ANGLO’S STRATEGY WAS NEVER ABOUT DEBT RECOVERY

Anglo appears to be slowly leaking information into the media that the recovery on the Quinn loans is vastly under their expectations. 

Why doesn’t the Bank make this information publicly available, rather leak it out through the media, the public have a right to know? 

1.       What has been recovered to date?

2.       How much has been spent on professional fees in the Quinn legal cases and restructuring of companies?, and,

3.       How much does the actual recovery compare to their expected recovery, at the time of the Anglo convert takeover of the Quinn companies?

4.       Who will be held accountable for the Quinn strategy, now that Dukes, Aynsley & Woodhouse has been fired?

From information that has been leaked to media, we know that at the time of the Anglo covert takeover, the then Chairman of Anglo, Mr Alan Dukes said he projected to recover about half of the €2.8bn, to date, over 3 years on, according to the latest media reports, in Sunday Times, on the 8^th of June, they have only recovered €35.4m, that equates to only 1.3% of the €2.8bn.  This has to be definitive proof that the Anglo’s strategy has ultimately failed and cost taxpayers dearly. 

Even worse is the mistruths the Banks former management told the Joint Committee on Finance, Public Expenditure and Reform, on 31 October 2012, the then CEO of the corrupt Bank, Mr Mike Aynsely stated:

“In terms of co-operation, I do not have a figure to hand but I will revert to the committee with that information. It is fair to say that we have a very good record generally in our dealings with clients who work consensually with us.  That consensual approach is core to the way we operate and has consistently proven more effective at producing higher returns than would be achieved by way of adversarial approach to customers. It also helps to avoid litigation. As I said earlier, we will do everything we can to avoid litigation because of the sheer cost. A consensual approach is conducive to achieving the highest possible return to the taxpayer, which must always be our focus.”

Lies and more lies, by the corrupt Bank.  They never sought to work with the Quinn family, instead, Aynsley & Dukes embarked on strategy that has caused untold destruction to the Quinn companies, mass job losses and zero possibility of recovery.  The only people of benefited from the Anglo scheme are its professional advisers.

Below is Anglo presentation from May 2011, detailing how they will recover €1,070m.  To date they have recovered just €35.4. Who will be held to account for this?  and was the Anglo strategy ever about debt recovery or just a front to cover up what really went on?