Taken from http://www.thestory.ie

Prime Time Investigates did a special into the banking and lending industry in Ireland the other night, and highlighted previously undisclosed 100% fast track loans given to politicians, including former Finance Minister Charle McCreevy.

Nothing of the programme was really surprising, but it did add extra details to the dealings of Michael Fingleton, a man with a coloured history, as I blogged about back in April.

Part of the reasons none of the details were the surprising is because there is prior form. Irish Nationwide have been giving special loans to special people for a very long time. If you cast your mind back to the Mespil Homes deal in the early 1990s, you see the same pattern.

So who else did Irish Nationwide (Michael Fingleton being one in the same, as Primetime demonstrated) provide loans for? Let’s look again at Mespil, as I blogged back in April:

The current editor of the Irish Times, Geraldine Kennedy, then a reporter, wrote a story in May 1993 that Michael Fingleton got a mortgage from Irish Nationwide, the society he was managing director of, towards the purchase of a 1-bedroom flat in the Mespil Estate. In all, Mr Fingleton bought four apartments. with one mortgaged from the society.

But Mr Fingleton was not the only one to buy apartments in the estate, and not the only one t Prime Time Investigates o get a mortgage from Irish Nationwide. Solicitor Andrew O’Rourke bought two apartments in trust for two daughters of then Fianna Fail taoiseach Albert Reynolds, Emer and Leonie.

100% mortgages were advanced to 51 customers to buy 93 apartments. These included the then Attorney General Harry Whelehan, broadcaster Marian Finucane, AIB’s Anthony Spollen, former publican Dessie Hynes and the then Comptroller and Auditor General Patrick McDonnell.

Of course Mr Fingleton had not declared the purchased of the apartment, as he was obliged to do under the Building Societies Act. He later corrected the record. The following year, further details emerged. Central Bank filings in 1994 showed that seven loans totalling £342,000 were made to people and a company connected with society chairman Peter O’Connor. Five loans totalling £163,000 were made to people connected to director John Murphy.

Four loans with a total value of £125,500 were made to people connected to Mr Fingleton, including the £110,000 loan to himself. Three loans were advanced to Peter O’Connor, son of the chairman. Mr Fingleton’s brother also took out loans.

As long ago as 1994, Mr Fingleton’s salary, then an enormous £249,000 a year, was questioned by shareholders.

In 1999, Mr Fingleton was threatened with imprisonment by a High Court judge over the employment and treatment of a branch manager in Cavan town.

All very interesting. But how does it relate back to our current questions?

Fast forward to 2000, and the Flood Tribunal is in full swing. On April 19, 2000, Frank Dunlop stopped stonewalling and after reflecting overnight, said he had participated in wholescale corruption. I myself was at the Flood Tribunal that day.

Someone else was giving evidence that day though, Michael Fingleton.

Sounds familiar doesn’t it? In 2000 Mark Keenan wrote an analysis of the Mespil deal for the Sunday Tribune. He looked at it from the angle of the tenants of the apartments, elderly people who had their rented homes essentially sold from under their feet. But let’s look at it again in light of the Primetime programme.

100% mortgages in 1993? I can’t imagine this being very common practice. Also look at the profiles of the people who not only got 100% mortgages, but also got the apartments at apparent knockdown prices, courtesy of New City Estates via Irish Life. Let’s take another, closer, look. And please remember, at the time the State had a 30% stake in Irish Life.

In Apil 1992 The Irish Times reported that Irish Life was considering selling one of the 12 Mespil Apartment blocks.

“Irish Life is to sell one of the 12 apartment blocks at the Mespil Estate beside the Burlington Hotel in Dublin 4, and is to decide later this year whether to put more of the complex up for sale. There are 299 apartments rented out to tenants in Mespil, the largest privately-owned rental complex in the country.

If Irish Life eventually decides to sell the entire complex, it will represent the most important residential property disposal in Dublin for many years, on account of the number of units involved and their prime Dublin 4 location.”

The following year, in March 1993, The Irish Times reported:

“The company which bought one of the apartment blocks in the Mespil Estate in Dublin 4 from Irish Life last year is putting the 16 apartments in it up for sale individually next week – the first time that flats in the complex have gone on sale publicly.

Up until last year, Mespil was owned by Irish Life, which rented out the 299 apartments to tenants. Irish Life sold the entire complex last autum to a group of investors.

Only one of the 12 apartment blocks was sold by Irish Life with full vacant possession. This block, located nearted the Burlington Hotel at the front of the seven-acre complex, was bought by Maypole Properties, which has since been upgrading the 16 flats in it for eventual sale.

Jill O’Neill in selling agents Sherry FitzGerald, says the eight one-bedroom units, with floor areas ranging from 445 square feet to 480 square feet, will cost from £52,500. There will be four two-bedroom apartments, each with approximately 550 square feet of accommodation and costing from £64,500. There are also four three-bedroom units, with floor areas of about 685 square feet and costing from £74,500.”

In May 1993 it turned out that First National Building Society funded the purchase by New City Estates of the apartment block. But it’s then managing director, Joe Treacy, bought six of the apartments from New City Estates once they went on the open market. 50 of the investors received mortgages from the First National, but Mr Treacy did not use a First National loan, instead using Ulster Bank.

By May 8, 1993, Geraldine Kennedy wrote a story detailing who exactly had benefitted from the Mespil/New City Estates deal.

“The Minister for Finance, Mr Ahern, is being asked to investigate the circumstances in which the 299 flats in the Mespil Estate in Dublin 4 were sold privately by Irish Life Assurance plc to a group of investors which includes a number of well-known persons in political, legal and business circles.

Two of the Taoiseach’s daughters, Emer and Leoinie; the Attorney-General Mr Harry Whelehan; the former managing-director of the First National Building Society, Mr Joe Treacy; and the managing-director of the Irish Nationwide Building Society, Mr Michael Fingleton were part of a private consortium of “in excess of 20 individual investors” put together by New City Estates, the property management company, to buy the apartments for £8.5 million, an average of £28,000 each, last December. Some of them already listed in the Registry of Deeds as the new owners of flats in the Mespil Estate.”

The then managing director of New City Estates, which owned 600 properties in Dublin, was Michael Holland. Mr Holland’s business partner was Brendan Gilmore, who was financial adviser to Tony O’Reilly.

Harry Whelehan bought two apartments in two different blocks. Patrick MacEntee and Kevin Haugh, both barristers, bought two apartments each. Joseph McGettigan, a barrister, and Ian Candy a magistrate in Hong Kong, bought an apartment each. Louis Copeland, the tailor, Marian Finucane, the broadcaster, and Jim Milton of Murray Consultants also bought an apartment each.

Brendan Gilmore and Michael Holland, along with their associate, former deputy editor of the Sunday Business Post, James Morrissey also bought a number of apartments. Dessie Hynes, owner of Hynes’s pub in Rathgar bought a whole floor (five apartments) through a company called ODOM Ltd and the Comptroller and Auditor General, Patrick L McDonnell, bought an apartment.

Let’s publish the list of buyers: “The several Indentures of Lease dated 9th December 1992 made between Irish Life Assurance Public Limited Company 1st part, Copse [Management) Limited 2nd part Copse [name of block] Management Limited 3rd part and the Lessees named hereunder, 4th part.)”

BEECH HOUSE

Apt No Lessee

81 ODOM Limited

62 Same

63 Same

85 Same

66 Joseph & Elizabeth Stanley

87 Same

88 Same

89 Same

90 Same

91 Martin Callaghan & Patrick Freeley

92 John O’Donovan

93 John Hannon

94 Frederick and Heather Jackson

95 John O’Oonovan

96 Copse Ltd (In Trust)

97 Same

90 Same

99 Same

100 Same

CEDAR HOUSE

Api No Lessee

101 Brian Dolan

102 Frank Holland

103 Margaret Grace

104 John Kavanagh and Loma Kavanagh

105 Patrick McMeyler

106 John McCann

107 Barry Cahill

108 John Holland

109 Loraine Cahill

110 Kathriana Cahlll

111 Kevin Kelly

112 Patrick and Elizabelh O’Shea

113 Same

114 Same

115 Patrick & Elizabeth O’Shea

116 Ann M Gilmore

117 Joe M. Treacy

110 Same

119 Same

120 Same

CHERRY HOUSE

Apt No Lessee

1 Dalmatian Investments Ltd

2 Brendan Gilmore

3 MichaeI Mooney

4 Michael Holland

5

6

7 Storage/Laundry

8

9

10 Michael Holland

11 Brendan Gilmore

12 Dalmatian Investments Ltd

13 Same

14 Brendan Gilmore

15 Dalmatian Investments

16 Michael Holland

17 Brendan Gilmore

18 Michael Holland

19 Dalmatian Investments

20 Michael Holland

21 Same

22 Same

23 Same

24 Same

25 Brendan Gilmore

26 Same

27 Same

28 Same

29 Same

30 Michael Mooney

31 Michael Mooney

32 Same

33 Same

34 Same

35 Same

36 Same

37 Same

38 Same

39 Dalmatian investments Ltd

40 Same

41 Same

42 Same

43 Same

44 Same

45 Same

46 Same

47 Same

48 Same

49 Same

50 Brendan Gilmore

51 Same

52 Same

53 Same

54 Same

55 Same

56 Same

57 Same

58 Same

59 Same

60 Michael Holland

61 Same

62 Same

63 Same

64 Same

65 Same

66 Same

67 Same

68 Same

69 Same

ELM HOUSE

Apt No Lessee

1 Dermot O’Rourke (in Trust)

2 John and Patricia Lowe

3 Harold Whelehan

4 Jim & Carmel Milton

5 James and Heather Morissey

6 Anthony and Georgina Spollen

7 Robert Walsh

8 Anne O’Neill

9 Brendan Boushel (in Trust)

10 Robert Waish

11 Sean O’Grady

12 Adrian Burke

13 Eugene Spollen

14 Same

15 Same

16 Same

17 Same

18 Same

19 Same

20 Same

21 Same

22 Same

23 Same

24 Same

25 Michael Holland, Blayney Rice and Dermot O’Rourke

26 Same

27 Same

28 Same

29 Same

30 Same

31 Anthony & Georgina Spollan

32 Same

33 Same

34 James and Heather Morrissey

35 Same

36 Same

FIR HOUSE

Apt No Lessee

1 Maypole Enterprises Ltd

2 Same

3 Same

4 Same

5 Same

6 Same

7 Same

8 Same

9 Con & Paul Gilmore

10 Same

11 Same

12 Same

13 Maypole Enterprises Ltd

14 Same

15 Same

16 Same

ILEX HOUSE

Apt No Lessee

17 Josephine and Rose Gavigan

18 James Cahill

19 Same

20 Gerard Farrelly & John MeDermolt

21 Barbara Mahony

22 Imelda Hayes

23 Margaret Behan

24 Brendan Cassidy

25 Thomas J. G. Thunder

26 Same

27 Same

28 Gerard Farrelly & John McDermott

29 Thompson and Patricia Butler

30 Joseph and Bridie Corcoran

31 Brandan and Bridie Cooney

32 Rebecca Sherling

MAPEL HOUSE

Apt No Lessee

33 Edward Hayes

34 Brendan Smith & Joseph O’Leary

35 A.D. Madden

36 Trestive Ltd

37 John Clohisey

38 Trestive Ltd

39 Ian & Maire Candy

40 John Clohisey

41 Patrick McArdle

42 James J. Flynn

43 John Clohisey

44 Finbarr Cahill

45 Same

46 Trestive Ltd

47 Hugh McGivern

48 Ciara Hynes

MESPIL LODGE

Apt No Lessee

1 Michael Mooney

2 Same

3 Ann M. Gilmore

4 Michael Holland

OAK HOUSE

Apt No Lessee

49 Maurice Heelan

50 Same

51 Same

52 Same

53 Joseph McGettigan

54 Dalmatian Investments

55 Michael Mooney

56 Copse Ltd (in Trust)

57 Patrick MacEntee

59 Kevin Haugh

59 Patrick MacEntee

60 Kevin Haugh

61 James Morrissey (in Trust)

62 James Morrisaey (in Trust)

53 James Morrisaey (in Trust)

64 Michael Holland

ROWAN HOUSE

Apt No Lessee

1 Patrick Staunton and Catherine Fagan

2 John and Margaret Coughlan

3 Same

4 Marie McMahon

5 Anthony and Rita Dunne

6 Same

7 Same

8 Same

9 John Kelly

10 John Lowe

11 Michael Holland

12 Meriel J. Heather

13 Brian and Maura Dolan

14 Meriel J. Heather

15 James Cahill

16 Chrisloptier Foxton

17 Linda Scales (in Trust)

18 Linda Scales (in Trust)

19 Linda Scales (in Trust)

20 Linda Scales (in Trust)

21 Linda Scales (in Trust)

22 Linda Scales (in Trust)

23 Linda Scales (in Trust)

24 Linda Scales (in Trust)

25 Con and Paul Gilmore

26 Same

27 Maypole Enterprises Ltd

28 Same

29 Same

30 Same

31 Same

32 Same

33 Michael Dawson

34 Brian Gaffney

35 Gerard Dooley

36 Hugh Davey

37 Kevin Blake

38 Derrick M. Cronnelly

39 Francis Larkin

40 J Francis Wade

41 John Flood and Niall Eyre

42 Joan Taaffe and Gerard Kelly

43 Philip and Rita Morrissey

44 Helen Morrissey

45 Liam Lally

46 Clare Healy

47 Mary Thornton

48 Harold Whelehan

49 Joe M. Treacy

50 Same

51 Brendan and Ann Gilmore in trust for Suzanna Gilmore

52 Same in trust for Jennifer Gilmore

53 Same in trust for Suzanna Gilmore

54 Same in trust for Jennifer Gilmore

55 Anthony O’Shea

56 Ciara O’Shea

SYCAMORE HOUSE:

Apt No Lessee

121 John McCann & Oliver Coughlan

122 Anthony Hynes, Grainne Hynes

123 Eimear Conway

124 Noel Daly

125 Anthony Walsh

126 Patrick J. Daly

127 Mark McMonagle

123 Patrick J Daly

129 Briege Dobbin

130 Patrick J. Daly

131 Declan Carolan

132 James Carolan and Liam Carolan

133 Same

134 Fiona Carolan

135 Liam Carolan

136 Philip McMahon

137 Patrick L. McDonnell and Monica McDonnell

138 Louis Copeland

139 Marian Finucane

140 Sean Wood

WILLOW HOUSE

Apt No Lessee

65 Anthony and Grainne Hynes

66 Shannon and Elaine Gilboume

67 Geraldine O’Reilly

68 Tom and Roni Mannix

69 John Reid

70 Same

71 Same

72 Same

73 Michael Fingleton

74 Same

75 Same

76 Same

77 Andrew O’Rorke (in Trust)

78 Same (in Trust)

79 Same (in Trust)

60 Same (in Trust)

On May 14, 1993, The Irish Times further reported that Irish Nationwide managing director Michael Fingleton got one mortgage from his own society to buy a 1-bedroom apartment at the Mespil Estate. He also bought 3 other apartments. First National are said to have advanced the mortgages in the other cases, including in many cases 100% mortgages, to 51 customers to buy 93 apartments. Around the same time First National and Irish Life were merging.

The following day it emerged that Mr Fingleton did not register the mortgage of £110,000 which he received from Irish Nationwide, with the Central Bank, as he was obliged to do under the Building Societies Act 1989.

In 2000, it emerged that Mr Fingleton had taken out loans totalling £1.25m from Irish Nationwide, the largest of which was a loan for £757,750 taken out in March 1999. Other executives at Irish Nationwide also took out a variey of loans, as did Mr Fingleton’s brother.

It is immensely beneficial to both the State and its citizens that names of politicians who took loans – some with minimal paperwork – from Mr Fingleton have emerged.

However, the fact loans were advanced to Fianna Fail politicians, Charlie McCreevy, Francie O’Brien, Sean McCarthy and Don Lydon, in the manner detailed by Prime Time Investigates does not come as much surprise.

 comment

Of course not everybody knows that it’s who you know and who you are gets you into the golden circle

The Dail is full of corruption and it’s no surprise that the corrupt Bast**** in the Banks have the self interest politicians in their pockets  

If we ever get a public enquire into the collapse of the Irish Banks we will have proof of the criminal and treacherous dealings of our top politicians along with the Directors of the same banks

That’s why we will not see any meaningful investigation into this whole sordid affair

With the total control of the national airwaves one must be on ones guard and not allow oneself to be lead up the garden path

With us all now concentrating of the public enquire theme into the banks, I just wonder is there something else we should be watching out for

Never the less we all know that the current ruling elite are in it up to their necks and the longer they stay in power the longer they have to cover their tracks  

Owing or investing in shares in Ireland or indeed participating in the Irish stock market is just plain stupid as the whole system is rigged and the big banks are the ones controlling everything

If you are in with the golden circle, you can never lose.

What a scam!

We will have our day soon !