auto;">On top of all this false dream we also find ourselves in a global, totally interconnected system, in other words we are chained together on a sinking boat.</span><br style="font-family: arial, sans-serif; font-size: 13px; text-align: -webkit-auto;" /><span style="font-family: arial, sans-serif; font-size: 13px; text-align: -webkit-auto;"></span></span></b></i></blockquote><blockquote class="tr_bq"><span style="background-color: #20124d; font-family: arial, sans-serif; font-size: 13px; text-align: -webkit-auto;"><i><b><span style="color: #ffd966;">So what is our next move?"</span></b></i></span></blockquote> Published in the Financial Times, 18 June 2012.<br />
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<br class="Apple-interchange-newline" /></div>Whistleblower IRLhttp://www.blogger.com/profile/17567226722898760654noreply@blogger.comtag:blogger.com,1999:blog-7243077358634696230.post-16718324921037497432012-03-31T12:39:00.000-07:002012-03-31T12:39:03.311-07:00My first column in Village magazine was published last weekend.<div dir="ltr" style="text-align: left;" trbidi="on">Among other items, it reports about my latest meeting with the Central Bank of Ireland which took place earlier this year:<br />
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<a href="http://www.villagemagazine.ie/wp-content/uploads/2012/03/Village_April2012-whistleblower-pdf.pdf" target="_blank">http://www.villagemagazine.ie/wp-content/uploads/2012/03/Village_April2012-whistleblower-pdf.pdf</a><br />
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</div>Whistleblower IRLhttp://www.blogger.com/profile/17567226722898760654noreply@blogger.comtag:blogger.com,1999:blog-7243077358634696230.post-3617975615002346042011-11-07T12:53:00.000-08:002011-11-07T13:01:28.989-08:00In response to e-mails received, a reminder of the article in Village magazine:<div dir="ltr" style="text-align: left;" trbidi="on"><b style="background-color: #351c75; color: red; font-family: Georgia, serif; font-size: x-large; text-align: -webkit-auto;"><br />
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<b style="background-color: #20124d; color: red; font-family: Georgia, serif; font-size: x-large; text-align: -webkit-auto;">Still waiting for the truth from the regulator </b><br />
<h2 style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; border-bottom-color: rgb(217, 218, 219); border-bottom-style: solid; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-family: Georgia, serif; font: normal normal normal 2.8em/normal Georgia, serif; margin-bottom: 20px; margin-left: 0px; margin-right: 0px; margin-top: 20px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 8px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-align: -webkit-auto; vertical-align: baseline;"><span class="Apple-style-span" style="color: red; font-size: large;"><b style="background-color: #20124d;">- Village, Dec. 2010</b></span></h2><div><span style="background-attachment: initial; background-clip: initial; background-color: #20124d; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: white; line-height: 19px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"><span class="Apple-style-span" style="font-family: 'Courier New', Courier, monospace;"><b>UniCredit breached liquidity requirements in 2007. Matthew Elderfield nods. The interconnectedness of banking dysfunctionality.</b></span></span></div><div><div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; line-height: 19px; margin-bottom: 15px; margin-top: 15px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"><span class="Apple-style-span" style="color: white; font-family: 'Courier New', Courier, monospace;"><em style="background-attachment: initial; background-clip: initial; background-color: #20124d; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">Michael Smith</em></span></div><div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; line-height: 19px; margin-bottom: 15px; margin-top: 15px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"><span class="Apple-style-span" style="background-color: #20124d; font-family: 'Courier New', Courier, monospace;"><span class="Apple-style-span" style="color: white;">There is a general official view that Ireland’s ethical delinquencies are in the past.</span><span class="Apple-style-span" style="color: white;"> Corrupt planning stopped when the tribunals started; and bad bank-regulation stopped with the demise of Pat Neary and the production of two limited and innocuous reports by Patrick Honohan and Klaus Regling. Inconveniently for a country that has started to see regulation in black (then) and white (now) terms, the general view does not reflect the reality. Hold tight for a mind-boggling trip through the complexity of banking dysfunctionality....</span></span></div><div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-family: Georgia, serif; line-height: 19px; margin-bottom: 15px; margin-top: 15px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"><a href="http://www.villagemagazine.ie/index.php/2010/12/still-waiting-for-the-truth-from-the-regulator/" style="background-color: #20124d; font-family: 'Times New Roman';"><span class="Apple-style-span" style="color: cyan; font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">http://www.villagemagazine.ie/index.php/2010/12/still-waiting-for-the-truth-from-the-regulator/</span></a></div><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="http://www.villagemagazine.ie/wp-content/uploads/2010/12/elderfield.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="303" src="http://www.villagemagazine.ie/wp-content/uploads/2010/12/elderfield.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span class="Apple-style-span" style="background-color: white; font-family: Georgia, serif; font-size: 14px; line-height: 19px;">Matthew Elderfield - the Financial Regulator</span></td></tr>
</tbody></table><div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-family: Georgia, serif; font-size: 13px; line-height: 19px; margin-bottom: 15px; margin-top: 15px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-align: center; vertical-align: baseline;"><div style="text-align: left;"><span class="Apple-style-span" style="color: white;"><br />
</span></div><div style="text-align: left;"><span class="Apple-style-span" style="background-color: #20124d; color: white; font-family: 'trebuchet ms', verdana, arial, sans-serif; line-height: 15px; white-space: nowrap;">whistleblower.irl@gmail.com</span></div></div></div></div>Whistleblower IRLhttp://www.blogger.com/profile/17567226722898760654noreply@blogger.comtag:blogger.com,1999:blog-7243077358634696230.post-71560788043602617692011-10-23T11:43:00.000-07:002011-11-09T10:53:33.920-08:00Senator David Norris attempts to talk about the Anglo-Irish bondholders in the Seanad (Irish Senate)<div dir="ltr" style="text-align: left;" trbidi="on"><br />
<span class="Apple-style-span" style="font-family: Verdana, sans-serif;">In response to queries that I have received over the last few days, I am happy to provide the links below to the protocols of the Irish senate in which Senator David Norris tried desperately to name the Anglo-Irish bond holders. One has to wonder why he was the only one who attempted to do so? Why was he <i>really</i> silenced?</span><br />
<span class="Apple-style-span" style="font-family: Verdana, sans-serif;"><br />
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<span class="Apple-style-span" style="font-family: Verdana, sans-serif;"><span class="Apple-style-span" style="background-color: #003366; color: white; font-family: 'trebuchet ms', verdana, arial, sans-serif; font-size: 15px; font-weight: bold; line-height: 15px; white-space: nowrap;">whistleblower.irl@gmail.com </span></span><br />
<span class="Apple-style-span" style="font-family: Verdana, sans-serif;"><span class="Apple-style-span" style="background-color: #003366; color: white; font-family: 'trebuchet ms', verdana, arial, sans-serif; font-size: 15px; font-weight: bold; line-height: 15px; white-space: nowrap;"><br />
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<span class="Apple-style-span" style="font-family: Verdana, sans-serif;"><span class="Apple-style-span" style="background-color: blue; font-family: Arial, Helvetica, sans-serif; font-size: 15px;">=============================================================</span></span><br />
<span class="Apple-style-span" style="background-color: blue; font-family: Verdana, sans-serif;"><br />
</span><br />
<span class="Apple-style-span" style="font-family: Verdana, sans-serif;"><span class="Apple-style-span" style="background-color: blue; font-family: Arial, Helvetica, sans-serif; font-size: 14px;">Seanad Eireann Debate <br style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /><i style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">Vol. 205 No. 17, </i></span></span><br />
<span class="Apple-style-span" style="font-family: Verdana, sans-serif;"><span class="Apple-style-span" style="background-color: blue; font-family: Arial, Helvetica, sans-serif; font-size: 14px;"><i style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">25 November 2010</i></span></span><br />
<span class="Apple-style-span" style="font-family: Verdana, sans-serif;"><span class="Apple-style-span" style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 14px;"><i style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><br />
</i></span></span><br />
<span class="Apple-style-span" style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 14px;"></span><br />
<div style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 15px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N135" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><span class="speaker" style="color: #990000; font-weight: bold; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">Senator David Norris:</span> </a><a href="http://www.oireachtas.ie/members-hist/default.asp?housetype=1&HouseNum=23&MemberID=1758" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Information on David P.B. Norris" border="0" src="http://debates.oireachtas.ie/images/info.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://debates.oireachtas.ie/seanad/2010/11/25/member1758.asp" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Zoom on David P.B. Norris" border="0" src="http://debates.oireachtas.ie/images/zoom.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N136" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">Senator Quinn has given me my lead in with his reference to the four-year plan. I propose to speak about a particular form of energy about which I have spoken in this House previously. Members may recall that I defined “money” as “the symbolic representation of energy”. This may or may not be a renewable source in this country but it certainly will not be unless we take a very specific form of action. I am speaking about bondholders. This is renewable energy; this is money, and this is where it is at. I have managed to get a list of the bondholders and propose to place it on the record of the House. It is perfectly in order for me to do so. I have so defined it and will not be stopped.</a></div><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N136" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"></a><br />
<div style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 15px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N136" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><span class="speaker" style="color: #990000; font-weight: bold; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">An Cathaoirleach:</span> </a><a href="http://www.oireachtas.ie/members-hist/default.asp?housetype=1&HouseNum=23&MemberID=1991" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Information on Pat Moylan" border="0" src="http://debates.oireachtas.ie/images/info.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://debates.oireachtas.ie/seanad/2010/11/25/member1991.asp" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Zoom on Pat Moylan" border="0" src="http://debates.oireachtas.ie/images/zoom.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N137" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">We are dealing with renewable energy.</a></div><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N137" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"></a><br />
<div style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 15px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N137" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><span class="speaker" style="color: #990000; font-weight: bold; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">Senator David Norris:</span> </a><a href="http://www.oireachtas.ie/members-hist/default.asp?housetype=1&HouseNum=23&MemberID=1758" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Information on David P.B. Norris" border="0" src="http://debates.oireachtas.ie/images/info.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://debates.oireachtas.ie/seanad/2010/11/25/member1758.asp" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Zoom on David P.B. Norris" border="0" src="http://debates.oireachtas.ie/images/zoom.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N138" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">I know exactly what we are dealing with and I am speaking to it.</a></div><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N138" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"></a><br />
<div style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 15px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N138" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><span class="speaker" style="color: #990000; font-weight: bold; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">An Cathaoirleach:</span> </a><a href="http://www.oireachtas.ie/members-hist/default.asp?housetype=1&HouseNum=23&MemberID=1991" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Information on Pat Moylan" border="0" src="http://debates.oireachtas.ie/images/info.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://debates.oireachtas.ie/seanad/2010/11/25/member1991.asp" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Zoom on Pat Moylan" border="0" src="http://debates.oireachtas.ie/images/zoom.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N139" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">We are not getting involved in name——</a></div><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N139" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"></a><br />
<div style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 15px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N139" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><span class="speaker" style="color: #990000; font-weight: bold; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">Senator David Norris:</span> </a><a href="http://www.oireachtas.ie/members-hist/default.asp?housetype=1&HouseNum=23&MemberID=1758" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Information on David P.B. Norris" border="0" src="http://debates.oireachtas.ie/images/info.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://debates.oireachtas.ie/seanad/2010/11/25/member1758.asp" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Zoom on David P.B. Norris" border="0" src="http://debates.oireachtas.ie/images/zoom.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N140" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">I am talking about renewable energy and have made it perfectly clear, logically and intellectually, how I am doing it.</a></div><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N140" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"></a><br />
<div style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 15px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N140" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><span class="speaker" style="color: #990000; font-weight: bold; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><span class="column" style="color: blue; font-size: 8pt; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">[1022]</span>An Cathaoirleach:</span> </a><a href="http://www.oireachtas.ie/members-hist/default.asp?housetype=1&HouseNum=23&MemberID=1991" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Information on Pat Moylan" border="0" src="http://debates.oireachtas.ie/images/info.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://debates.oireachtas.ie/seanad/2010/11/25/member1991.asp" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Zoom on Pat Moylan" border="0" src="http://debates.oireachtas.ie/images/zoom.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N141" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">I want no names of people the Senator says are bondholders——</a></div><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N141" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"></a><br />
<div style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 15px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N141" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><span class="speaker" style="color: #990000; font-weight: bold; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">Senator David Norris:</span> </a><a href="http://www.oireachtas.ie/members-hist/default.asp?housetype=1&HouseNum=23&MemberID=1758" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Information on David P.B. Norris" border="0" src="http://debates.oireachtas.ie/images/info.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://debates.oireachtas.ie/seanad/2010/11/25/member1758.asp" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Zoom on David P.B. Norris" border="0" src="http://debates.oireachtas.ie/images/zoom.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N142" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">I am giving the institutions. I am perfectly entitled to name them. We have mentioned repeatedly Bank of Ireland and so on. It is frustrating the democratic wish of this House if the people concerned are not named.</a></div><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N142" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"></a><br />
<div style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 15px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N142" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><span class="speaker" style="color: #990000; font-weight: bold; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">An Cathaoirleach:</span> </a><a href="http://www.oireachtas.ie/members-hist/default.asp?housetype=1&HouseNum=23&MemberID=1991" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Information on Pat Moylan" border="0" src="http://debates.oireachtas.ie/images/info.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://debates.oireachtas.ie/seanad/2010/11/25/member1991.asp" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Zoom on Pat Moylan" border="0" src="http://debates.oireachtas.ie/images/zoom.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N143" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">We are not dealing with banking; we are dealing with renewable energy.</a></div><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N143" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"></a><br />
<div style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 15px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N143" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><span class="speaker" style="color: #990000; font-weight: bold; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">Senator David Norris:</span> </a><a href="http://www.oireachtas.ie/members-hist/default.asp?housetype=1&HouseNum=23&MemberID=1758" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Information on David P.B. Norris" border="0" src="http://debates.oireachtas.ie/images/info.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://debates.oireachtas.ie/seanad/2010/11/25/member1758.asp" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Zoom on David P.B. Norris" border="0" src="http://debates.oireachtas.ie/images/zoom.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N144" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">I am dealing with it because I have given a definition of “money” as including renewable energy.</a></div><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N144" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"></a><br />
<div style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 15px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N144" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><span class="speaker" style="color: #990000; font-weight: bold; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">An Cathaoirleach:</span> </a><a href="http://www.oireachtas.ie/members-hist/default.asp?housetype=1&HouseNum=23&MemberID=1991" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Information on Pat Moylan" border="0" src="http://debates.oireachtas.ie/images/info.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://debates.oireachtas.ie/seanad/2010/11/25/member1991.asp" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Zoom on Pat Moylan" border="0" src="http://debates.oireachtas.ie/images/zoom.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N145" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">The business ordered is renewable energy.</a></div><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N145" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"></a><br />
<div style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 15px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N145" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><span class="speaker" style="color: #990000; font-weight: bold; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">Senator David Norris:</span> </a><a href="http://www.oireachtas.ie/members-hist/default.asp?housetype=1&HouseNum=23&MemberID=1758" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Information on David P.B. Norris" border="0" src="http://debates.oireachtas.ie/images/info.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://debates.oireachtas.ie/seanad/2010/11/25/member1758.asp" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Zoom on David P.B. Norris" border="0" src="http://debates.oireachtas.ie/images/zoom.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N146" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">The business was ordered and I am speaking to it. The names are Aberdeen Asset Management (London) Limited, AGICAM, Aktia Asset Management, Aletti Gestielle SGR, AllianceBernstein (UK) Limited, Allianz Global Investors France, AmpegaGerling Investment, Anima SGR——</a></div><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N146" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"></a><br />
<div style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 15px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N146" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><span class="speaker" style="color: #990000; font-weight: bold; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">An Cathaoirleach:</span> </a><a href="http://www.oireachtas.ie/members-hist/default.asp?housetype=1&HouseNum=23&MemberID=1991" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Information on Pat Moylan" border="0" src="http://debates.oireachtas.ie/images/info.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://debates.oireachtas.ie/seanad/2010/11/25/member1991.asp" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Zoom on Pat Moylan" border="0" src="http://debates.oireachtas.ie/images/zoom.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N147" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">The Senator is totally out of order. I ask him not to get involved in that aspect. We are taking statements on renewable energy potential.</a></div><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N147" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"></a><br />
<div style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 15px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N147" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><span class="speaker" style="color: #990000; font-weight: bold; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">Senator David Norris:</span> </a><a href="http://www.oireachtas.ie/members-hist/default.asp?housetype=1&HouseNum=23&MemberID=1758" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Information on David P.B. Norris" border="0" src="http://debates.oireachtas.ie/images/info.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://debates.oireachtas.ie/seanad/2010/11/25/member1758.asp" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Zoom on David P.B. Norris" border="0" src="http://debates.oireachtas.ie/images/zoom.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N148" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">I am speaking very directly and clearly about renewable energy.</a></div><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N148" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"></a><br />
<div style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 15px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N148" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><span class="speaker" style="color: #990000; font-weight: bold; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">An Cathaoirleach:</span> </a><a href="http://www.oireachtas.ie/members-hist/default.asp?housetype=1&HouseNum=23&MemberID=1991" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Information on Pat Moylan" border="0" src="http://debates.oireachtas.ie/images/info.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://debates.oireachtas.ie/seanad/2010/11/25/member1991.asp" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Zoom on Pat Moylan" border="0" src="http://debates.oireachtas.ie/images/zoom.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N149" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">No——</a></div><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N149" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"></a><br />
<div style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 15px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N149" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><span class="speaker" style="color: #990000; font-weight: bold; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">Senator David Norris:</span> </a><a href="http://www.oireachtas.ie/members-hist/default.asp?housetype=1&HouseNum=23&MemberID=1758" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Information on David P.B. Norris" border="0" src="http://debates.oireachtas.ie/images/info.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://debates.oireachtas.ie/seanad/2010/11/25/member1758.asp" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Zoom on David P.B. Norris" border="0" src="http://debates.oireachtas.ie/images/zoom.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N150" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">I most certainly am.</a></div><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N150" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"></a><br />
<div style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 15px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N150" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><span class="speaker" style="color: #990000; font-weight: bold; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">An Cathaoirleach:</span> </a><a href="http://www.oireachtas.ie/members-hist/default.asp?housetype=1&HouseNum=23&MemberID=1991" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Information on Pat Moylan" border="0" src="http://debates.oireachtas.ie/images/info.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://debates.oireachtas.ie/seanad/2010/11/25/member1991.asp" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Zoom on Pat Moylan" border="0" src="http://debates.oireachtas.ie/images/zoom.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N151" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">That is not relevant.</a></div><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N151" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"></a><br />
<div style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 15px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N151" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><span class="speaker" style="color: #990000; font-weight: bold; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">Senator David Norris:</span> </a><a href="http://www.oireachtas.ie/members-hist/default.asp?housetype=1&HouseNum=23&MemberID=1758" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Information on David P.B. Norris" border="0" src="http://debates.oireachtas.ie/images/info.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://debates.oireachtas.ie/seanad/2010/11/25/member1758.asp" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Zoom on David P.B. Norris" border="0" src="http://debates.oireachtas.ie/images/zoom.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N152" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">It is very relevant.</a></div><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N152" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"></a><br />
<div style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 15px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N152" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><span class="speaker" style="color: #990000; font-weight: bold; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">An Cathaoirleach:</span> </a><a href="http://www.oireachtas.ie/members-hist/default.asp?housetype=1&HouseNum=23&MemberID=1991" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Information on Pat Moylan" border="0" src="http://debates.oireachtas.ie/images/info.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://debates.oireachtas.ie/seanad/2010/11/25/member1991.asp" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Zoom on Pat Moylan" border="0" src="http://debates.oireachtas.ie/images/zoom.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N153" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">No, it is not.</a></div><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N153" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"></a><br />
<div style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 15px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N153" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><span class="speaker" style="color: #990000; font-weight: bold; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">Senator David Norris:</span> </a><a href="http://www.oireachtas.ie/members-hist/default.asp?housetype=1&HouseNum=23&MemberID=1758" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Information on David P.B. Norris" border="0" src="http://debates.oireachtas.ie/images/info.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://debates.oireachtas.ie/seanad/2010/11/25/member1758.asp" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Zoom on David P.B. Norris" border="0" src="http://debates.oireachtas.ie/images/zoom.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N154" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">It is the most relevant issue in this country.</a></div><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N154" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"></a><br />
<div style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 15px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N154" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><span class="speaker" style="color: #990000; font-weight: bold; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">An Cathaoirleach:</span> </a><a href="http://www.oireachtas.ie/members-hist/default.asp?housetype=1&HouseNum=23&MemberID=1991" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Information on Pat Moylan" border="0" src="http://debates.oireachtas.ie/images/info.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://debates.oireachtas.ie/seanad/2010/11/25/member1991.asp" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Zoom on Pat Moylan" border="0" src="http://debates.oireachtas.ie/images/zoom.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N155" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">It may be to a different debate.</a></div><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N155" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"></a><br />
<div style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 15px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N155" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><span class="speaker" style="color: #990000; font-weight: bold; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">Senator David Norris:</span> </a><a href="http://www.oireachtas.ie/members-hist/default.asp?housetype=1&HouseNum=23&MemberID=1758" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Information on David P.B. Norris" border="0" src="http://debates.oireachtas.ie/images/info.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://debates.oireachtas.ie/seanad/2010/11/25/member1758.asp" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Zoom on David P.B. Norris" border="0" src="http://debates.oireachtas.ie/images/zoom.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N156" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">I will outline how relevant it is. Mr. Mohammed El-Erian, director of Pimco, which has $1.35 trillion in assets on its books and advises bondholders, said if——</a></div><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N156" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"></a><br />
<div style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 15px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N156" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><span class="speaker" style="color: #990000; font-weight: bold; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">An Cathaoirleach:</span> </a><a href="http://www.oireachtas.ie/members-hist/default.asp?housetype=1&HouseNum=23&MemberID=1991" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Information on Pat Moylan" border="0" src="http://debates.oireachtas.ie/images/info.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://debates.oireachtas.ie/seanad/2010/11/25/member1991.asp" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Zoom on Pat Moylan" border="0" src="http://debates.oireachtas.ie/images/zoom.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N157" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">We are sticking to the debate. There may be another forum to discuss that matter.</a></div><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N157" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"></a><br />
<div style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 15px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N157" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><span class="speaker" style="color: #990000; font-weight: bold; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">Senator David Norris:</span> </a><a href="http://www.oireachtas.ie/members-hist/default.asp?housetype=1&HouseNum=23&MemberID=1758" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Information on David P.B. Norris" border="0" src="http://debates.oireachtas.ie/images/info.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://debates.oireachtas.ie/seanad/2010/11/25/member1758.asp" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Zoom on David P.B. Norris" border="0" src="http://debates.oireachtas.ie/images/zoom.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N158" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">I do not accept the Chair’s ruling because I have indicated that I am talking about renewable energy. I have given a definition of “money” as including renewable energy. I have defined my terms clearly. The Chair is trying to frustrate me. He is trying to protect the Government and I think that is wrong.</a></div><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N158" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"></a><br />
<div style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 15px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N158" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><span class="speaker" style="color: #990000; font-weight: bold; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">An Cathaoirleach:</span> </a><a href="http://www.oireachtas.ie/members-hist/default.asp?housetype=1&HouseNum=23&MemberID=1991" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Information on Pat Moylan" border="0" src="http://debates.oireachtas.ie/images/info.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://debates.oireachtas.ie/seanad/2010/11/25/member1991.asp" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Zoom on Pat Moylan" border="0" src="http://debates.oireachtas.ie/images/zoom.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N159" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">I am not trying to frustrate the Senator and will not allow him to continue in this vein.</a></div><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N159" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"></a><br />
<div style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 15px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N159" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><span class="speaker" style="color: #990000; font-weight: bold; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">Senator David Norris:</span> </a><a href="http://www.oireachtas.ie/members-hist/default.asp?housetype=1&HouseNum=23&MemberID=1758" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Information on David P.B. Norris" border="0" src="http://debates.oireachtas.ie/images/info.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://debates.oireachtas.ie/seanad/2010/11/25/member1758.asp" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Zoom on David P.B. Norris" border="0" src="http://debates.oireachtas.ie/images/zoom.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N160" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">For what reason?</a></div><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N160" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"></a><br />
<div style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 15px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N160" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><span class="speaker" style="color: #990000; font-weight: bold; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">An Cathaoirleach:</span> </a><a href="http://www.oireachtas.ie/members-hist/default.asp?housetype=1&HouseNum=23&MemberID=1991" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Information on Pat Moylan" border="0" src="http://debates.oireachtas.ie/images/info.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://debates.oireachtas.ie/seanad/2010/11/25/member1991.asp" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Zoom on Pat Moylan" border="0" src="http://debates.oireachtas.ie/images/zoom.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N161" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">It is not relevant to the debate. The business was ordered.</a></div><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N161" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"></a><br />
<div style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 15px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N161" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><span class="speaker" style="color: #990000; font-weight: bold; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><span class="column" style="color: blue; font-size: 8pt; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">[1023]</span>Senator David Norris:</span> </a><a href="http://www.oireachtas.ie/members-hist/default.asp?housetype=1&HouseNum=23&MemberID=1758" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Information on David P.B. Norris" border="0" src="http://debates.oireachtas.ie/images/info.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://debates.oireachtas.ie/seanad/2010/11/25/member1758.asp" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Zoom on David P.B. Norris" border="0" src="http://debates.oireachtas.ie/images/zoom.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N162" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">It is completely relevant. We are talking about energy. I am talking about the most vital form of energy for this country and calling on the Minister to ensure the Government makes it very clear that the bondholders will be included and that they will be forced to accept their share in terms of assets. It is perfectly legitimate for me to do this.</a></div><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N162" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"></a><br />
<div style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 15px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N162" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><span class="speaker" style="color: #990000; font-weight: bold; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">An Cathaoirleach:</span> </a><a href="http://www.oireachtas.ie/members-hist/default.asp?housetype=1&HouseNum=23&MemberID=1991" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Information on Pat Moylan" border="0" src="http://debates.oireachtas.ie/images/info.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://debates.oireachtas.ie/seanad/2010/11/25/member1991.asp" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Zoom on Pat Moylan" border="0" src="http://debates.oireachtas.ie/images/zoom.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N163" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">We are not going down that road. I expect the Senator to respect the Chair. As a long-standing Member of the House——</a></div><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N163" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"></a><br />
<div style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 15px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N163" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><span class="speaker" style="color: #990000; font-weight: bold; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">Senator David Norris:</span> </a><a href="http://www.oireachtas.ie/members-hist/default.asp?housetype=1&HouseNum=23&MemberID=1758" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Information on David P.B. Norris" border="0" src="http://debates.oireachtas.ie/images/info.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://debates.oireachtas.ie/seanad/2010/11/25/member1758.asp" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Zoom on David P.B. Norris" border="0" src="http://debates.oireachtas.ie/images/zoom.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N164" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">One Swiss bondholder owns 40% of the bonds and will get millions of euro from us.</a></div><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N164" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"></a><br />
<div style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 15px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N164" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><span class="speaker" style="color: #990000; font-weight: bold; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">An Cathaoirleach:</span> </a><a href="http://www.oireachtas.ie/members-hist/default.asp?housetype=1&HouseNum=23&MemberID=1991" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Information on Pat Moylan" border="0" src="http://debates.oireachtas.ie/images/info.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://debates.oireachtas.ie/seanad/2010/11/25/member1991.asp" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Zoom on Pat Moylan" border="0" src="http://debates.oireachtas.ie/images/zoom.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N165" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">I am suspending the sitting for five minutes.</a></div><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N165" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"></a><br />
<div style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 15px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N165" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"></a><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N166" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><i style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">Sitting suspended at 1.40 p.m. and resumed at 1.45 p.m.</i></a></div><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N166" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"></a><br />
<div style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 15px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N166" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><span class="speaker" style="color: #990000; font-weight: bold; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">An Cathaoirleach:</span> </a><a href="http://www.oireachtas.ie/members-hist/default.asp?housetype=1&HouseNum=23&MemberID=1991" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Information on Pat Moylan" border="0" src="http://debates.oireachtas.ie/images/info.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://debates.oireachtas.ie/seanad/2010/11/25/member1991.asp" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Zoom on Pat Moylan" border="0" src="http://debates.oireachtas.ie/images/zoom.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N167" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">Senator Norris has five minutes left.</a></div><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N167" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"></a><br />
<div style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 15px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N167" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><span class="speaker" style="color: #990000; font-weight: bold; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">Senator David Norris:</span> </a><a href="http://www.oireachtas.ie/members-hist/default.asp?housetype=1&HouseNum=23&MemberID=1758" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Information on David P.B. Norris" border="0" src="http://debates.oireachtas.ie/images/info.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://debates.oireachtas.ie/seanad/2010/11/25/member1758.asp" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Zoom on David P.B. Norris" border="0" src="http://debates.oireachtas.ie/images/zoom.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N168" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">I thank the Cathaoirleach. I would like to make it clear that I did not mean any disrespect to this House, the Cathaoirleach or the Minister. I believed I was pursuing a perfectly logical course of action. The Chair has restricted me on this and, therefore, I will not pursue the matter at this stage. I was at that stage the last speaker and was not keeping anyone else out. I will continue my research in this area and will seek another opportunity when I will ventilate this matter fully because it is in the interests of the people, but I am happy now to yield to my colleague who I now understand wishes to speak.</a></div><div style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 15px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><a href="http://debates.oireachtas.ie/seanad/2010/11/25/00005.asp">http://debates.oireachtas.ie/seanad/2010/11/25/00005.asp</a></div><div style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 15px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><span class="Apple-style-span" style="background-color: white;"><br />
</span></div><div style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 15px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><span class="Apple-style-span" style="background-color: blue;">===============================================================</span></div><div style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 15px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><span class="Apple-style-span" style="background-color: blue;"><br />
</span></div><span class="Apple-style-span" style="background-color: blue; font-family: Arial, Helvetica, sans-serif; font-size: 14px;">Seanad Éireann Debate <br style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /><i style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">Vol. 206 No. 4</i></span><br />
<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><span class="Apple-style-span" style="background-color: blue; font-size: 15px;"><i>7 December 2010</i></span></span><br />
<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><span class="Apple-style-span" style="font-size: 15px;"><i><br />
</i></span></span><br />
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<div style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 15px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N42" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><span class="speaker" style="color: #990000; font-weight: bold; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">Senator David Norris:</span> </a><a href="http://www.oireachtas.ie/members-hist/default.asp?housetype=1&HouseNum=23&MemberID=1758" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Information on David P.B. Norris" border="0" src="http://debates.oireachtas.ie/images/info.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://debates.oireachtas.ie/seanad/2010/12/07/member1758.asp" style="color: #0033cc; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline; vertical-align: baseline;"><img alt="Zoom on David P.B. Norris" border="0" src="http://debates.oireachtas.ie/images/zoom.gif" style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;" /></a> <a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N43" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">With regard to the bank guarantee, I share my colleagues’ concern. I voted against the guarantee. I also asked several pertinent questions. I asked about the exact amount of the guarantee, which was some €440 billion. Then I asked the Minister and his advisers our gross national product for the previous year. They did not know and had to go out and make a telephone call. Is that not extraordinary? When they came back, it turned out that our gross national product for that year was less than half what we were to guarantee. It was quite extraordinary and one of the principal reasons I voted against it. I am concerned that, not only in this Parliament but across Europe, politicians are playing their own narrow sectional, national and partisan games. There is no doubt the German Chancellor, Angela Merkel, is making a mistake when she sets her face against the development of euro bonds. This is the weapon about which I was talking last week that might help to rescue the situation and she opposes it for perfectly sound national electoral reasons. If the euro is to survive, there is an inevitability that centrifugal forces will drive it towards such centralisation. If it does not, the euro will fracture.</a></div><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N43" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"></a><br />
<div style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 15px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N43" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"></a><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N44" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">I believe we are entitled to know various matters about the bank guarantee. Recently I tried to put some bondholders’ names on the record but the Cathaoirleach stopped me. I will now try to do so again and, subsequently, will be looking for the Cathaoirleach to explain why he stopped me. Will the Leader confirm that one of the bondholders is Goldman Sachs? This company has been described as a vampire squid on the face of the public purse and we are entitled to know if it is one of the bondholders. Money has been taken from the people referred to by Senator MacSharry who have had to switch off their electricity supply and live in squalor, fear and the cold to pay these big financial institutions which have gambled. It is wrong, unethical and unjust. We need to know to whom we are giving the money.</a></div><div style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 15px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><a href="http://www.blogger.com/post-edit.g?blogID=7243077358634696230&postID=7156078804360261769" name="N44" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"></a><a href="http://debates.oireachtas.ie/seanad/2010/12/07/00004.asp">http://debates.oireachtas.ie/seanad/2010/12/07/00004.asp</a></div><span class="Apple-style-span" style="background-color: blue;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;"></span></span><br />
<div style="-webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; margin-bottom: 15px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><span class="Apple-style-span" style="background-color: blue;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;"><br />
</span></span></div><span class="Apple-style-span" style="background-color: blue;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif; font-size: 15px;"><span class="Apple-style-span" style="color: white;">==================================================================</span></span></span><br />
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<span class="Apple-style-span" style="background-color: blue; font-family: Arial, Helvetica, sans-serif; font-size: 15px;"><span class="Apple-style-span" style="color: white;">Two other articles that have been hotly discussed in the last few days are:</span></span><br />
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<span class="Apple-style-span" style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 15px;"><span class="Apple-style-span" style="color: #242424; font-family: Ubuntu; font-size: 14px; line-height: 21px;"></span></span><br />
<h1 class="title" style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #d15b00; font-family: Georgia, serif; font-size: 2em; font: normal normal normal 28px/1.2em 'Open Sans', arial, serif; margin-bottom: 15px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">Who bankrupted Ireland? - Golem XIV, Nov. 2010</h1><span class="Apple-style-span" style="background-color: white; line-height: 21px;"></span><br />
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font: normal normal normal 14px/1.5em Ubuntu; margin-bottom: 1.2em; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-shadow: white 0px 1px 1px; vertical-align: baseline;"><span class="Apple-style-span" style="line-height: 21px;"><span class="Apple-style-span" style="background-color: #20124d; color: white; font-family: Verdana, sans-serif; font-size: large;">Now across Europe the great blame game will rumble back into play. Our banks, your banks, their banks, or is it your feckless householders or ours, certainly can’t be theirs, they’re still doing well in Germany. Expect lots more national stereotypes to be wheeled out for ritual defamation.</span></span></div><div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font: normal normal normal 14px/1.5em Ubuntu; margin-bottom: 1.2em; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-shadow: white 0px 1px 1px; vertical-align: baseline;"><span class="Apple-style-span" style="line-height: 21px;"><span class="Apple-style-span" style="background-color: #20124d; color: white; font-family: Verdana, sans-serif; font-size: large;">So let’s ask who it was took a dump in Ireland?.....</span></span></div><span class="Apple-style-span" style="background-color: #20124d; font-family: Arial, Helvetica, sans-serif; font-size: 15px;"><span class="Apple-style-span" style="color: #242424; font-family: Ubuntu; font-size: 14px; line-height: 21px;"></span></span><br />
<div><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif; font-size: 15px;"><span class="Apple-style-span" style="color: #242424; font-family: Ubuntu; font-size: 14px; line-height: 21px;"><a href="http://www.golemxiv.co.uk/2010/11/who-bankrupted-ireland/" style="background-color: #20124d;">http://www.golemxiv.co.uk/2010/11/who-bankrupted-ireland/</a></span></span></div><div><span class="Apple-style-span" style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 15px;"><span class="Apple-style-span" style="color: #242424; font-family: Ubuntu; font-size: 14px; line-height: 21px;"><br />
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<span class="Apple-style-span" style="background-color: white; color: #333333; font-family: Tahoma, Arial, Helvetica, sans-serif; font-size: 12px; line-height: 14px;">Central Bank governor Patrick Honohan’s report on the financial collapse of the banking sector was presented to Minister for Finance Brian Lenihan last Monday.<br />
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Lenihan read it then, and told his cabinet colleagues about it on Tuesday. The report is to be considered this Tuesday by the cabinet - or at least by those cabinet ministers who have decided not to go off on an unearned holiday.<br />
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When the cabinet ministers who are around have decided how to ‘‘spin’’ the report, it will be published - but only then.</span><span class="Apple-style-span" style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 15px;"><span class="Apple-style-span" style="color: #242424; font-family: Ubuntu; font-size: 14px; line-height: 21px;"></span></span><br />
<div>.......</div><span class="Apple-style-span" style="background-color: white; color: #333333; font-family: Tahoma, Arial, Helvetica, sans-serif; font-size: 12px; line-height: 14px;">...the forum (ie, the Dáil) which, theoretically, is expected to enforce accountability on the executive arm of government has been bullied by the executive arm of government into remaining entirely silent on one of the most pressing issues of our time, precisely when a report on the government’s culpability for the crisis comes into the public domain.<br />
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And the sovereign people are denied knowledge of the report until the government has its spin sorted out. This is called democracy, I think. </span><br />
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<span class="Apple-style-span" style="background-color: white; color: #333333; font-family: Tahoma, Arial, Helvetica, sans-serif; font-size: 12px; line-height: 14px;"><a href="http://www.sbpost.ie/commentandanalysis/as-honohans-report-emerges-the-dail-is-gagged-49654.html">http://www.sbpost.ie/commentandanalysis/as-honohans-report-emerges-the-dail-is-gagged-49654.html</a></span><br />
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</span></div>Whistleblower IRLhttp://www.blogger.com/profile/17567226722898760654noreply@blogger.comtag:blogger.com,1999:blog-7243077358634696230.post-26077050410560207702011-08-18T14:28:00.000-07:002011-08-18T14:28:04.747-07:00Some news from across the pond:<div dir="ltr" style="text-align: left;" trbidi="on"><span class="Apple-style-span" style="background-color: #351c75; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; line-height: 18px;"><a href="http://www.rollingstone.com/politics/news/is-the-sec-covering-up-wall-street-crimes-20110817" rel="nofollow"><span class="Apple-style-span" style="color: red; font-size: x-large;">Is the SEC Covering Up Wall Street Crimes? - Rolling Stone magazine</span></a><br />
</span><span class="Apple-style-span" style="background-color: #351c75; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; line-height: 18px;"><span class="Apple-style-span" style="color: white;"><i>"A whistle-blower claims that over the past two decades, the agency has destroyed records of thousands of investigations, whitewashing the files of some of the nation's worst financial criminals."</i></span></span><br />
<span class="Apple-style-span" style="background-color: #351c75; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; line-height: 18px;"><span class="Apple-style-span" style="color: white;"><i> </i></span></span><a href="http://www.rollingstone.com/politics/news/is-the-sec-covering-up-wall-street-crimes-20110817">http://www.rollingstone.com/politics/news/is-the-sec-covering-up-wall-street-crimes-20110817</a><span class="Apple-style-span" style="background-color: #351c75; color: white; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; line-height: 18px;"><i> </i></span><br />
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<span class="Apple-style-span" style="color: white;">I suppose there is some hope in the fact that US authorities have the stamina and courage to investigate such allegations against the august Secuirites & Exchange Commission. The article sates that "<i>As a federally protected whistle-blower, Flynn is not permitted to speak to the press.</i>" This is quite different to my own situation where I am threatened by the Central Bank of Ireland with criminal proceedings if I proceed to inform them of what they allegedly do not know.</span><br />
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<a href="http://whistleblowerirl.blogspot.com/" rel="nofollow" style="color: white; text-decoration: none;">WhistleblowerIRL</a><br />
<span class="Apple-style-span" style="color: white;">UniCredit Bank Ireland's EX Risk Manager</span></span><br />
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</div>Whistleblower IRLhttp://www.blogger.com/profile/17567226722898760654noreply@blogger.com