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“Some fella” indeed
Read more about: Bertiegate, Corruption, Scandal, Tribunals
Bertie Ahern today at Mahon: Mr Ahern said he was “some fella” if counsel’s theory was true. The theory being that Bertie arranged a £19,115.97 loan from AIB before Christmas 1993 backed by a cash infusion that he knew was coming — the “surprise” legal expenses dig-out, arranged on St Stephen’s Day and delivered the next day. But in fact — and here the tribunal is hobbled by its mission of inquiry as opposed to courtroom accusation — the mystery is why Bertie was getting a loan and declaring an intention to open an account, with at least £50,000 in cash at the same time. It’ll be worth the effort on Gavin’s Mahon wiki to clarify the sources of confusion. [a few clarifications below]
Bertie keeps referring to the £50,000 in his safe as £30,000 on the ground that “in his mind” he had allocated £20,000 to his daughters. No bank account for this money was opened until August 1994.
Bertie made no repayments on the AIB loan for the first 18 months of its term. Which suggests that AIB didn’t view it as a standard loan.
As well as the fact that the account appears to have been signed to be opened on December 14, later changed to December 23. Opening a savings and taking out a soft loan on the same day has already been alluded to as a back to back loan during the evidence of Philip Murphy.
The question I ask is: Why was Ahern so concerned about a deposit for a house when the bank would clearly give him huge amounts without security?
He claims that if he used his savings to pay off the legal fees, he would be left with only 10k. But the bank clearly would have had little difficulty in giving the Minister for Finance a mortgage, especially given how they treated the 20k loan.
If it was, indeed a Back-to-Back Loan - and they were very common in the 1970’s, as a method of evading Income Tax - it would, now, seem to be of paramount importance for Mahon to probe this avenue, in fullest detail.
To explain:
Ahern would, in this scenario, borrow €XK, secured by an equitable deposit of a like amount, in cash, of €XK.
The Bank would pay roll-over interest on the Deposit, usually in an offshore subsidiary, and charge a commercial rate of loan interest on the borrowing.
This interest paid, in Ireland, would be claimed as a reduction of total income in calculating one’s annual tax liability.
This, of course was illegal, but of small concern to Ministers of State, who, following the lead of Don Charleone, the late Squire of Kinsealy, regularly flouted the law, with deposits in Ansbacher & Guinness & Mahon.
All ignored by their friends & appointees in the Revenue & The Central Bank.
I was speaking to a Frenchman yesterday, who expressed amazement that an EU country could elect a Prime Minister with so little obvious claims to that high station.
“He is either a fool or a knave”, He said, quoting the old adage.
I think that he is both. A fool when making his unbelievable utterances (without his PR notes) and a knave in the management of his financial affairs.
And a pathological Liar.
HE SHOULD DEFINITELY RESIGN.
HE IS AN EMBARRASSMENT & A LIABILITY TO IRELAND.
And the idea, which has been floated, that he might assume a senior position, as an EU Commissioners, is derisory & European Ministers should have a serious re-think.
The man is barely literate, cannot speak any European language, let alone Irish, and is a bonehead incompetent.
His sole claim to fame was the so-called “Minimum Wage” legislation - that nobody earns today.