David Malone: Kasino Irland – Irish regulator had teeth “removed along with his balls a long time ago”


From David Malone, author of The Debt GenerationIreland was Germany’s off-shore tart:

The best way to think of Ireland is as German’s off-shore tax haven banking centre with one significant feature – it was within the Euro zone.  Every country has one.  The UK has many. Germany needed one and Ireland was happy to oblige.  Thus it suited Germany as much as it did Ireland. It was a partnership.Of course Ireland made itself everyone’s honey. But I think it is fair to say that of her many customers she had a special relationship with Germany…

The fact that this arrangement/partnership has fallen apart in acrimony doesn’t alter the fact that when the money was flowing the Germany banks, German bankers and all the politicians were every happy with what was going on in their Irish subsidiary. Ireland does not owe Germany an apology…

In fact I think Ireland should be asking Germany some hard questions over the sometimes abusive relationship German banks have had, and some still have, with Ireland.  See here for how WestLB after it collapsed created an SPV called Phoenix, as a means for parking/dumping €23 billion of toxic ‘assets’ in Ireland.   This, it seems to me, is the Toxic Debt Wasteland I wrote about, becoming real…

Ireland and Luxembourg are banking competitors.  But Luxembourg is not English speaking, is slower and worst of all has a regulator who occasionally regulates. The Luxembourg regulator has all his own teeth. Ireland’s had his removed along with his balls a long time ago...

For those of you whose German is better than mine you will enjoy this German television (ZDF) expose of German Banking in Ireland and Depfa/HRE in particular.  Apart for revealing interviews with senior people in the German banking world, it also contains a brief interview with David McWilliams who famously referred to the fact that the German bankers behaved in Ireland “like men in a brothel” – with the blind eye of the Irish Financial Regulator seeing no evil. WhistleblowerIRL’s roller coaster experience as UniCredit Ireland’s risk manager  illustrates the extent of the Irish regulator’s incompetence and/or criminality, and refusal to actually enforce regulations.

You can find more on Ireland’s regulatory cess pit and WhistleblowerIRL’s story in  Why Bank Regulation is a Joke, and Who Bankrupted Ireland.  For more the details of WhistleblowerIRL’s very much ongoing story see his blog here

Do read more

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This entry was posted in Accountability, Bankers' Bailout, Budget, ECB/IMF, Economy, Elections, EU, Geopolitics, Housing Bubble, ireland and tagged , , , , , , , , , . Bookmark the permalink.

One Response to David Malone: Kasino Irland – Irish regulator had teeth “removed along with his balls a long time ago”

  1. Pingback: Germany owns Europe: during boom bankers went out way to get dirty, needed to go abroad to (Vanity Fair/Michael Lewis) | rebel-alliance.org

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