Call for European Anti-fraud Office Investigation into Anglo-Irish Bank

ButlerReport Publisher, Evin Daly, today sent an open letter to Franz-Hermann Brüner, the Director of the European anti-Fraud Office. The letter calls for the immediate opening of an investigation into the case of alleged fraud in Anglo-Irish Bank plc.

Anglo Irish has been beset by accusations of gross misconduct by directors, shareholders and clients alike. Disturbing indications of collaboration with other Irish financial institutions, namely Irish Life and Permanent and Irish Nationwide, are being reviewed in the light of reported financial deposits timed to enhance the banks balance sheet.

Because of the relative small and close-knit banking and political community in Ireland, Mr. Daly urges that outside oversight is called for to ensure impartiality in prosecution and the pursuit and dispensing of justice. "To ensure fairness for the all involved particularly the tax-paying public who have bailed out this bank, it's time for Irish banking - in this case Anglo-Irish - to be subject to European federal investigation and financial regulation," Daly said.

Daly explained that too often Irish business closes ranks in a case like this and it gets referred to a tribunal. A tribunal implies impartiality. Mr. Daly argues that impartiality is impossible with Anglo-Irish due to the involvement of business leaders, banking directors, shareholders, other financial institutions and the Irish government. "Outside intervention is not only necessary it is obligatory, it is the only responsible action," Mr. Daly added.

The letter addresses the concerns about Anglo-Irish and requests intervention by the European anti-fraud office (OLAF). Copies were sent to the European Union proper, delivered care of the EU Ombudsman P. Nikiforos Diamandouros, the Irish Government, and to each member of the European Parliament.

You can see the letter here or below. References and links to articles pertaining to the investigation are listed at the bottom of the page.

Mr. Daly is the President of Gold Coast Media Inc., the owner of this publication, ButlerReport.com, which along with other titles is based in Pompano Beach, Florida. Mr. Daly is a former Sligo and Dublin resident and visits Ireland frequently. Contact: edaly@goldcoastmedia.net

Reference

Open letter to the European anti-fraud Office: http://www.butlerreport.com/News/Open%20Letter%20F.pdf

1. Anglo Irish Bank loses 2 executives in loan scandal: Sean FitzPatrick and David Drumm

http://www.iht.com/articles/2008/12/19/business/19irish.php

2. Regulator investigates €300m loans by Anglo to buy its shares

http://www.irishtimes.com/newspaper/frontpage/2009/0216/1233867939020.html

3. Regulator denies it knew of Anglo Irish share deal

http://www.iht.com/articles/reuters/2009/02/15/business/OUKBS-UK-IRELAND-BANKS-REGULATOR-DENIES.php

4. Irish Life & Permanent executives resign over Anglo Irish support

http://www.baltimoresun.com/business/sns-ap-eu-ireland-accounts-scandal,0,6460999.story

5. Anglo-Irish FitzPatrick was lent tens of millions in foreign currency by Irish Nationwide

http://www.irishtimes.com/newspaper/frontpage/2009/0217/1224241280219.html