January 31, 2012

Judge Shocked Only 11 Gardai Working On Anglo Case

One of the areas of investigation concerns the EUR451 million loans to the 'Maple 10' customers to buy a 10 per cent stake in Anglo from Seán Quinn (pictured above) to prop up the share price (Photocall)

Irish High Court judge Peter Kelly, who is in charge of the commercial division, expressed his surprise last week that only 11 cops were working on the investigation into fraud at Anglo Irish Bank.

The case is the most-keenly watched to arise from Ireland's economic collapse, as most of the public blame Anglo for a large portion of the country's problems, as it was the bank responsible for the most reckless lending.

Bailing out the bank has cost taxpayers in excess of €30m.

Mr Justice Peter Kelly said the small number of gardaí involved in what is the most serious investigation of this type in the history of the State was extraordinary.

The 11 gardai work with eight investigators from the Office of the Director of Corporate Enforcement, and a senior counsel told the judge the Director was happy with the numbers.

Senior Counsel Paul O'Higgins said it was highly specialized work and assigning more gardaí to the investigation would not necessarily speed it up and a lack of gardai had not led to delays in completing the investigations.

Most of the delays were down to the lack of co-operation from key witnesses.

A decision on whether to bring charges against individuals is now expected within weeks.

The Director of Public Prosecutions is reviewing a previous decision not to prosecute anyone until all five strands of the investigation were complete. Some of the strands are further advanced than others.

The ODCE's investigation into Anglo is focused on five issues: the €451 million loans to the 'Maple 10' customers to buy a 10 per cent stake in Anglo from Seán Quinn to prop up the share price; transactions with directors, including Seán FitzPatrick; the bank's failure to maintain a register of directors' loans; the bank's €8 million loan to former finance director Willie McAteer in September 2008; and whether the bank published false or misleading reports.

In addition to that, The Garda Bureau of Fraud Investigation is examining the back-to-back deposits between Anglo and Irish Life and Permanent which made Anglo look healthier than it was; and the loans to the Maple 10.

There are 15 gardai involved in the fraud office investigations.

Ireland Successfully Tests Bond Market Interest

Ireland dipped its toes back into the international bond markets last week for the first time since 2010, becoming the first country in Europe to avail of a rescue to do so.

The National Treasury Management Agency (NTMA), which handles the national debt, sold just over €3.5 billion worth of three year debt.

The new bonds were offered to investors who held bonds that were due to mature in 2014.

The switch to longer term bonds, not due until 2015, means Ireland has reduced the so called "debt cliff" that if faces in 2013 and that many analysts have said may require a second bailout.

"We are very pleased with the strong take-up of this switch offer. This exercise has demonstrated investor appetite for Irish government paper and will support our plans for a phased re-entry to long-term debt markets," the NTMA said.

Bondholders who availed of the switch - of which in excess of 80 per cent are said to be domestic Irish banks - have cashed in the 2014 bonds at 4.9 per cent and agreed to lend to the Government on 2015 bonds for 5.15 per cent.

It was a win-win for the government and banks - the banks are earning higher interest rates on the bonds, and the government is reducing its debt burden for 2013 at a time when yields on Irish bonds had reduced to about a quarter of what they were last year.

In addition, the banks can now use the government bonds as collateral in seeking more funding from the European Central Bank.

Donal O'Mahony, Global Strategist at Davy said: "The exercise is a very positive surprise for an Irish bond market that has seen no NTMA involvement since September, 2010.

"It reflects the sustained improvement in market sentiment over the past two months, which has lowered bond yields of all maturities into the 5-7% zone from 9-10% previously."

"The €3.529bn exchange of 2014 bonds into a new 2015 issue amounts to 30% of the refinancing needs for that year and is thus a considerable boost to the sovereign's cash management requirements.

"The new 2015 issue is now the obvious vehicle with which to pre-fund the remaining 2014 obligations, as market conditions normalize further during the course of 2012/13."

In other words, the NTMA can be expected to attempt to further reduce the refinancing needs for the year when the bailout is due to end by more of these kind of swaps.

The success on the bond market came at an opportune time for the government, who needed some good news on the same day that the controversial repayment of €1.25m to Anlgo bondholders went ahead.

The government is negotiating to refinance around €30 billion in Anglo promissory notes to spread the burden of repayment over a longer period and reduce the austerity on the Irish public.

Out & About

The premier of 'Parked,' starring Colm Meaney, will kick off this year's Craic Festival

What a week I had as I was all over town and I made a lot of stops on the way including at Eamonn's Bar and Grill, O'Casey's Irish Pub, the Pig'n'Whistles on 48th, 47th and 36th Streets to name a few.

I had a few pints... yes, I did... in all of them and I got to meet Eugene Wilson at the Pig'n'Whistle on 48th Street and the place was rocking; well they were all rocking let me tell you.

I got to meet Ed Fitzmaurice and his lovely wife Roseann in the 36th street location and, as you can imagine, a few cold ones as well and some very nice hor d'oeuvres... how is my French?

I then proceeded down to Tracks in Penn Station hoping to catch one of the boys, either Bruce Caulfield, Pat or Michael O'Brien but nobody was around... Michael must have had a half day; must check that out huh!

Well, talking about owners I missed Des O'Brien as I know this man is all over the place and that is the same with Pat Burke and the man himself Eamonn Maher; maybe they all knew I was on the way. What do you think, huh?

I did see Brendan the manager of the Pig'n'Whistle on 36th Street though.

When you read this on Tuesday it will be just after the Robert Briscoe Awards Reception at the 21 Club that was held on Monday night.

That is always a great night thanks to Siobhan Dennehy, Brian O'Dwyer and the Emerald Isle.

I have to tell you that this week I have never got so many announcements and I am happy about it too as I always want to pass on information about what is happening around town.

The Craic Festival is ready to roll again this year and takes place between March 8 and March 10 at Tribeca Cinemas and the Mercury Lounge.

You can check out the full line-up at thecraicfest.com.

The Saw Doctors will be playing Irving Plaza on Saturday March 10, and Friday March 16 and tickets are now on sale.

The Irish Repertory Theatre (132 West 22nd Street; 212-727-2737) will have a new show on called Beyond the Horizon by Eugene O'Neill.

This production is directed by Ciarán O'Reilly on will run from February 15 - April 8. Tickets are already on sale!

Beyond the Horizon was Eugene O'Neill's first full-length play and won the first of his four Pulitzer prizes.

Set on a farm in Massachusetts at the beginning of the twentieth century, this riveting drama pits brother against brother for the heart of one woman.

Robert Mayo, a romantic young poet is about to embark on the voyage of his dreams.

His brother Andrew is a contented farmer with a passio for the land.

On the eve of Robert's departure, when their neighbor, the beautiful Ruth declares her love for one over the other, the brothers trade lives with heart-breaking consequences.

The farmer goes to sea and the poet tends the land.

It is a powerful, timeless work by America's greatest playwright.

Performances include 8pm shows on Wednesday through Saturdays and 3pm shows on Wednesdays, Saturdays and Sundays.

This week at Glucksman Ireland House NYU photographer Alen MacWeeney shares Irish Traveller culture of the 1960s.

He will be appearing on Thursday, February 2nd at 7pm.

Author of Irish Travellers: Tinkers No More, renowned photographer Alen MacWeeney will talk about his experience capturing a changing culture at a particular moment in history, illustrated with his photos and music recorded during his deep involvement with the Irish Traveller community from 1965 to 1971.

For over five years, Dublin-born Alen MacWeeney photographed the native itinerants of Ireland known as Travellers, spending countless evenings in their caravans and by their campfires, drinking tea and listening to their tales, songs, and music.

With his memoir of this period, Irish Travellers, MacWeeney has crafted a profoundly beautiful record of a slowly vanishing way of life rarely seen by outsiders, let alone captured by a camera.

Author and winner of the Man Booker prize John Banville compared the volume to "Edward Curtis's masterly recuperation of the American Indian."

You can preview some of the photos at alenmacweeney.com.

The lively evening will incorporate colloquial Traveller stories brought to life by actress Aedin Moloney, who appeared as Rose in the Irish Rep's recent production of Dancing at Lughnasa.

The introduction will be given by award-winning journalist, novelist, and playwright Belinda McKeon.

There's free admission for members of Glucksman Ireland House and to all students/faculty with a valid NYU I.D. card.

For non-members there will be a $10 donation at the door for the general event series.

In order to ensure a seat at events, please RSVP to (212) 998-3950 (option 3) or email ireland.house@nyu.edu, except for the Blarney Star Concert Series which does not accept reservations.

See you next week...

G'Day From Downunder

Get the Champers out, we have things to talk about; this week I want to talk about "what are we all looking for in this life".

Last night my wife and I had a widowed friend over for dinner, she told us she was pretty upset with her lot in life.

Fifteen years ago, she was diagnosed with breast cancer, after having surgery she is still in remission. Six years ago, her husband died of cancer.

She has two adult children; one has a same sex partner and they have two well-adjusted children.

Her other adult child is married with no children and his marriage is on the verge of collapse.

I listened to her tail of woe that I have heard so many times in the past and began to wonder how we all see the world so different.

While she was explaining her situation, I could see the angry fire in her eyes and the rage in her expression.

Why me she kept repeating over and over again!

This I found a very sad and selfish situation as I was seeing a very lucky person in front of me.

Lucky because she survived cancer, lucky her husband didn't have a prolonged illness.

Lucky because both her children were in good health, lucky that every time she goes to the pantry and fridge there is food.

Lucky to have a new car and she was lucky to have travelled internationally twice, in one year.

Yes, we do see the world very differently sometimes don't we, considering how many women do not survive breast cancer and how many husbands have prolonged and agonising experiences in fighting cancer, also how many parents have children who for many reasons never reach adulthood?

I found myself disturbed by our guest's selfish concerns and wandered if I was not being sympathetic enough.

Having grown up in the hungry streets of Cork after the war, when sickness was rife and poverty its closest friend, many families were struggling to put food on the table and trying to keep some warmth in their homes.

I soon dropped my guilt complex about apologising for my thoughts, when I considered many of those less fortunate than our guest.

I have always believed in every tragedy there is often an unseen benefit to be found, you just have to look for it.

It's not always obvious to the doubting one. I have found many a silver lining in difficult times as I believe there is a reason for everything under heaven.

So what do we all want in life?

A perfect marriage, perfect health, a perfect career and what else?

Well let me tell you the bad news there is NO perfect anything.

Some time ago I wrote this as a reminder to those who were looking for the meaning of life. I would like now to share it with you.

I look at life as a river, forever flowing weaving like a snake always something new around the next bend with lots of ports of call along the way.

Sometimes the river slows and calms as if to catch its breath then it takes off again over rapids and falls.

Life is no different.

Every new day is like the rivers next bend, something new is shown to us.

The rapids and falls are the rough and tough times in our lives.

Then there is calm in the river, as there is sometimes calm in our lives

The ports of call are the different stages of our enlightenment and development that we pick up along life's journey.

There is nothing to be afraid off just enjoy the journey and all the wonderful magical mysteries that life will throw up to you.

Do not get disillusioned with life when the tough times come, like the rapids they only make up for a small part of the journey.

Sadly some struggle with the challenge and drown along the way.

With every new day starts new opportunities just like rounding the rivers bend, you never know what's there until you arrive.

Remember you only get one shot at this thing called life, so make the most of it.

This is not a movie and there is no rehearsal.

Remember we are all on this journey together.

Are we all looking for the perfection that seems to elude us? Are we ever going to be totally happy?

Well the answer is NO.

Let's be real here If you had everything you ever wanted then there would be nothing to look forward to achieving and then you would be bored and unhappy.

For instance, isn't it nice to see the changes in the seasons, it is such a contrast.

Is summer better than winter? I don't think so.

They are just different; each has its own beauty.

On one hand, you have glorious sunshine and on the other, you have a beautiful blanket of snow.

At times if the sun shines too hot on too many days, you get fed up as you do when the snow hangs around too long.

Yes, we are happy when new and exciting things come in to our lives and then after a while we get bored with them.

Remember back when you first started a relationship with your partner, remember how exciting it was?

Like all things in life you have to work at it as time goes by; it's no different to having a piece of silver that you keep polishing, it will continue to shine.

However if you forget to polish it, the shine will soon disappear but that doesn't mean underneath that faded look the silver has vanished, does it?

Of course not so why do some think that having sunshine every day will make their lives complete and others think that only a bank load of money will satisfy them?

Let's look at the lessons of the World Financial Crisis: we had a load of bankers who were on top salaries and they weren't happy with their lot and wanted more.

If they were earning three times as much before the crisis began they would still have wanted more, so when is enough, enough?

I wondered if our dinner guest was of the same nature of always wanting more.

Life is what it is: life, and there are no promises and no guarantees; it is what it is and what we make of it.

We are all on this amazing Earth, full of abundance and opportunity and yet we complain about everything that doesn't go our way.

For God's sake, wake up, trains, and planes don't always run on time and the seasons don't always start off with a bang, so why should life be any different?

As I said earlier, you only get one shot at this thing called life so make the most of it.

Look for the stepping-stones in life to help you through and your life will become enhanced.

If you dwell on the negatives, they will become your millstones.

So if you're feeling that life isn't being good to you right now, look for the silver lining to shine for as sure as you miss the Gurranabraher bus there will be another along soon.

As I see it, life is a tapestry and I wouldn't want it any other way.

Until I talk to you again be good to those who love you and Slainte from Downunder.

You can reach me at mike@globefins.com.au

Cherishing The Ladies On The High Seas

By Gwen Orel

What a loss to Irish music it would be if the Norwegian Pearl capsizes.

Not only Joanie Madden and Cherish the Ladies, but also Mary Black, Maura O'Connell, Celtic Cross, and Paul Keating, who runs Catskills Irish Arts Week - among others - are on board.

Fortunately, Joanie laughs, although she's sailed with the Italian captain who capsized his boat, this captain is Norwegian. Whew.

So barring tidal waves, we can look forward to seeing Joanie and Cherish at City Winery on February 12th.

So much in demand are Cherish around the world that although they are largely hometown girls, they don't play in Manhattan that often.

Sure you see them there-Joanie's often appearing at 11th Street Bar's session at 3am, livening it up.

When I saw Maura O'Connell at City Winery, I was alone - my friend had something come up-and Joanie waved me over.

City Winery, says Joanie, has taken the place of the Bottom Line - a comfortable, friendly place to see music (it also has, naturally, great wine, and good food).

Joanie was telling me all this after 1am - the only time I could get her - before she sets sail on the first cruise she has produced, the Folk n'Irish Cruise, called the "Big Session on the High Seas."

This cruise has been put together by Joanie, and she brought in an amazing line-up of musicians and friends.

The ship sold out, which Joanie says is too bad because there were many people who couldn't get cabins.

She has about 1/4 of the ship, or nearly 600 people-three times more than she expected.

But seriously, if you had the chance to go on a Celtic cruise in which Joanie was not only playing but also arranging the fun, wouldn't you go?

She has a big energy that makes people want to stay around her.

In East Durham, during Catskills Irish Arts Week, she would come into Furlong's Pub at 4am, as people were about to drift off. They'd change their minds.

"What they should do is lock me out," Joanie laughs (since Furlong's has closed, she has the same effect at the Blackthorne. I left at 5am one night; she was chatting away at the bar).

The band started not too far from City Winery, on Varick Street, on Spring Street.

Their most recent album, Country Crossroads, celebrates 25 years, though on January 5 they celebrated their 27th anniversary.

"It's a long way, a lot of miles and a lot of gigs, but we're still having fun. And it's always great to play a hometown show."

She, Grainne Murphy, Mary Coogan and Deirdre Connelly make their homes in New York (Kathleen Boyle does not).

Not having to get on a plane and drive for hours afterwards is also a plus.

The album, which came out in July, was recorded in Nashville, and includes some bluegrass and country players on it: Nanci Griffith, Vince Gill, Alison Brown on banjo, Dennis Crouch, bass player with T. Bone Burnette and Elton John, and Ron Ickes, the "dobro king."

Of course, there are fab Irish musicians too, including original band members Liz Carroll and Eileen Ivers, singer Deirdre Connelly, Maura O'Connell, Jimmy Higgins on bodhran.

The February concert at City Winery will mark the first time they've played tunes from it in Manhattan.

But though there's a little bluegrass flavor to it, "At the end of the day we get back on the only bike that we know, and that's traditional music," Joanie says.

"We actually took the players over to Scotland last week, and sold out 2500 seat theatre at the Glasgow Royal Concert Hall, with a roaring standing ovation, and it was great."

She plans to bring the show to Nashville one of these days.

Of course, in 27 years the band has changed personnel.

Joanie and guitar player Mary Coogan are original members of Cherish; Mirella Murray on accordion is in her tenth year with the band; Kathleen Boyle on piano is in her eighth year; Grainne Murphy is in her second year, and singer Deirdre Connelly has been doing a majority of the gigs.

Has the band's philosophy changed since they began?

Joanie pauses to say she didn't really have one - before citing that most successful Irish band, the Chieftains, who also played with symphonies and in performing arts centers and collaborated with all kinds of musicians.

Mick Moloney put the band together in 1985 to do a couple of shows, "never dreaming this would ever become what it did," Joanie laughs.

There were always a handful of women in traditional music, but she remembers that when Mick launched the band, he did research on the Philadelphia irish musicians society.

It had over 3200 members, and not one of them was a woman.

The the first three Americans who won all-Ireland championships were women: Kathleen Collins, Eileen Ivers and liz carroll.

Today, young girls often come backstage after shows.

"It's great to be a bit of a role model and say you can do this too. When we started people thought we were a marketing ploy, but we must be doing something right."

She got help from old timers, including tips from the Clancy brothers, so it feels good to help bring young people along.

She taught Kenny Vesey, whose father plays with Celtic Cross (who are on the cruise).

Kenny recently won the All-Ireland on whistle.

15 albums in, the band has changed over the years, but "at the end of the day if you have a full house and the crowd's in your pocket, you enjoy it, and that's what it's all about, let people forget about their problems and have a good laugh, give them a break."

These days, they also write a lot of their own music, and Joanie even sometimes sings-mostly harmony.

Cherish the Ladies play City Winery, 155 Varick Street, on February 12. Tickets (212) 608-0555 or http://citywinery.com/events/207807
At City Winery, singer Don Stiffe will make a guest appearance too.

The women in the band all come from different places, but Joanie says the have the same background - their dads played music.

Kathleen Boyle grew up in Glasgow, but her dad was a musician from Donegal.

Mirella Murray is from Connemara, but her dad was a great Seán Nós dancer.

Grainne Murphy's father played the whistle and the bodhran, Mary Coogan's father played the accordion, as did Joanie's own father Joe Madden (you can read about the launch of her album A Galway Afternoon with her late father Joe, here). "We had the same jokes, the same Dad stories."

And they all grew up with the belief that music should be treated with respect.

After the Caribbean cruise and a few gigs in February and March, the band goes to China in the spring.

"We'll keep going until the phone stops ringing," she says.

Still, New York is her favorite port of call: "I'd find it very hard to live anywhere else, once you get used to Manhattan. There's always a buzz, there's always a vibe, there's always great traditional musicians living in town, there's always a great session in town. This is my home, I could never leave it."

So offer a prayer for safety on the high seas.

Gwen Orel runs the blog and podcast, New York Irish Arts

Allianz Sign Up For Another Three Years With The GAA

(L-R) Galway manager Alan Mullholland, GAA Director General Páraic Duffy, Dublin's Kevin McManamon, Donegal manager Jim McGuinness, Allianz CEO Brendan Murphy and Cork manager Conor Counihnan (INPHO)

Allianz and the GAA have announced that the Allianz Leagues sponsorship agreement, first signed in 1993, will be renewed for a further three years to 2015 making it one of the longest running sponsorships in Irish sport.

Between next Saturday and Sunday, April 29, a total of 124 football games will be played across all Divisions in the 20th year of Allianz association with the competition.

The 2011 inter-county football year ended in September with Dublin beating Kerry in a memorable All-Ireland final and the 2012 season will begin with another thrilling episode in the great rivalry when Pat Gilroy and Jack O'Connor take their teams to Croke Park next Saturday night as the main event in a double header which will launch the Allianz Leagues.

Dublin v Kerry throws in at 2.15pm EST and will be preceded by what promises to be a fascinating Division 2 clash between Kildare and Tyrone (12pm EST).

It's a mouth-watering double header, featuring four counties who look certain to be in contention for all the main prizes this year.

Commenting at the launch of the 2012 Allianz Leagues campaign, Brendan Murphy, CEO Allianz said: "In partnership with the GAA we have aimed to play our part in presenting the Allianz Leagues in the best possible way and to show that we very genuinely share in the passion and commitment for Gaelic Games that can be seen in every single county on this island.

"It's for this reason and many more besides that we are delighted to announce that our sponsorship of Allianz Leagues will now be extended for another three seasons up to and including 2015.

"This is a substantial undertaking at a time of great economic difficulty and it again underscores Allianz's commitment, not only to our national games, but also our determination to help maintain one of the mainstays of community life throughout the 32 counties of Ireland."

Also commenting Páraic Duffy, Ard Stiúrthóir Cumann Lúthchleas Gael said: "The onset of the Allianz Football Leagues remind us all that a new season is about to commence and there will be no shortage of enthusiasm and hope around as new managers try out new players in the pursuit of national honours.

"Last year's competitions were particularly successful with Cork emerging on top in an exciting division one encounter against Dublin and the Spring Series, which will lift off here again next weekend, was a big success.

"I would like to publicly acknowledge Allianz's ongoing support, especially in light of the sponsorship extension announced here today, and we look forward to working with them for many years to come promoting what is a hugely important competition for us."

Allianz support campaign this year will see some additions particularly in utilising digital media to enhance its sponsorship.

This will include the launch of Allianzleaguespredictions.ie - an online competition for GAA aficionados to play and potentially win some cash prizes for themselves and their chosen club.

In addition Allianz will be utilising its social media platforms - Facebook, Twitter and YouTube - to feed through information and content on the Allianz Leagues to GAA fans.

Allianz Leagues fixtures will be spread over Saturdays and Sundays, with many covered 'live' by Setanta and TG4.

Cork, who begin their campaign away to Armagh next Sunday, will be attempting to win the Division 1 title for the third successive year, a feat last achieved by Kerry who won the League four-in-a-row in 1971-72-73-74.

Cork ran great League campaigns in 2010 and 2011 and it will now be interesting to see if they can complete the treble.

The last time Dublin won the League in a season after they won the All-Ireland title was in 1978.

They beat Armagh in the 1977 All-Ireland final and added the League title to their haul in April 1978, beating Mayo in the final. Kerry last took the title in 2009.

Donegal and Laois are this season's Division 1 newcomers, having won promotion from Division 2 last season while Galway and Monaghan made the reverse trip, dropping down to Division 2.

Louth and Westmeath were promoted to Division 3 while Longford and Roscommon emerged from Division 4.

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