Anglo Irish shareholders dismayed by loans to directors
Anglo Irish bank, which was recently nationalised by the Irish government, is this evening at the centre of a potentially enormous financial scandal. The bank was on the verge of collapse earlier this week and the Irish government was forced to move in and nationalise the business for the foreseeable future. While the Irish authorities received much praise from the international community there are concerns that taxpayers are bailing out a company which has apparently forwarded a number of secret loans to its directors.
While loans to directors of a company are not illegal they do need to be verified and publicly entered in the company's records. However, it would appear that the figure involves a total of around €179 million of which €84 million is said to have been loaned to one director.
While this would appear very much to be a one-off situation, the Irish government's claim that it is "business as usual" has been very much shot down. It is vital that the scandal is not allowed to fester in the medium to longer term as this will drive down confidence in the overall sector and potentially put serious pressure on the remaining Irish banking community.
Share this..
Related stories
Government sells 6% stake in Lloyds Banking Group
18/09/2013 The government has sold a 6% stake in the Lloyds banking group, raising £3.2 billion, in what George Osbourne, Chancellor of the Exchequer, acclaimed to be an “important step” in plans “to get their money back and fix the economy.” During the banking crisis, the government bailed out the Lloyds banking group, purchasing 38.7% of the group at an average of 73.6p per share....
Read MoreBBA sends MPs finances guide
Britain's MPs are to receive an education in personal finances from the British Bankers' Association (BBA).Packs containing basic information on money matters, including guidance on price comparison websites, have been sent out to politicians.The BBA hopes that this will lead to MPs being better equipped to answer constituents' financial worries in weekly surgeries.Mark Lazarowicz MP, who contribu...
Read MoreOlder people face insurance prejudice, says charity
Many older people who are healthy and want to travel are "frequently shown the door by ageist travel insurers" who will not cover provide them with cover, a spokesperson for the charity Age Concern has said. According to Age Concern, as many as 92 per cent of travel insurance policies impose upper age limits on who they will cover, and up to a third of people report having experienced age discrimi...
Read MoreWhen is the best time to sell your property?
After the recent increase in the average property price in the UK a number of potential sellers will now be looking towards possibly putting their property on the market. But when is the best time to sell your property in the UK? The truth is that without the help of a crystal ball it is impossible to pinpoint the best time to sell your property. While many analysts are moving towards a bullish...
Read MoreGovernment set to push for three month window of opportunity before repossession
The UK government has today announced plans to push through a three-month window of opportunity to allow those at risk of having their homes repossessed the chance to make amends. This is a very important move and one which appears to have the backing of at least one of the major UK banks. It is highly likely that the rest of the banking community will follow suit in order to be seen to be doing "...
Read More