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Free download ´ eBook, PDF or Kindle ePUB ç Simon CarswellY poor financial regulation tax incentives laissez faire planning and greed Ireland s banks hungry for profit and growth started to believe the rhetoric of developers hungry for capital to buy land and build property and lent out massive sums of money Risk assessment due diligence and basic market analysis were pushed to one side The result was huge profits high stock price massive lending way in excess of deposit books and enormous over exposure to property As the global financial crisis started to bite the Irish banks and their lending came under scrutiny Large institutional shareholders investors and depositors started to get nervous Share price dropped money flowed out of the country and investors wanted repaying A run on the Irish banks seemed likely The Irish government stepped in with a bank guarantee scheme offering a national guarantee to all deposits and investments to the tune of 440 billion Next followed a calamitous set of decision making that ultimately led to recapitalisation and nationalisation of the banks the formation of NAMA effectively a state bad bank and the country being bankrupted Bankrupted being the right word since by tying the state to the Irish banks through the guarantee the country was wedded to their dwindling fortunesAnglo Republic tells this tale through a forensic examination of Anglo Irish Bank Anglo was the financial darling of the Celtic Tiger years It grew from a small investment bank to become the third largest bank in the state Each year it posted record profits and its share price grew accordingly And than any other bank its growth was tied to the property sector Analysts were flabbergasted at its performance Rather than uestioning its business practices they instead invested Here was a bank that had seemingly found a magic formula As Simon Carswell s book reveals however it s success was built on poor foundations and dodgy practices Anglo was dependent on persistent high growth in the Irish economy to keep its house of cards upright As soon as the economy started to slow it started to fail And it started using all kinds of tricks to keep the cards in place including shifting money on and off the books when accounts were being audited and lending money to borrowers to buy shares to keep the share price up If things were bad in the bank things weren t much different outside with the financial regulator Central Bank and Department of Finance all working to keep a dying entity alive Anglo was viewed by the Irish government as
a systemic risk to the state and could not simply wound down Its balance sheet wassystemic risk to the state and could not simply wound down Its balance sheet was to 60% of Irish GDP Lehman Brothers was 7% of US GDP and represented a fifth of the banking sector Globally no bank that represented such a large proportion of a country s banking balance sheet had failed before All told an entire year s worth of tax receipts were pumped into Anglo and promptly written down never to be seen again When Carswell chose the subtitle Inside the Bank that Broke Ireland he was being literalAnglo Republic is a fascinating read for anyone interested in the present Irish crisis and how it unfolded from a wider banking perspective and within a single financial institution Carswell has amassed amount of information on the company and how it operated included access into board meetings email between key players and dozens of interviews He does a very good ob at putting a shape to all this information producing a compelling narrative that details what went on in and outside the bank Crucially he manages to weave the main characters their motivations and actions into the story to lift the book up out of a rather dry history Sean FitzPatrick David Drumm Sean uinn Pat Neary and Brian Lenihan all figure prominently What is particularly interested is the ways in which FitzPatrick Drumm and uinn schemed to try and save themselves and their personal fortunes whilst trying to keep a sinking ship afloat Where the book is a little thin is with respect to wider analysis and udgement Carswell describes in great detail Anglo s rise and fall but does little to explain it he shies Away From Commenting On The from commenting on the and moralities of actions taken and he fails to state how he thinks the system needs to changed to stop such a situation arising again Overall a book heavy on factual narrative that provides a very useful descriptive analysis of a banking and state failure It s also a book that should perhaps come with a health warning likely to make your blood boil. Ireland's downfall He paints a vivid and disturbing picture of life inside Anglo the credit committee meetings the lightning uick negotiations with property developers the culture of lavish entertainment and of the men who presided over its dizzying rise and fall Sean FitzPatrick David Drumm Willie McAteer and many others This is not only the first full account of the Anglo disaster; it will also be the definitive one. ,
Maging solution lead to not ust wrong but potentially disastrous results for all parties Unwillingness to gain a full understanding or willingness to countenance borderline illegal activities in hope of a future salvation that will excuse such actions by regulators and politicians are identified The parallel with the way in which decisions are made and ustified within Anglo is hard to miss While the government operates with the misperceived interests of the country and heart the bank operates with similarly dangerous misdefined interests of shareholders Both are complicit and held to account The human face of Anglo is never doubted we learn that inter
BANK RIVALRIES FAILURES TO MAINTAIN RELATIONSHIPS AND IMPLICIT INSTRUCTIONSrivalries failures to maintain relationships and implicit instructions the central bank are perhaps not unknowingly misinterpreted leading to what can be udged as clearly illegal in the greater perspective but are muddlier on the firing lineThe book is not an attempt to make apologies or to allow for the excusing of what are deeply illegal and ingenuous actions but surprisingly they put Anglo and its executives into a broader picture of mistakes misdeals and inability to comprehend the true gravity of the situation throughout the Irish and european banking community and the financial regulators and the Irish government itself There is a point when all become victims of their earlier actions and generally helplessly caught up in the current of the larger economic situation if the books posits any uestion for the reader its a matter of when particular actors hit this point of losing controlSean uinn comes out of the story particularly badly His seemingly all or nothing gamble on taking options on Anglo shares is pictured as a naive move that leads to his manipulation by self concerned bankers Anglo s efforts to find a solution to his altruistically presented attempt to take a dominant euity position in the bank are made surprisingly undertandable and desperately necessary allowing for some sense of paranoia on the banks part Suddenly the Maple 10 seem far less culpable in this strange affair in this volume presented as largely names signed to agreements although some seem to have benefited substantially largely without their own direct intent uinn is painted as simple man driven by good intentions but caught up in machinations far behind his control This portrayal seems somewhat less than plausible given his demonstrable past business acumen He is painted as no different from many of these rags to riches celtic tiger billionaires From simple backgrounds many built commendable firms through hard work and determination At some point though they like Sean Fitzpatrick became deal unkies and ust couldn t stop even when the numbers ceased to add up They all fall victims to the carefully manipulated and contrived financial pictures they were publicly presentingClearly the entire experience is a story of hubris and greed but Carswell has extend this simple reflection into a deeper appreciation of the times and circumstances that lead smart businessmen to attempt stupid thingsFor all the Irish taxpayers wondering where their and subseuent generations livelihoods are being spent and what mentalities surrounded the mad celtic tiger drive for growth this book is reuired reading It is crafted in a most readable fashion and presents a very balanced and surprisingly rational look at what would otherwise be a creative tale were it not all too true Probably won t have any explosive revelations for anyone who s been following the Anglo story but has a good level of first hand accounts from the inside of the debacle The story is zipplily told in a chronological manner and is easy to read In 2006 Ireland was riding on the back the Celtic Tiger phenomena The country was booming The sky was on the back of the Celtic Tiger The country was booming The sky was of cranes unemployment was the lowest in Europe everyone seemed to be driving a new car and shopping trips to New York seemed normal Fast forward to the end of 2011 and the country is in a very different place One of the biggest banking busts globally led to the country being bailed out by the troika of IMF ECB EU and the effective loss of economic sovereignty Unlike most of the rest of the global financial crisis that started to unfold in 2007 Ireland s economic crisis was not tied to the packaging and reselling of complex financial derivatives linked to sub prime loans in the US Rather it was a good old fashioned property bubble grossly inflated by access to global inter bank lending ver. E of the euro Now for the first time the full story of the bank the Sunday Times described as 'a building society on crack' is being told by the ournalist who has led the way in coverage of Anglo and its many secrets Drawing on his unmatched sources in and around Anglo Simon Carswell of the Irish Times shows how the business model that brought Anglo twenty years of spectacular growth was also at the heart of its and. .
A tough read for me although I enjoyed learning what caused the financial demise in Ireland I found it *Hard To Follow All The *to follow all the of the many players in the book Plus my lack of understanding of the financial infrastructure made reading very slow and arduous However I m glad that I spent the time to read it as I learned loads and found the information intriguing and uite shocking actually Excellent read If 50% of of it is true that would still be pretty hard to stomach Any retribution for the mess these guys made Not the best book on a financial crisis but a great insight into how out of touch a management team can be with reality At one stage they had nearly bankrupted the Irish economy but one stage they had nearly bankrupted the Irish economy but t sure the bank couldn t continue trading Very detailed I didnt know of how bad the crisis was in Ireland during the GFCOf note was the fact that until the very end the bank reported very good numbers with low bad debts and decent provisions But high growth in a small economy with overseas funding and the loan book overexposed to largely a particular sector property was enough of a yellow signal to stay awayAnd therein lies the problem when you see a good ROA institution growing well and available for what is called cheap one thinks of it as a bargain But financial institutions are special beings its a great cautionary taleLuckily the book Capital Returns alerted me to this storyIn the end the swiftness of its demise was not covered well by the author what really caused such an erosion in asset value The reader is left with a few uestions wrt the end of Anglo To me the strongest point of this book does not lie in the unearthing of the nitty gritty details of how the the massive Anglo collapse came about per se but in the detailed way in which it traces the social mechanisms that led to it While clearly critical of his subjects the author does not neglect to show the compassion necessary to make the reader understand why they did what they did and importantly why they thought that it was the right thing to do The fact that the story itself is gripping is of course supportive in the endeavor of writing a fascinating book While I personally saw myself expecting to be less interested after the first half because I mainly picked it up to learn about the culture
Enormous insight the mechanics of a real estate bubble Even though we got used to banking mismanagement since 2007 the total lack of risk understanding or a moral compass of the Anglo Irish bank senior executives is without comparison How Sean FitzPatrick did not end up on the wrong end of a pitchfork is beyond me S Mandatory Reading to understand why the Irish Banking System needed to be bailed out and led to the collapse of the Irish Economy Reads like a thriller novel Anglo Republic Inside the Bank that Broke Ireland by Simon Carswell is a thoroughly satisfying and compelling read Carswell documents the rise and fall of the bank demonised by the Irish media in a superbly thorough and measured fashion Eagerly anticipated the volume brings together many of the tantalisingly shocking stories surrounding the high flying executives of Anglo Irish and weaves them together with technical explanations and thorough research into an eminently readable and ultimately fulfilling expose of the big decisions and the the mindsets that led to the downfall of the institutionI was eager to read the book to understand the fuller story behind the headlines and I was not disappointed Like most Irish these days I would love to see the publicly identified culprits behind the mess at Anglo Irish hanged drawn and uartered Their lavish lifestyles and seemingly reckless disregard for the implications of their decisions seemed clear and unforgivable Surprisingly with the presentation of the fuller picture I found myself understanding of the human dimension to the story While not able to accept the reckless actions one comes away with a fuller appreciation of how small risks lead to larger risks and how personalities combine to catalyse specific and fatal outcomes The failure of regulators and of the government to deal with the developing situation and their own culpability is made blatantly clear In both of their cases intentions may well have been laudable but the capacity to undertake the hard and measured decisions to deal with the crisis at the appropriate time and in an effective way were crucially lacking Lack of information and a recurring need to choose the seemingly least da. The Number 1 Bestseller The definitive history of the bank that brought Ireland to ruin As late as 2007 Anglo Irish Bank was a darling of the markets internationally recognized as one of the fastest growing financial institutions in the world By 2008 it was bust The Irish government's hopeless attempts to save Anglo have led the state to ruin culminating in a punitive IMF bailout in late 2010 and threatening the futur.that enormous insight