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Ireland: a unique country where conflicts of interest are a thing of the past?

March 11, 2012 by namawinelake

“And now let’s have a word from the Adder Party candidate, Mr. S. Baldrick, who so far has not commented on his policies in this campaign, but with him is his election agent, Mr. E.  Blackadder. And now it’s time, I think, for a result, and tension is running very high here. Mr. Blackadder assures me that this will be the first honest vote ever in a rotten borough. And I think we all hope for a result which reflects the real needs of the constituency. And behind me…yes, I can just see the Returning Officer moving to the front of the platform. Er, the Acting Returning Officer, Mr. E. Blackadder, of course. And we’re all very grateful, indeed, that he stepped in at the last minute,  when the previous Returning Officer accidently brutally stabbed himself in the stomach while shaving. And now, finally, a word with the man who is at the centre of this bye-  election mystery: the voter himself. And his name is Mr. E. Bla–  Mr. Blackadder, *you* are the only voter in this rotten borough…?” Fictional conflict of interest demonstrating what happens when the election agent is the same as the returning officer is the same as the voter, an excerpt from Blackadder III

The above comical look at British politics in the 19th century is laughable to us today; the era that gave us “rotten boroughs” has faded away into history and we now expect a separation between a election candidate, the election structure and the constituency. But conflicts of interest are part-and-parcel of daily life – does not the teacher adopt a more sympathetic approach to the child of a friend or neighbour that attends their class, does not An Garda turn a blind eye to a minor infraction to another member of the force and does not the nurse give favourable treatment to a member of their own family. Such conflicts are unavoidable and it is accepted they exist in a minor way in everyday local life.

But what about national conflicts of interest?

 

Here’s the governor of the Central Bank of Ireland, Professor Patrick Honohan, a widely regarded man who must be the only boss in Irelandwho earns less than his deputy after Patrick volunteered a pay-cut and his deputy, Matthew Elderfield didn’t. Professor Patrick came to national public prominence in November 2010 when he announced to the nation that a deal with the IMF was imminent, an announcement he says was to prevent damaging speculative withdrawals of cash from our banking system but the Government was not happy, privately claiming his announcement undermined negotiations. And since then, the Governor has faced occasional questioning about his loyalties. He told an RTE radio programme that other than his role in voting on ECB interest rates every month, when his national loyalty is subordinated to supranational loyalty to the entire €10tn GDP, 300m population EuroZone, other than this, his loyalty is to the national cause. Which if correct is great news for Ireland because An Taoiseach Enda Kenny seems to be saying that Professor Honohan is leading Ireland’s negotiations with the ECB over the future of the promissory notes at IBRC. Taoiseach Kenny is reported to have said on Friday last that he has “every faith”in the Governor in his attempts to agree a deal with the ECB which will see the net present value of the cost of the promissory notes reduced. Except what does Professor Honohan do if ECB president Mario Draghi says “your primary duty is to the safeguarding of price stability in the EuroZone and any reduction in the cost of the promissory notes will constitute a permanent national increase in money supply, which in the interests of solidarity with the EuroZone cannot be tolerated”?

 

Blackstone, reputedly the largest asset management company in the world was revealed in February 2012 to be employed on a retention agreement basis to advise IBRC – the 100% state-owned entity formed from the merger of Anglo and Irish Nationwide Building Society. There is speculation that Blackstone is being paid €500,000 per month for its advisory services, focussed on the what to do with Anglo’s significant legacy loanbook – no wonder An Taoseach Enda Kenny and Minister for Finance, Michael Noonan held a private meeting with the Blackstone boss, Steve Schwarzman on 8th November 2011, but it is being denied that the retention agreement was in any way discussed at that meeting. But in itself, there’s nothing of any consequence in the relationship. Except it has now been confirmed by An Taoiseach that Blackstone may be bidding for Anglo’s legacy loanbook! Or to express it another way, a company to whom we pay substantial sums to examine Anglo’s loanbook may bid to buy said loanbook! No seriously!

 

Then there is the recent case of NAMA and Treasury Holdings, there is an Irish company which has recently played a major part in the fortunes of the Dublin-based property development company. It emerged in court affidavits in February 2012 that NAMA had engaged PwC to advise the Agency on two investment proposals which Treasury brought to NAMA hoping that either would help the group to survive. PwC looked over the proposals which were ultimately deemed by NAMA to be unacceptable; presumably PwC was of the same opinion. And following NAMA’s rejection of the plans, receivers were appointed to Treasury’s assets and one of the receivers was…..PwC! No seriously. So a company which had a hand in assessing an investment proposal was also the company which benefited from the rejection of those proposals!

 

Again speaking of Treasury Holdings, for many years the law firm engaged by Treasury was one of Dublin’s finest, McCann Fitzgerald, and indeed in court affidavits last month, it emerged that it was McCann Fitzgerald which had advised Treasury on its so-called “standstill agreement” with NAMA on 11th January 2012 – according to the Treasury managing director John Bruder in part two of his affidavit “on receipt of the initial demands on 11 January 2012, Treasury briefed McCann Fitzgerald and McCann Fitzgerald wrote to NAMA seeking a “standstill agreement” McCann Fitzgerald’s letter offering terms required a reply by 1.30pm on Wednesday 11 January 2012” . Again so far, so good. But on 3rd January, 2012 NAMA appointed four law firms to a panel which provides general legal advice to the Agency and one of those four firms was …. McCann Fitzgerald.

 

And lastly we have the hawkish NAMA chairman, Frank Daly who was appointed to the high profile chairmanship NAMA role in December 2009 and who has since boosted his profile in Irish public life as he has promoted and defended the Agency. NAMA is independent of State control and it is partly on that basis that its debt is kept off the national debt and the Agency is allowed operate under European Commission competition rules. Again so far, so good. But last Wednesday Frank was appointed to another role, the advisory board which reports to the Minister for Finance, Michael Noonan on the subject of ….. NAMA! So on one hand, Frank is the chairman of NAMA an organisation independent of government and on the other hand he is a member of a body which is accountable to the Minister for Finance! Frank has full access to information, including confidential information, in NAMA and should his views conflict with the NAMA board, then he can always go and have a whine to the NAMA advisory board which will get the ear of the Minister.

Everyday local minor conflicts of interest are inevitable in life, but why do we accept on a national basis, situations such as those described above which have the potential to undermine the objectives of state-owned companies. There is no suggestion of any malfeasance by the companies and individuals above, and in general companies claim that they put so-called Chinese Walls in place when there is a potential conflict of interest. How do individuals handle these conflicts of interest? Difficult to say, judging by the Irish Times photograph of Frank Daly below, maybe they change their hair or attire! But is Ireland so small and the rewards on offer so minute that the same organisations and individuals time-and-again crop up in different roles which have the potential for conflicts of interest? To many, these situations are as comical as the out-and-out 19th century political corruption lampooned in Blackadder.

 

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Posted in Banks, Developers, IMF, Irish economy, NAMA, Politics | 28 Comments

28 Responses

  1. on March 11, 2012 at 10:32 am Keith Graham

    I see Enda has voted full confidence in the Guv’r on the PN negotiations. Enda (despite his cultivated appearances to the contrary) is no fool and has learnt from Brian Lenihan’s experience. If the Guv’r wants to precipitate national policy as he did when the IMF were trundled by force of threat from the ECB, Enda is rightly letting him know he can take responsibility for it this time. Or, to put it more bluntly, Enda sees no write down on the PN in the short-term, and he’s happy to dump the blame on the Guvn’r at the end of March.


  2. on March 11, 2012 at 10:59 am John O'Mahony

    Good material here for some Dáil questions.


  3. on March 11, 2012 at 11:15 am Joseph Ryan

    @NWL
    The golden circles have lost none of their shine in recent years.
    Plus la change!


  4. on March 11, 2012 at 11:19 am who_shot_the_tiger

    With his fixation on WAGs’ knickers, it’s appropriate that Frank finally morphed into Lucinda Creighton.


  5. on March 11, 2012 at 2:08 pm Mike Hall

    And I think Irish citizens should also reflect on a mainstream media that fails to inform them adequately (if at all) of such blatent potential conflicts of interest. Even now, after all that has happened.

    Without NWL’s tireless work here we’d all be ill informed.

    Time for fundamental change, citizen led. An excellent proposition has been developed here:

    http://www.2nd-republic.ie/site/


    • on March 11, 2012 at 3:20 pm sf ca writer

      Nice site Mike. I will be checking often.
      There has been a trend in discussion lately about the need to involve everyone.
      Too much economist/politician only dialogue has blinded Ireland to so much. Some other perspectives here.http://wp.me/28tG9,


  6. on March 11, 2012 at 3:38 pm John Gallaher

    And recently GS was selected….closing the gap………now the largest holders/owners here are also the founders/owners of Treasury Holdings.

    “Treasury Holdings Real Estate Pte Ltd, as Trustee Manager of Treasury China Trust (“TCT”) is pleased to announce that Goldman Sachs has been appointed as Financial Advisor to the listed vehicle to undertake a strategic review and make recommendations as to opportunities available to close the current gap between net asset value per unit and the trading price of the listed units.”
    http://ir.treasurychinatrust.com/phoenix.zhtml?c=237568&p=irol-news&nyo=1

    “In Ireland, I saw that Goldman Sachs was one of the first organisations that Minister for Finance, Michael Noonan met when he got his feet under the desk of his new ministry last March 2011. And Goldman Sachs have been retained by other state agencies as revealed in this Parliamentary Question in July 2011 (see below). The appointment to NAMA’s panel may raise some eyebrows.”
    https://namawinelake.wordpress.com/2012/01/14/the-vampire-squid-goldman-sachs-selected-by-nama-to-advise-on-loan-sales/

    Linked,a fun little recent presentation from ‘The Dream Team’,fun that is if you are not holding/owning any of underwater securities.

    Click to access 5677Q_-2011-10-20.pdf


  7. on March 11, 2012 at 5:00 pm Georg R. Baumann

    Just one word NWL

    EXCELLENT!


  8. on March 11, 2012 at 6:28 pm sfcawriter

    2 years ago I was saying this on the subject, using a then famous mis-spelling.
    wstt agreed, lots of others too.

    “1. The taxpayer was hurried into a deal so complex, evevn the experts cannot get their heads around it. That is unreasonable.
    2. Nama requires a denial, in the existence of the potential for corruption, that is so unreasonable as to be rediculous.”

    That’s a long time ago. nothing has changed, in fact the worst case scenario of complete exposure to corruption is officially documented, and my spelling is worse.


  9. on March 11, 2012 at 7:48 pm Robert Browne

    So journalist Laura Noonan, who came in for trenchant and withering critcism from Professor Karl Whelan UCD was right. Basically, we are being told reduce the cost of your PS and welfare before you come back to us with this one Paddy!


    • on March 11, 2012 at 8:19 pm namawinelake

      @Robert, I think whatever criticism came from Karl related to claims about the effect of non-payment of the Anglo promissory notes, I don’t think Laura was satisfied she had a full right of reply, but that’s water under the bridge.

      Do you have a link for the claim on PS bill and welfare as precursor to promissory note deal?


      • on March 12, 2012 at 12:13 pm Ahura M

        “Do you have a link for the claim on PS bill and welfare as precursor to promissory note deal?”

        VB last thursday, Stephen Donnelly refers to this. Don’t know if he’s putting his own spin on it. But what he says, in this regard (other things he bangs on about I don’t agree with), makes sense.

        Anyway, 26 mins in – http://www.tv3.ie/3player/show/41/46208/1/


  10. on March 11, 2012 at 8:48 pm who_shot_the_tiger

    Slightly off topic, but it’s not just in the conflict of interest area that Ireland is a unique country. We also have unique judges – or more possibly just plain “loony”. In any other country they would be removed from the bench.

    Presumably under instructions emanating from our new masters in Europe, who need to make an example of those who don’t pay their taxes, “Judge” Martin Nolan last week sentenced some unfortunate fruit importer to six years for scamming the Revenue Commissioners when the importer described cloves of garlic as apples (The former incurs a higher duty).

    The sentence seems totally in keeping with Nolan’s (he’s unworthy of the title of Judge) utterly inconsistent sentencing policies relating to dangerous drunken driving relating in death.

    Case 1:
    http://www.irishexaminer.com/breakingnews/ireland/man-jailed-for-three-years-for-dangerous-driving-causing-death-511514.html

    Case 2:
    http://www.irishtimes.com/newspaper/ireland/2011/1207/1224308683781.html

    Another incompetent elevated to a position beyond his ability.


  11. on March 11, 2012 at 9:19 pm john gallaher

    @WSTT the sentence did stink,now that you have gone all Crime and Punishment,Belle Haven,besides being the estate for “Gail’s” new adventures,is also famous for a grissly crime.
    http://www.marthamoxley.com/


  12. on March 11, 2012 at 10:30 pm Kieran Sullivan

    Depressing as it sounds, Ireland’s geographic smallness contributes to its everlasting problems.

    The conflicts of interest highlighted above are inevitable results of this smallness, and they in turn become causes of yet more problems.

    Plus ca change indeed.


  13. on March 11, 2012 at 10:36 pm Sporthog

    Where was the loyalty of the Governor of the Greek central bank from 1999 to 2008?

    During this time the Greek Govt was cooking the books with the aid of Goldman Sachs, the Greek CB governor must have known something was going on, so did he ever speak out and confide in the ECB board that Greece was a ticking bomb waiting to go off?


  14. on March 12, 2012 at 1:06 am Robert Browne

    @ namawinelake

    From Colm McCarhty’s indo article.

    “Within the ECB, the view remains that alternative avenues are open to the government to improve its finances, among them reductions in public-sector pay and welfare entitlements”

    “The central bank governor Patrick Honohan reportedly wished to have the matter discussed at the ECB’s Thursday meeting in Frankfurt but according to Draghi this did not happen.”

    Probably, because of the above held views.

    http://www.independent.ie/opinion/analysis/colm-mccarthy-ecb-imf-square-up-over-irish-debt-hopes-3046245.html


  15. on March 12, 2012 at 2:04 am Robert Browne

    @ namawinelake

    Draghi once again on he promissory notes.

    http://www.ecb.int/press/pressconf/2012/html/is120308.en.html#qa

    Question: Just another question on the Anglo-Irish Bank promissory notes. Are you expecting that to come before the next Governing Council meeting on 22 March, or thereabouts? Do you think at that stage the Governing Council might be in a position to agree maybe some kind of a temporary measure for the end-of-March payment? Are you optimistic overall that there will be a successful resolution to the promissory notes issue?

    And then secondly, on the issue of the Irish vote, what consequences do you think it will have for Ireland and for the euro zone as a whole if the referendum did fail?

    Draghi: Well, you see, I have no answer to the first question because we are actually looking at this operation right now – the Governing Council and ECB staff are actually examining it.

    On the second question, I don’t even want to think about it – as I said, I gave all the reasons why my confidence is grounded on a good economic and political analysis of the situation, and I just don’t want to think the opposite. I mean, it’s a fundamental piece of our Union now. As I said before, it is one of the pillars of trust.

    Question: Volkswagen has said that it took some money via the LTRO. It has confirmed that they participated in the second LTRO and there have been reports that some other companies with financing arms have taken money. I am just wondering if you could first of all tell us what was the scale of that type of borrowing, and secondly, was it a desired result or was it an unintended consequence? How do you feel about that kind of borrowing?

    Draghi: I don’t really have any reaction to that, but I don’t think they must be awfully relevant. The fact is that there are some companies that have very large treasury positions and have the status that allows them to access these facilities. So they are acting within the law.

    European Central Bank
    Directorate Communications
    Press and Information Division


  16. on March 12, 2012 at 10:54 am Conan Drumm

    But this is the country where the local councillor sits of the board of the local pre-school playgroup and when the manager says they can but their milk cheaper from an out of town wholesaler the councillor says they have to buy it in the local shop (because the councillor buys the shopkeeper’s vote with playgroup money).

    Standards in office legislation actually talks about the need to avoid even the perception of conflicts of interest… people in receipt of public appointments in this country remain wilfully ignorant and assume that the benefits of having an interest are a perk rather than an ethical issue.


  17. on March 12, 2012 at 3:04 pm john gallaher

    Must be useful to NTMA to have a advisory board member like Hugh Cooney.After been involved with the Arnotts/Anglo disaster he is now once again in the thick of things with Siteserv.Probably,best if he skips a few NTMA meetings,to avoid any suggestions or appearance of conflicts involving Anglo/NTMA/Irish Taxpayer.
    At least he has ‘real’ world experience, unfortunately,for the Irish Taxpayer a few of them so far did not work out very well.

    http://www.ntma.ie/AboutUs/governance.php

    “He has been the Chairman of Enterprise Ireland since November 2008. He serves as Chairperson of the Trustees of Arnotts Pension Fund. He has been Non-Executive Chairman of Siteserv Plc since October 24, 2006 and serves as its Director. He has been a Director of ARYZTA AG since December 1, 2011. He has been a Director of Arnotts Ltd. (also known as Arnotts Plc) since September 12, 2004. ”

    http://investing.businessweek.com/research/stocks/people/person.asp?personId=12171019&ticker=SSV:ID&previousCapId=387895&previousTitle=BANK%20OF%20IRELAND


  18. on March 12, 2012 at 3:29 pm Dorothy Jones

    Doesn’t Arthur Cox deserve a mention here also? Representing the Banks [Anglo], advising the Govt, [pre-NAMA] assisting to draft the NAMA legislation and earning vast amounts as advisors to NAMA? Of all the parties, this law firm is surely an entity with most conflict of interest? Chinese wallls……sure!


    • on March 12, 2012 at 3:40 pm namawinelake

      @Dorothy, it seems that there is indeed more than enough material for a “part two” on this subject next weekend!


      • on March 13, 2012 at 10:25 am Kieran Sullivan

        @NML

        Let’s not forget the media angle, where Anton Savage and Terry Prone are an obvious choice.

        These people train politicians how to behave in front of the media … and can then potentially interview and write about these same clients (or their clients’ competitors), without ever divesting a conflict of interest.


  19. on March 12, 2012 at 3:58 pm john gallaher

    Cormac’s crystal ball were a little bit clouded by the fee potential here,to put it mildly.The recent presentation by Treasury for the disastrous Opera CMBS is linked above.It was indeed the ‘first’ and also the last!

    Anglo/NAMA has the ‘B” piece here,Cormac any suggestions,its wiped out clearly,but how about appointing a special servicer,clear breach in LTV.

    “Cormac Kissane, a partner with Arthur Cox, expects this deal to be the first of many in the Irish market. He said, ‘The structure dealt with a number of very complex issues in a novel way. This is the first Irish CMBS transaction and, given the level of activity in the CMBS market across Europe, we expect it to be the first of a number of such deals’.”
    http://www.finance-magazine.com/supplements/deal2006/display_article.php?aid=6405

    But not too much to worry about,Cormac busies himself these days with,wait for it,you simply cant make it up!
    “Member of the team advising the Department of Finance on issues relating to the banking crisis.”
    http://www.arthurcox.com/cormackissane.html


  20. on March 12, 2012 at 10:37 pm who_shot_the_tiger

    Probably one of the biggest conflicts of interest of all rests within NAMA. In Section 10 of the NAMA Act, the Agency is directed to….. deal expeditiously with the assets acquired by it, and protect or otherwise enhance the value of those assets, in the interests of the State. And …. so far as possible, NAMA shall, expeditiously….. obtain the best achievable financial return for the State

    That’s twice in Section 10 of the NAMA Act the word “expeditiously” is used.

    The latest thinking in NAMA is that it should hold on to its assets unless it obtains the price that it paid for them. It’s going to be a long wait.

    But the conflict arises because the wait suits the NAMA snouts at the trough.

    What else would you do for the next 10 years in a recession – even if it is one that NAMA’s own pig-troughery helps perpetuate.


  21. on March 12, 2012 at 11:45 pm john gallaher

    “The Expert Group on Mortgage Arrears and Personal Debt today (6th July 2010) published interim recommendations on measures to assist in dealing with the difficulties created by mortgage arrears. On the publication of the recommendations, the Chairman of the Group, Mr. Hugh Cooney….”

    http://www.finance.gov.ie/viewdoc.asp?DocID=6370

    Cooney was AGAINST debt forgiveness for ordinary mortgage holders… as a Director of Siteserv,Anglo/NTMA should apply his recommendations!

    One of the ‘key ones’ is communication,Cooney will have to skip a few EI piss ups,take a look at the event schedule,mother of god,the Irish Taxpayer is paying for all these.

    Simply,appalling if he attends any more taxpayer paid events overseas,what with Siteserv in play,talk of insolvency,money owed/may not get paid back to Irish Taxpayer.

    No chance,he would be appearing this week at paddys day in DC then a further knees up in Boston,I mean no way !
    Attached,a pic. from last year’s session paid for by guess who !

    Cooney,stay home sort out Siteserv,pay back Anglo/Irish Taxpayer,Kenny really wants more photos with Cooney,while Siteserv is ‘negotiating’ with Anglo… now thats a really good look.

    http://www.advancedinnovationsinc.com/news/?p=497


  22. on March 13, 2012 at 2:53 pm john gallaher

    @NWL apologies,some housekeeping,unintentionally linked an out of date bio. on Cooney.Probably,the few thousand miles but was unaware that he had been asked/forced to resign from Arnotts pension fund.He’s still a director with Siteserv,numerous commentators have suggested a price of 50million bank debts are in 150mil. range.

    Definitively,the most in-appropriate,political appointment to NTMA and Enterprise Ireland one could think off. Absolutely,galling to imagine him packing his bags for another junket to DC and Boston at Irish Taxpayers expense,while Siteserv stiffs the Irish Taxpayer.
    The end of my Cooney ‘rant’ resign your are a bloody disgrace.

    “ANXIOUS staff at Arnotts are seeking a meeting with the company over the management of their pensions in the wake of the move by banks to control the debt-ridden department store.
    Chairman of the trustees of the Arnotts Pension Fund Hugh Cooney will also be asked about what plans the company has to keep meeting pension demands, with the retailer now owing €300 million to banks.

    Workers have voiced concern about much-needed funds which were pumped into a planned €750m shopping and leisure expansion near the Henry Street iconic store, called the Northern Quarter, but which is now stalled. ”
    http://www.irishexaminer.com/ireland/arnotts-staff-seek-talks-on-pension-128198.html

    “Enterprise Ireland boss Hugh Cooney was asked to step aside as chairman of the Arnotts pension fund earlier this month, the Sunday Independent has learned.
    Cooney, who is also a director of Origin Enterprises and Siteserv, was asked to step aside to allow Tom Casey, a US businessman, replace him as chairman “to bring fresh thinking” to the pension fund board, said an Arnotts spokesman. The decision to replace Cooney was made by the Arnotts board, he added.”
    http://www.independent.ie/business/irish/arnotts-board-replaces-cooney-2914351.html

    Linked,an interesting analysis on Siteserv and its management,board.
    http://wexboy.wordpress.com/2012/02/13/siteserv-best-irish-joke/


  23. on March 15, 2012 at 10:00 am gaius

    Last night the government lost a vote at the Finance Committee. The issue seems to be around weather Patrick Honohan should have being called to give evidence to the comittee before or after the promisary note repayment.

    Speaking on the loss of the government vote at the Finance Comittee last night on Morning Ireland this morning Liam Twomey (FG) stated that there was no need for Mr Honohan to appear before the end of March as the central bank has no role in negotiations on the promisary note. This was only down to the government.

    Given the quote from the above post

    “… An Taoiseach Enda Kenny seems to be saying that Professor Honohan is leading Ireland’s negotiations with the ECB over the future of the promissory notes at IBRC.”

    Either there is no conflict of interest, or the government is confused. Wonder which one it is.



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