by Shane Ross
Ballsbridge developments 114
Jurys hotel 163
Ballymore Properties 119, 122
bank credit ratings 254, 255, 262
bank debt guarantees 1, 3, 81, 89, 186–7, 193–200, 202, 203
Northern Rock 172, 186
bank loans
AIB 84, 125, 165, 262, 263
Anglo Irish Bank 4, 41–2, 48–9, 57, 59, 125, 200–2, 261, 264
Bank of Ireland 84, 125, 165, 264
mortgage war 140–1 see also mortgages
NAMA and 242–6, 260–1
property loans and the banking crisis 84–92, 143–4, 162, 165, 261
Sean FitzPatrick and 4, 41–2, 48–9, 57, 200–2
sub-prime 83, 171–2
Bank of America 181
Bank of England 71, 172
Bank of Ireland 3, 27–32
29/30 September 2008 shares 198
2008 banking crisis 86, 174, 190–8
2008 share losses 212
2009 shares 230–1, 251, 255, 266
approach from Sean FitzPatrick 184
bank loans 84, 125, 165, 264
BIAM investment arm 152, 153, 189
Boucher and 228–30
Burrows and 222, 223, 240–1
chief economists 148–50
Davy Stockbrokers and 46, 146, 147
directors on board of Central Bank 71
DIRT scam 24, 30–1
Fianna Fáil and 133
Fine Gael and 133
formation 7
Goggin and 187–90
headquarters building 27, 164, 188
IBEC and 135
Irish Civil Service Building Society purchase 16
Lenihan’s appointment of Walsh and Considine 207, 258
Molloy and 257–8
mortgage war 140, 141
overcharging offences 70
Russell Murphy and 28–9
salaries and executive packages 210, 223
sale of branches 164
sale of HQ 164
in the 1970s 20
Société Générale and 148
state aid following nationalization of Anglo 220–2
Tony Ryan and 29–30
Bank of Ireland Asset Management (BIAM) 152, 153, 189
Bank of Nova Scotia 8
Bank of Scotland 110, 139–40
(Ireland) 141–4, 197, 263–4
bank recapitalization 206–8, 221–2, 237–8
Bankcheck 70
bankers’ Code of Ethics 51
bankers’ economists 148–52
bankers’ salaries/bonuses 53, 61, 188, 208–11, 222–3, 231, 234–5, 240–1, 245
Fingleton, when bank guarantee applied to Irish Nationwide 232–3
banking crisis meetings (29/30 September 2008) 190–8
Barrett, Bill 40, 53
Barrett, Sean 107
Barry, Tony 32, 257
Bates, Ken 8–10, 13, 41, 72
BDO Simpson Xavier 188
Bear Stearns 60, 90, 178–9
hedge funds 171–2
Becbay 218
Beggs, John 151–2
Berkeley Court hotel development, Ballsbridge 114, 163
Bernanke, Ben 171
BIAM (Bank of Ireland Asset Management) 152, 153, 189
Bird, Charlie 33, 248
black economy 15–16
see also tax evasion
Blair, Tony 112, 113
Blanchardstown 131
Bolger, Ron 93–4, 95, 96
Bono 121
Bord Snip Nua, An 267
Boucher, Richie 2–3, 228–30, 257, 258
Bovale Developments 119
Bowler, Gillian 184, 223–4, 225, 226–7, 231
Bradford & Bingley 182
Bradshaw, Lar 54, 217, 218
Brady, Rory 115
Breen, Bernard 71
Brennan, Seamus 25, 54, 248
Brennan, Shay 248
Britannia 102
Brooke, Peter 113
Brown, Gordon 113, 197
Browne, Tom 40, 55–6, 57, 61, 211
Bruton, John 20, 21
Bruton, Richard 199–200, 216
Buckley, Michael 182, 234–5
The Builders (F. McDonald and K. Sheridan) 114, 118
building societies 14–16, 17, 93–111
stock-market flotation 17–18
see also specific societies
Building Societies Bill (2006) 110, 231
Bupa (Ireland) 177
Burgess, Brendan 82
Burke, Christy 249
Burke, Mary 91
Burlington Hotel 125, 144, 163
Burns, Terence, Baron Burns 210
Burrows, Richard 209, 223, 229, 240, 257, 258
29/30 September 2008 crisis meetings 190, 194
employment outside Bank of Ireland 28, 135
political support 133
recapitalization 222
salary 208, 209, 210, 240–1
Burton, Joan 200, 229
Bush, George 180, 181
Butler, Peter 4
Byrne, Adrian 72, 73–4
Byrne, Gay 29
Byrne, Thomas 102
C&C Group 151
Caffrey, Mary 99–100, 101
Cairnduff, Maureen 74
Callaghan, John 50
Campus Stadium Ireland project 118
capital acquisitions tax 123
capital allowances 124
capital gains tax 15, 123
CapVest 96
car park tax incentives 124, 125, 128, 129
Cardiff, Kevin 191, 224–5, 259
Carey, Brian 128
Carey, Sarah 99
Carroll, Donal 28, 71
Carroll, Liam 144, 262–6, 270
Carswell, Simon 10
Casey, Denis 173, 184, 202–3, 209, 223–5, 226–7
2008 dinner with the regulators 3
Casey, Michael 2, 88–9
Cassidy, Donie 117, 202
Cassoni, Tino 35
Cayman offshore trusts 72, 73, 74
CB Richard Ellis 156, 164, 165
Central Bank 69–71, 136, 162
Bates and 8–9
cross-directorships 71, 92
Financial Stability Reports 84–5
Irish Financial Services Regulatory Authority see Financial Regulator
McErlean and 65, 68
Liam O’Reilly and 65, 66, 76–7
and reform of the regulator 75–6
as regulator and protector of banks 65, 70–5
Traynor’s Ansbacher accounts and 72–5
CFDs (Contracts for Difference) 177–8
Chase Manhattan 7–8
Chastelain, John de 113
Chelsea Football Club 8
Cherrywood 144
Chesterton Finance 142
chief economists 148–52
estate agents’ 156–7
Childers, Nessa 249
Christina O yacht 114
Citibank 7–8
City of Dublin Bank 37–8
Citygroup 172
Citywest Hotel 119
Clarence Hotel, Dublin 121
Clegg family 42–3
Clegg, John 42–4, 47
Coleman, Marc 160
Colley, George 10, 12, 73, 74
Collier, Declan 207, 239, 258
Colliers CRE 165
Collins, Liam 23–4, 64
Collins, Stephen 189
Comiskey, Brendan 189
Commission on Taxation report 268
Comptroller & Auditor General 80
Concern aid agency 106
Considine, Tom 207, 258
construction industry 124, 151, 158, 160
property boom and bubble see property boom
property developers see property developers
tax breaks and 123–32
see also property market/industry; property prices
Construction Industry Federation 160
Contracts for
Difference (CFDs) 177–8
Cooke, Alan 156, 157
Cooper, Matt 160
corporate taxes 123
Coughlan, Mary 214, 268
Cowen, Brian 167–9, 172–3, 202, 214, 253
29/30 September 2008 crisis meetings 191, 193, 196, 197
and the 2009 elections 250
Galway tent 117
Higgins and 247
Mulryan and 122
review of tax incentives 126–7, 132
stamp duty 170–1, 173
Craig Gardner 36
credit crunch 83, 89, 110, 122, 171, 172
credit rating 214, 243, 252–5
Rabobank 262
CRH 32, 145, 257
Crichton, Alec 28
Croke Park 108
Crowley, Des 228
Crowley, Laurence 28, 51, 133–4, 257
Crowley, Niall 23, 26
Cullen, Gary 189
Culliton, Jim 26
Cunningham, Ted 142
Curran, Richard 158–9, 170
Future Shock: Property Crash 158–61
Daly, Frank 4, 219, 258
Daniels, Eric 210
Darling, Alistair 172, 196–7
Davy Stockbrokers 46, 87, 146, 147–8
DCC 32, 220
DDDA (Dublin Docklands Development Authority) 54, 125–6, 218
de Chastelain, John 113
Deposit Interest Retention Tax (DIRT) 17, 23, 30–1
bank scam 23–4
Desmond, Barry 138
Desmond, Dermot 45–6, 104, 108, 193
Boucher and 229
Dillon & Waldron 45
Haughey and 45–6
NCB 45
opposition to NAMA 242
Sean FitzPatrick and 55
Devlin, Liam St John 71
Dilger, David 135
Dillon & Waldron 45
DIRT see Deposit Interest Retention Tax
Doherty, Colm 238–9
Donnellan, Martin 104
Douglas Newman Good 157, 166
Douglas, Roy 17, 18, 19, 24, 25–6
Dowling, Patrick 24, 25
Doyle, David 183, 191, 259
Doyle family 163
Doyle Group 163
Doyle, P. V. 163
Drumm, David 4, 57–62, 184, 208–9, 210, 218
29/30 September 2008 194, 196
voice messages to the author 275–6
Drury, Fintan 55
Drury Sports management 55
DTZ Sherry FitzGerald 164
Dublin by-elections (2009) 247–8, 249
Dublin Docklands Development Authority (DDDA) 54, 125–6, 218
Dudgeon Stockbrokers 46
Duffy, David 160
Duffy, Joe: Liveline 186
Duffy, Mark 49, 142–3, 227
Dukes, Alan 21, 219, 258, 269
Dunne, Ben 108
Dunne, John 91–2
Dunne, Sean 108, 113–15, 118, 163, 205
Boucher and 230
Dunnes Stores 131
Dunphy, Eamon 90, 104, 217, 261
EBS Building Society 3, 15, 84, 93–104, 109–10, 264
100 per cent mortgage 141
and the 2008 banking crisis 194
and Fianna Fáil’s The Nation 119
Haven Mortgages subsidiary 102
IBEC and 135
McGovern and 93, 94–5, 98, 99, 100, 101, 211
ECB (European Central Bank) 190, 254, 261
Economic and Social Research Institute 128, 160
Economist magazine 161, 168
economists
bankers’ 148–52
in Department of Finance 259
estate agents’ 156–7
independent 160, 161, 267–8
economy
2009 emergency Budget and NAMA 241–6
Anglo Irish Bank and 260
bankers’ economists and 150
black economy 15–16 see also tax evasion
Cowen and 167–9, 170, 172–3
credit crunch 83, 89, 110, 122, 171, 172
credit rating 214, 243, 252–5
and the euro 75, 149, 253
Fianna Fáil’s tilting by tax breaks 123–32
Ireland’s ignoring of world economy
problems 171–2
NAMA and 242–6, 260–1, 264, 265–6
politics and 167–71
property crash and 171 see also property
slump/crash
property loans and the banking crisis 84–92, 143–4, 162
US 158, 179–80, 181, 193
Edge, The 121
Egan, Dermot 21–2
Equity Bank 49
Ernst & Young 59, 91, 201, 204, 219, 245
estate agents 153–7, 165
euro 75, 149, 253
European Central Bank 190, 254, 261
European credit ratings 252–3
European parliamentary elections (2009) 247, 249, 250
European Union 254, 266
Faldor 24
scandal 24–6
Fannie Mae 90, 179–80
Fanning, Aengus 235
Farrell, Edmund, Jnr 15, 17–19
Farrell, Edmund, Snr 14–15
Farrell, Jim 2, 259
Farrell, Pat 4–5, 135–6
Faughnan, Conor 189
Fianna Fáil
bankers and 112, 133–4, 135–6
Cowen and 167–9, 170
Dublin by-elections (2009) 247, 249, 250
Fingleton and 105–6
Galway tent 114–17
Gowran Park fund-raiser 190
and the K Club 119–23
and NAMA 269, 271–2
The Nation 119
and property developers 73, 112, 114–32
tax breaks 123–32
Fidelity Investments 48
Financial Regulator
29/30 September 2008 194
2005 inspections 80
AIB and 66–9, 78
Anglo Irish Bank and 77, 87–8, 92, 175, 177
ban of short selling of financial shares (2008) 186
Bates and 9
handling of banking crisis 83–92
formation of 75–9
McErlean and 66–9
Neary and 79–83, 84, 87–92
Liam O’Reilly and 65, 66
Patterson’s retirement dinner with banking elite 1–5
‘principles-based approach’ 79–80, 84, 92
Financial Services Authority (UK) 71, 81, 89
Financial Times, Lex column 179
Fine Gael 132, 170, 197–8, 199–200, 269
Dublin by-elections (2009) 248, 249
Fingleton, Michael 94–5, 122, 202–3, 227
30 September 2008 194
Irish Nationwide and 3, 104–11, 182, 231–4
Fingleton, Michael Jr 81
Finlay, Bill 28
Finnan, Emer 99, 103
Finnegan, Marian 156–7
Finneran, Michael 87
Finucane, Marian 204, 205
First Active 49–50, 140, 141
First Maryland Bancorp 20
First National Building Society 15, 109
Fitch credit ratings agency 183, 243
FitzGerald, Garret 21, 22, 134, 259, 269
FitzGerald, John 128
FitzGerald, Mark 157
FitzPatrick, Johanna (Sean’s mother) 34, 35
FitzPatrick, Joyce 34
FitzPatrick, Michael (Sean’s father) 34, 35
Fitzpatrick, Peter 17, 18, 19, 226
FitzPatrick, Sean 34–63, 72, 122, 202–5, 210, 245, 257
29/30 September 2008 190, 194, 196
1990s acquisitions 47–8
Anglo Irish Bank and 38–45, 46–51, 52–63, 91, 122–3, 175, 183–4, 200–2, 208, 215
bank loans 4, 41–2, 48–9, 57
Seamus Brennan’s view 54
business style 40–1
Clegg and 42–4
Code of Ethics 51
c
ross-directorships 54–5, 218
as debt collector 38–9
Dublin Docklands Development Authority and 54
early accountancy profession 36–8
First Active and 49–50
golf 51
ICC Bank and 49
ISTC and 121
Little Anglo and 38
Mulryan and 122
presidency of Irish Banking Federation 50
purchase of stockbrokers 46–7
resignation from Anglo 62–3, 91, 208
upbringing 34–6
Flavin, Jim 32, 56, 220
Fleming, John 265
Flood Tribunal 115
Flynn, Pádraig 120, 131, 163
Flynn, Phil 138–9, 142–3
Forfás 268
Four Seasons Hotel, Ballsbridge 125, 126
Freddie Mac 90, 179–80
French, Arthur 108
Froggatt, Sir Peter 26
Furze, John 26
Future Shock: Property Crash 158–61
GAA (Gaelic Athletic Association) 108
Gallagher Group 11
Gallagher, Matt 10
Gallagher, Patrick 8, 10–12, 13
Gallagher, Paul 192, 193
Galway Clinic 125
Galway Races, Fianna Fáil fund-raising tent 114–17
Gannon, Gerry 120, 122, 164
Gantly, David 226
Gilmartin, Tom 131
Gilmore, Eamon 198
Gleeson, Dermot 27, 126, 134, 173–4, 222
29/30 September 2008 crisis meetings 190, 192–4
2009 227, 235, 237, 238, 239–40
salary 210, 235
Goan, Cathal 186
Goggin, Brian 3, 84, 133, 149, 187–90, 202–3, 209
29/30 September 2008 crisis meetings 190, 194
departure from Bank of Ireland 223
and recapitalization 206, 207, 222
salary 210, 222–3
Sheehy compared with 235–6, 237
Golden Circle 120–1, 178, 245, 251
Goldman Sachs 110, 172
golf 51, 71, 107, 122–3
see also K Club
Goodbody Economic Consultants report 127, 129–30, 132
Goodbody Stockbrokers 46, 68–9, 146, 147, 148
Goodman, Larry 107
Goodwin, Sir Fred 197
Gormley, John 195, 202
GPA (Guinness Peat Aviation) 17–18
Garret FitzGerald and GPA shares 134
Grace, John 20
Grafton 145
Green Party 249, 269
Green Property Company 131
Greencore 54
Gregory, Tony 249
Guinness & Mahon Bank 72, 73, 74
Gunne family 165
Gunne, Pat 165, 166
Gunne Residential 165
Hain, Peter 113
Halifax 141–2
Hamilton Osborne King (HOK) 165
Hanafin, Mary 195
Harcourt Developments 144
Hardiman, Adrian 106
Hardwicke development company 134
Harney, Mary 75–6
Hassett, Padraig 108
Haughey, Charles J.
Ansbacher scam and Haughey’s circle 72, 73
Desmond and 45–6
Egan and 21–2
Moore and 12–14
Patrick Gallagher and 10, 11
