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The Beginning Of The Great Irish Unwind?!?!?!

Reggie Middleton's picture




 

Who Do Your Believe Reggie Middleton or Central Bank of Ireland

I have spent two week warning Ireland and the world about the Irish banking system, with a summation available in the aptly titled post, If I Provide Proof That The Entire Irish Banking System Is A Sham, Does It Set Up A Much Needed System Reboot? Let's Go For It...Yesterday, the Irish media STARTS to come clean, although they are still not as explicit as the Irish Sun article which put my researched facts front and center...

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 From the Irish Times

Yesterday, at the press briefing to discuss the Central Bank’s 2012 annual report, Honohan matter-of-factly told us that the Irish banks would need more funding before 2019 due to changes in capital reporting requirements imposed by the new Basel III accord.

The transition period for these changes to be implemented by banks in the EU is January 2019.

There were more than a few eyebrows raised at this frank admission.

Honohan’s statement is in stark contrast to those of the various Irish-owned banks –AIB, Bank of Ireland and Permanent TSB. In public at least, the banks have maintained that they are adequately capitalised and that they do not envisage having to raise additional capital to bolster their ratios.

From the Independent:

Mr Honohan said the Central Bank was still working towards carrying out stress tests on the banks at the latter part of the year. By 2019, the banks will need more capital under international regulations.

"In an ideal situation, that capital will come from private investors, as is happening all over Europe, all over the world, where bank capital is being pushed up through the market system," he said.

From private investors? Yeah, right! As said private investors are hoodwinked, just like those poor muppets in the US - reference What Should The US Do If One Of The Biggest Irish Banks Blatantly Defrauded US Investors:

The Bank of Ireland

In the 2008 Annual Accounts (Irish version of Annual Report) of Bank of Ireland (see attached, page 178) it states the bank gave a first floating charge in favor of the Central Bank of Ireland (an arm of the European Central Bank) and the Financial Services Authority of Ireland over the Banks ‘right, title, interest, benefit, present and future, in and to certain segregated securities listed in an Eligible Securities schedule.’

Fact: The BoI 2008 Irish accounts (~annual report) refer to the charges in their Disclosure Section (see attached page from 2008 accounts) where they describe the charge as being over ‘certain segregated securities.’

Of paramount importance for US investors and regulators, there is an absolute omission of this information in the Bank of Ireland SEC 20F returns for 2008.

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From the Irish Examiner:

However, banks would need capital over the medium term to comply with Basel III capital requirements by 2019. It is hoped the banks will be able to raise this from private investors, he added. He hoped Ireland would not need the help of the ECB’s outright monetary transaction programme when it exits the bailout programme. However, if it met certain criteria, then it would be able to use the facility. 

But private investors have done so well in the Irish banks, particularly considering their pristine disclosure policies, right??? Again, reference What Should The US Do If One Of The Biggest Irish Banks Blatantly Defrauded US Investors:

The Bank of Ireland 2008 Irish Annual Accounts refer to the charges in their Disclosure Section (see attached page from 2008 accounts) where they describe the charge as being over ‘certain segregated securities,’ but no mention of ‘right, title, interest, benefit, present and future, in and to certain segregated securities listed in an EligibleSecurities schedule.’

There is also no mention of any information related to this floating charge in the Bank of Ireland SEC 20F returns for 2008.

It appears that this floating charge was not disclosed at the time of the stress testing of the bank conducted by the European Banking Authority.

It is possible that I may have overlooked such, and because of that possibility I have made the SEC 20F available for all who want to check over my work. Here is the UBI 2008 accounts and here is the SEC 20f-2008 for the Bank of Ireland.

Now of course, to constitute fraud there has to be a loss on the part of the one being defrauded or a gain on the part of the one being defrauded - at least according to Wikipedia. Otherwise, it would be a hoax. That's the Irish banking system, and not this bank in particular. So...

 

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If you believe that the information above actually identifies a gross misrepresentation of fact, omission or outright fraud, simply contact the SEC and let them know that Reggie Middleton suggested they look into it. You can actually use this form to convey my message

Remember, extreme wealth concentrates, so you don't have to... Coming from a "Cyprus'd" bank near you!

 

 

Subscribers, can download ALL documents supporting shenanigans by these banks (click here to subscribe):

 

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Wed, 05/01/2013 - 18:46 | 3520149 Zero Govt
Zero Govt's picture

I'm back, maybe only briefly, but glad to see Reggie has cut his intoxicating snappy headlines down from 22 paragraphs long to just 19

Splendid desciplin

So the Paddy's are in trouble (again) ...why do you think there's an Irish Pub on every street across the entire planet? ..because 90% of them have immgrated over the past 2 Centuries

Wed, 05/01/2013 - 16:58 | 3519698 SnatchnGrab
SnatchnGrab's picture

So Reggie, what are the chances that said bank(s) seize the assets of depositors? And would that have a cascade effect?

Wed, 05/01/2013 - 16:37 | 3519615 nasdaq99
nasdaq99's picture

reggieeeeeeeeeeeee!

 

thanks!

Wed, 05/01/2013 - 16:23 | 3519576 Vegetius
Vegetius's picture

In a time of universal deceit - telling the truth is a revolutionary act.
George Orwell

 

Who to believe? come on Reggie, on one side we have a group of fools who believe that the school you went to is all that counts and on the other side Reggie telling it as it is. Got to go with you on this one Reggie.

The Elite in Ireland think the worst is over, and have sold that story to the people. The Irish public service think that their ponzi pension scheme will always be there for them. The Irish elite cling desparingly to their EU masters hoping that they will save them but looking at the data thats not going to happen and you know that the Euro is a dead currency so what now I wonder

Gradually I came to realize that people will more readily swallow lies than truth, as if the taste of lies was homey, appetizing: a habit.

- Martha Ellis Gellhorn

Wed, 05/01/2013 - 16:21 | 3519571 Joebloinvestor
Joebloinvestor's picture

Irish banks are secretly run by the travellers.

Wed, 05/01/2013 - 16:38 | 3519563 besnook
besnook's picture

so what is stopping the squid from buying this bad paper at a discount plus fees, selling it to the fed for a profit and the circle jerk gets some more ky jelly. or does the fed just buy it outright and the squid gets fees for the cover. in any case, i would hope the theft of depositor accounts would be met with flying lead coins.

Wed, 05/01/2013 - 16:01 | 3519502 Devotional
Devotional's picture

this thing is going DOWN with a ... wait for it ... a B B B B BANG!

Wed, 05/01/2013 - 15:44 | 3519419 NotApplicable
NotApplicable's picture

I like how they blame it all on Basel III.

Why is it that people think bureaucrats can be held accountable again?

Wed, 05/01/2013 - 16:33 | 3519599 Melin
Melin's picture

For every failed bureacrat there's a demand for fifty more. 

 

Wed, 05/01/2013 - 15:35 | 3519363 W T F II
W T F II's picture

Reggie...You Slay, my MAN...!! When they launch the New World Order, it'll only have a chance of actually working IF you are on the BOARD, if not Chairman...!! I AM DEAD SERIOUS....!!

Wed, 05/01/2013 - 15:18 | 3519280 centerline
centerline's picture

answer:  Reggie.

Do NOT follow this link or you will be banned from the site!