Questions & Answers

A little comment on public sector responsiveness perhaps. Below is my question posed and the answer eventually given on behalf of Irish Minister for Finance, Brian Lenihan (3 1/2 months later). I don’t think he answered the question though. Did he? You can be the judge. The good news about the reply is that I am guaranteed that it does not contain a virus but the Irish Department of Finance cannot guarantee that the reply does not contain malicious content. See the attention section at the bottom of the reply letter (bold and italics are my emphasis). A nod at least to the ideals of transparency from the Department of Finance.

THE ASK

April 4, 2009

Dear Minister
 
After a €7,7 billion investment of tax payers money and effective nationalisation of Anglo Irish Bank, can you explain why Anglo Irish operates and advertises off shore services from the Isle of Man as follows:

Our international location enables us to provide clients with products that offer a unique combination of tax efficiency, attractive interest rates, confidentiality and security.
http://www.angloirishbank.co.im/Corporate_Treasury/index.htm
 

It seems not only will depositors enjoy the benefits of confidentiality and ‘tax efficiency’ now they also enjoy enhanced benefits of securitization of their deposits by the Irish tax payer.

Deposits are further protected by the Irish State guarantee provided for under Credit Institutions (Financial Support) Scheme 2008.
http://www.angloirishbank.co.im/Your_Questions_Answered/Impact_on_depositors_account_holders.html
 

Or am I missing something here and reaching the wrong conclusions about this?
 
I look forward to hearing from you.
 
Best Regards
James Farrar

THE REPLY

An Roinn Airgeadais                        Oifig an Aire
Department of Finance                    Office of the Minister

 

Sráid Mhuirfean Uacht,                    Telephone: 353-1-676 7571
Baile Átha Cliath 2,                           Facsimile:  353-1-676 1951
Éire.                                                   LoCall:        1890 66 10 10
                                                           VPN:           8109
Upper Merrion Street,                       http://www.irlgov.ie/finance
Dublin 2,
Ireland.
 
 
Our Ref: 09/0041/MF
 
 
22 July 2009
 
 
Mr James Farrar
Jamesfarrar.1@googlemail.com
 
 
Dear Mr Farrar
 
The Minister for Finance, Mr. Brian Lenihan, T.D., has asked me to thank you for your email of 4th April last. You will appreciate that the financial crisis has had significant resource implications for the Department and I apologise for the delay in responding.
 
As with all covered institutions, all deposits with Anglo are covered by guarantee Scheme, including those in overseas / subsidiary operations. This step was taken to preserve stability and confidence of the Irish financial system. Anglo Irish Bank is a major financial institution whose viability is of systemic importance to Ireland. In its dealings with Anglo Irish Bank, the overriding concern of the Government has been to protect the economy from the wider losses that would occur in the event of the failure of the bank; to protect the €64 billion of customer and interbank deposits in the bank and to prevent the bank becoming a systemic threat to the financial system.
 
I hope this information has been of assistance.
 
 
Yours sincerely
 
 
___________________
Dermot Moylan
Private Secretary to the Minister for Finance
Attention:
This e-mail is privileged and confidential. If you are not the intended recipient please delete the message and notify the sender. Any views or opinions presented are solely those of the author.
This email was scanned by Sophos and has been certified virus free with the pattern file currently in use. This however cannot guarantee that it does not contain malicious content.

Tabhair aire:
Tá an r-phost seo faoi phribhléid agus faoi rún. Mura tusa an duine a bhí beartaithe leis an teachtaireacht seo a fháil, scrios é le do thoil agus cuir an seoltóir ar an eolas. Is leis an údar amháin aon dearcaí nó tuairimí a léirítear.
Scanadh an r-phost seo le Sophos agus deimhníodh go raibh sé saor ó víoras leis an bpatrúnchomhad atá in úsáid faoi láthair. Ní féidir a ráthú leis seo áfach nach bhfuil ábhar mailíseach ann.

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