WhistleblowerIRL - The Show Must Go On. (Ireland Banking Oligopoly)

http://whistleblowerirl.blogspot.com/ | 08/02/2011 | WhistleblowerIRL

[JerseyHighlander]

Guest Post - WhistleblowerIRL - The Show Must Go On.

The first casualty of war is the truth. The second - in our present war, the war of the financial elite and banks against nations and their citizens - seems to be the rule of law

The robo signing scandal in America is like an efflorescence of fungus covering and rotting civil trust and accountability in American civil life. Here in Europe it is no better. One of the many many things that has convinced me of this rather sweeping statement is following the details of the WhistleblowerIRL saga.

WhistelblowerIRL's situation was on one level very simple. He was charged with making legal declarations at the end of each day to say that the bank he worked for, a part of the UniCredit empire in Ireland, had adequate capital to cover its liabilities.  The law of Ireland said that to make a false declaration would result in a 5 year goal sentence.  So when WhistleblowerIRL found his bank was falling short of its legally required amount - not by a few euros but by billions, and not just once but regularly, he reported it.

He found, to his dismay, that no one, not the bank, not the regulator in Ireland, not the Central Bank seemed either interested nor inclined to do anything. He was told he was wrong, not to worry, stop saying these things, be quiet, shut up and finally - here is a letter threatening legal action by the bank if you speak of this again.

Fast forward - WhistleblowerIRL, after years of trying to get the regulator and the Central bank of Ireland to take ANY NOTICE at all, finally got to have a meeting at the Central bank.  In which it was gradually made clear that if he said anything that indicated he did or knew of anything illegal - such as not reporting breaches of the legal capital holdings at his bank - the very thing he had been crying for help over in the first place - then HE might be referred to the police.

Not that he would but that he might. The Central bank couldn't guarantee any immunity for him, within which he could tell his story.

So there he is sitting in a room with officials of an institution which has done little or nothing to investigate UniCredit being told he might be referred to the police if he was suspected of not having done his job as the law required.

What do you think? Would they listen and go after UniCredit or would they use his evidence to make him a convenient fall guy?

Here is a post WhistleblowerIRL sent me a few days ago.


It's worth bearing in mind that UniCredit had dealing in its shares stopped AGAIN, yesterday I think it was, after massive share price losses, as did the other main Italian Bank, Intesa.

The show must go on.

Michael Noonan, our Finance Minister, acknowledges regulatory failures and is proud to present the latest attempt at tooth-less legislation. The motivation? it was a demand by our lords and masters - the ECB &; IMF as part of our punitive bailout. Read with your own eyes:

Central Bank Bill published - IrishTimes.com

CHARLIE TAYLORThu, Jul 28, 2011

New legislation that enhances the Central Bank's regulatory powers and provides protection for whistleblowers was published today.

The Central Bank (Supervision and Enforcement) Bill 2011 strengthens the ability of authorities to impose and supervise compliance with regulatory requirements and to undertake interventions when necessary.

The publication of the Bill is a further requirement under the EU-IMF programme of support for Ireland.

Announcing the publication of the Bill this morning, Minister for Finance Michael Noonan said the legislation was a response to the regulatory failures which led to the recent financial crisis.

"The publication of the Central Bank (Supervision and Enforcement) Bill 2011 represents a significant further step in the reform of financial regulation in Ireland. The changes introduced by the Bill will underpin an assertive, risk-based model of regulation supported by a credible threat of enforcement," said Mr Noonan.

Among the provisions included in the Bill is protection from civil liability and victimisation for so-called whistleblowers and a requirement for financial service providers to provide independently prepared reports to the Central Bank for diagnostic, monitoring and compliance purposes.

The power to issue regulatory interventions is included in the new legislation as is the ability to fine or suspend financial services providers where necessary.

The Bill is expected to progress to second stage in the Dáil this autumn.

http://www.irishtimes.com/newspaper/breaking/2011/0728/breaking22.html

Once again Minister Noonan, allow me to confuse you with a couple of facts:

1. At my meeting with the Central Bank of Ireland on the 4th. of May this year it became apparent that although the Central Bank told the Sunday Business Post last January that: 

"If any party has specific information they wish to draw to our attention in this matter it will be treated on a confidential basis.",

http://www.thepost.ie/themarket/new-probe-into-liquidity-breaches-53862.html

there seems to great confusion about what the word 'confidential' means. So much so, that the Central Bank officials asked for the meeting to be adjourned. They then left the meeting room and returned only after they check what the Central Bank means when it says 'confidential' (Did they call Honohan's office? Or yours?!?). The conclusion was that merely my identity would be regarded as confidential, not the facts to be disclosed. Therefore, I could potentially be facing criminal charges on account of what transpired at UniCredit Bank Ireland  in 2007.

Yes, I, the person who officially reported a liquidity breach of 1,900% (one thousand and nine hundred percent) to the Financial Regulator, could be facing criminal charges. The fact that this was a year before the entire Irish banking system ran dry of liquidity and required the infamous late-night last-minute guarantee, does not seem to matter. No one is to blame for that, and no one has been convicted of any criminal charges since. The Irish tax payer, and every tax payer trough-out Europe is paying for it.

Here are some more reminders:

http://kathleenbarrington.blogspot.com/2010/12/whistling-down-wind.html

http://www.villagemagazine.ie/index.php/2010/12/still-waiting-for-the-truth-from-the-regulator/

2. As our new champion of integrity, Minister Noonan, would you care to answer my questions to you of last April? I am sure your replies would interest many people in Ireland and abroad:

RTÉ - Noonan demands shake-up of bank boards [Following the Nyberg Report] - 

The Nyberg Report. Minister Noonan, allow me to confuse you with the facts.

http://whistleblowerirl.blogspot.com/2011/04/nyberg-report-minister-noonan-allow-me.html

Perhaps my previous postings in which I provide proof of my dealings with Fine Gael in June of 2010, which you later completely denied, will help you to refresh your memory:

Here is a copy of my correspondence with a Fine Gael Deputy:

http://whistleblowerirl.blogspot.com/2011/04/can-we-have-truth-please.html

And here is your denial that it ever happened:

http://whistleblowerirl.blogspot.com/2011/04/noonan-sends-report-on-bank-crisis-to.html

Unfortunately for you, there are minutes of the meeting kept safely at a well-known solicitors firm in Ballsbridge, Dublin 4. Although you claim to have no knowledge of my affair, you did actually raise reservations about my telephone conversation with your secretary about the subject.

3. It is somewhat alarming that as a result of my blog post two days ago - 'An open letter to the banker who contacted me', my blog has been inundated by visitors from two of Ireland's major banks. It certainly looks like Pandora's Box is cracking open; despite your best efforts.

http://whistleblowerirl.blogspot.com/2011/07/open-letter-to-banker-who-contacted-me.html 

whistleblower.irl@gmail.com

[JerseyHighlander]

Hat tip to Golem XIV Blog

http://golemxiv-credo.blogspot.com/2011/08/guest-post-whistleblowerirl-show-must.html

This might just be the man who cracks open this scandal to the public view that breaks the camel's back and forces the people of Ireland to stand up and join the people in Iceland to break free of the bankers' massive liabilities and losses.

We can only hope.

[JerseyHighlander]

To the original Ireland Ping List.

This is not going to be covered in Ireland’s mass media,
take a look and pass it along.