I am deeply concerned at further revelations of contacts between the Taoiseach Brian Cowen and the former Anglo Irish Chairman Sean Fitzpatrick in March 2008 and July 2008.
A number of critical incidents occurred between March of that year and September when the creeping insolvency of the bank lead to the disastrous decision to put in place a blanket guarantee of the bank’s liabilities.
On March 17th 2008 the share price of the bank fell to such an extent that it became known as the St Patrick’s Day Massacre. This coincided with the undercover purchase of Anglo shares by the Quinn Family through the contracts for difference mechanism that enabled a build up of shares without public disclosure.
Subsequently the Bank’s board and senior staff were instrumental in further secret deals and loans to distribute the Quinn shares among a select group called the Maple 10.
All these events were to have a catastrophic effect both on the bank itself and on the Quinn group.
At exactly this time in 2008, the leadership of the Government passed from Bertie Ahern to Brian Cowen. It has been reported and confirmed that Mr. Cowen had dinner with members of the Anglo Irish Board including Mr. Fitzpatrick and Mr. Drumm the then CEO during the time between his election as leader of Fianna Fail and his formal appointment as Taoiseach by the Dail.
Mr. Cowen has insisted this was no more than a routine social event though it stretches credibility that there was no mention at all of the tumultuous events at the bank itself. Now it has been revealed that there were further social engagements between Mr. Cowen and Mr. Fitzpatrick in the summer of 2008 and that there were telephone contacts with Fitzpatrick in March 2008.
It is surely beyond belief that there was no discussion at these encounters of the rapidly deteriorating position of the Bank.
I find it disturbing that all efforts to conduct a full enquiry into the Anglo Irish collapse have been thwarted by Brian Cowen’s Government all through the past two and a half years.
Neither the Honohan enquiry nor the Regling Watson report examined these events in any detail and the current enquiry current underway headed by the Finnish Central banker Mr. Nyberg is being conducted entirely in private.
By contrast in the USA the enquiry commissioned by President Obama into the BP oil disaster last summer has already released an exhaustive report on those events.
Meanwhile as ever Fianna Fail has prevented any proper public examination of the events and practices in Anglo Irish Bank in 2008 that have been so costly to Ireland’s finances and international reputation.
Brian Cowen will end his term of office as Taoiseach very soon but has never had to face either a public or an Oireachtas examination of his role, his state of knowledge and contacts.
Some weeks ago the Ombudsman Emily O’ Reilly suggested a truth commission to enquire into every aspect of the bank crisis and its consequences.
This weekend’s disclosures add enormously to the case for such a commission.
Before citizens are asked to accept any further sacrifices they are entitled to the truth, the whole truth and nothing but the truth from Brian Cowen.