Author Archives: Edward McGarr
The Financial Services Ombudsman
Bill Prasifka, the new Financial Services Ombudsman has started well, if we can properly understand recent newspaper reports. He seems to have issued some form of Press Release but it’s not on his website yet. The reports credit him with underlining that he is limited in the amount of compensation he may award against the anonymous “regulated” financial services bodies (banks) he polices. (He does’nt really; he reacts to complaints). Consequently, Bill awarded the maximum, €250,000, to a farming couple […]
Contests
If the BP oil disaster in the Gulf of Mexico happened in Irish waters who would be held responsible? The question is intentionally ambiguous. It seems to refer to a functioning “administration” which would search out culprits and assign blame and punishment. It seems also to refer to the principles by which blame and perhaps punishment would be assigned. The first aspect might lead to a rant and should be avoided; it is the second aspect to which I refer, […]
The Way We Are Now
1. NAMA was set up by the Government expressly for the purposes of paying the “long-term economic value” for bank assets. 2. “Long-term economic value” (“LTEV”) was a notion supplied to the Government by the Commission of the European Union. This writer cannot say from where the Commission derived it, but it is possible the Commission is not “wedded” to the notion, unlike the Irish Government. 3. In the context of the establishment of NAMA, it was insinuated that LTEV […]
Fraud Prevention (Whistleblowing “maxed”)
This blog has proposed a remedy for fraud of public funds in the past
Hindsight again, Minister?
The musings by the Director of Public Prosecutions as reported HERE warrant a book written on them. He has pointed to the need for, and social value of whistleblowers. This being a blog, a posting will have to suffice. His musings were followed by a proposal from the Minister for Justice, the terms of which are currently obscure. Assuming that there is no co-ordination between the Minister for Justice and the DPP, and assuming them to be decent, well-meaning office […]
Digital Rights Ireland Data Retention Case
DRI’s case is brought in its own name, but it is an action with implications for every citizen of Ireland, whether they know it or not.
Digital Rights Ireland update
On 5th May 2010 the High Court delivered its (unapproved) judgment. The Court confirmed its agreement to refer the EU law issue in the case to the European Court of Justice. The Court refused the State’s applications seeking denial of locus standi to the Plaintiff and/or seeking security for costs.
More on NAMA
Readers of this blog may recall a Freedom of Information request to the Taoiseach and the Minister for Finance for details of the discussion between the Government and the EU Commission relating to the price at which Irish bank assets would transfer into NAMA. That information was never furnished. It is no surprise, therefore that NAMA has claimed exemption from complying with any Freedom of Information requests. There is a possibility for some information leakage, however. J K Galbraith records, […]
Financial Services – complaints
1. I have lost my savings in an investment with XXX Building Society. What can I do? It depends on the facts. Deposits in a Building Society or a Bank are protected by the Government guarantee. Even with the collapse of Anglo Irish Bank and Irish Nationwide Building Society, the depositors with those institutions were secured and the deposits are available to be withdrawn. (In reality, all the deposits were lost in those institutions; it is the taxpayer who is […]