F.A.O. Matthew Elderfield (personal) and Patrick Honohan

F.A.O. Matthew Elderfield (personal)
and Patrick Honohan


NOTICE FOR PARTICULARS



A Chara,

I am writing on behalf of "Concerned Irish Citizens", a group with a membership in excess of 90,000 citizens. Concerned Irish Citizens (CIC) was founded in 2010 for the purpose of ensuring that the people of Ireland, are fairly represented in the Quinn/Anglo dispute.

I refer to article written by Colette Quinn(attached in separate email). CIC are deeply trouble by much of the content of that article and now seek clarification on a number of crucial questions that Ms. Quinn's article raises.

Ms Quinn states "The contingent guarantees were fully disclosed and treated correctly in the audited accounts of QIL since 2005. Mr Elderfield, however adopted a conflicting stance, and over the course of a three day period, decided that the opinions held for five years, by the auditors, PWC, one of the most eminent accounting firms in Ireland, was wrong. The Regulator essentially decided over this three day period that these companies, worth  448 million euros, were in fact worthlesss to QIL, because of the existence of these guarantees"

Given that your decision to put Quinn Insurance into administration on that fateful day is likely to end up costing the citizens of Ireland billions of euros, CIC now formally request:

a  that you provide full clarification, documentation, legal and professional advice obtained by you prior to making this mammoth decision in such a short space of time.

b  full particulars of your meeting with Ted Kelly, Liberty, which is reported to have taken place early on in the process.

In a letter dated 15th Jan. 2011 to me, you stated in response to a question about your role in the sale of Quinn Insurance,"the decision of whether to effect a sale of its business and on what terms to do so rests with the Joint Administrators, subject to the obersight of the Court". You later stated in the same document "We do no however participate in the making of commercial deisions of either entity"(Quinn Insurance or Anglo).

If what you claim is true, that you did not participate in the making of the decision about the sale of Quinn Insurance, WHY DID YOU MEET ONE OF THE BIDDERS? DID YOU MEET WITH ANY OTHER OF THE BIDDERS AND IN PARTICULAR, DID YOU MEET WITH QUINN REPRESENTATIVES WHO OFFERED A MUCH BETTER DEAL IN TERMS OF MONEY TO BE RECOUPED FOR THE PEOPLE OF IRELAND? WHAT WAS THE PURPOSE OF THAT MEETING BETWEEN YOU AND TED IELLY AND ON WHAT DATE DID IT TAKE PLACE? WHO ELSE WAS PRESENT AT THE MEETING? WHAT WAS THE RELATIONSHIP BETWEEN YOU AND ANY LIBERTY PERSONNEL PRIOR TO THAT MEETING? DID ANY OTHER MEETINGS TAKE PLACE BETWEEN ANGLO OFFICIALS, GOVERNMENT OFFICIALS, CENTRAL BANK OFFICIALS,THE ADMINISTARTORS OF QUINN INSURANCE, OR NTMA OFFICIALS WITH LIBERTY MUTUAL REPRESENTATIVES AND IF SO WHAT WERE THE DATES AND PURPOSE OF THOSE MEETINGS?

MANY BELIEVE THAT  LIBERTY MUTUAL WAS SELECTED AS A BUYER FOR QUINN INSURANCE ALMOST AS SOON AS, IF NOT BEFORE QUINN INSURANCE WAS PUT INTO ADMINISTRATION. CIC NOW FORMALLY REQUEST THAT YOU RESPOND TO THIS ALLEGATION.

FINALLY, AND CRITICALLY, ALAN DUKES IS ON RECORD (CONFIRMATION CAN BE PROVIDED) THAT THE REASON WHY THE QUINN PROPOSAL,(WHICH OFFERED 2.8 BILLION TO THE TAXPAYERS, DESPITE THE FACT THAT 2.3 BILLION OF THAT WAS ADVANCED BY ANGLO ILLEGALLY TO PROP UP THE SHARE PRICE OF THE BANK) AND THE CREATION OF 1800 ADDITIONAL JOBS, WAS NOT GIVEN FAIR AND JUST CONSIDERATION BECAUSE YOU, MATTHEW ELDERFIELD, HAD MADE IT VERY CLEAR THAT YOU WOULD NOT CONSIDER ANYTHING THAT INVOLVED SEAN QUINN.  IS THIS TRUE OR WAS DUKES TELLING A LIE?

CIC now request full particulars and answers to questions before pursuing further action.
I await your response by return,

Patricia Gilheany,

Secretarty,
Concerned Irish Citizens,
Ballinamore,
Co.leitrim.