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IT’S ONE OF the more bizarre stories to come from the banking inquiry so far.
Representatives of Libyan dictator Muammar Gaddafi’s government met with officials from the Irish government in 2010 to discuss Libya buying a huge stake in Bank of Ireland.
However they pulled out of the deal because he didn’t feel ‘comfortable’ with Ireland’s finances at the time which were mired in the depth of the financial crisis.
The story was revealed in what was otherwise routine questioning of John Corrigan, the former head of the NTMA, on Wednesday.
Fianna Fáil TD Michael McGrath asked Corrigan about a note in his evidence to the inquiry about how the Libyan Investment Authority initially approached Bank of Ireland in November 2010 and the bank told the NTMA about it.
“We felt this was an issue worth pursuing,” Corrigan told the inquiry.
The NTMA asked the Department of Foreign Affairs if it was ok to go ahead with the talks with the Libyans and Corrigan said they were given the all clear.
NTMA officials travelled to Libya and spent a day discussing the plan, which would have seen Libya make a €1.4 billion investment in the bank, including €1 billion in preference shares and around €400 million – the market value – for 24% of the ordinary shares in Bank of Ireland.
However the Libyans were uncomfortable with Ireland’s precarious financial situation.
“The whole discussion concentrated around a possible third round of recapitalisation [for Ireland] and in the event… they pulled out of it,” Corrigan said.
“From their point of view it was probably a clever decision not to proceed with it,” he said.
“And so Colonel Gaddafi didn’t quite almost own a good share in Bank of Ireland?,” Michael McGrath said with a bemused tone.
Corrigan said that it was a deal worth examining at the time, regardless of what happened in Libya afterwards.
“I know we can look at this with the benefit of handsight of what’s happened in Libya, but certainly the Libyan Investment Authority were a very highly regarded sovereign investment fund and had a very substantial diversified portfolio of investments globally,” Corrigan said.
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So, FF are the biggest party again. What a f****d up country.
You can’t brand an entire party because of what a small number of people did. There are a lot of new people who had nothing to do with the recession in the party and the FF councillors are a very different crowd to the TD’S.
Sorry Shane, if you join the mafia you join to change it into st Vincent DePaul. Equally when you join FF you join to get a chance to stick your snout in the trough.
Martin, Hanifin, O”Dea, still in the Party….Close it down and start again
Ive said it a million times. the most backward, stupid, ignorant people in the western world…FACT
The Irish are ok with corruption. Voting for the Bertie’s the Brian’s and the Michael’s means core values haven’t changed in FF and FG are no different i.e. Lowry Tipperary. It makes the people who vote for them equally corrupt or just dumb.
Just like yourself!
No matter who won what the turnout overall was in the !ow fifty percent range shame on all able bodied voters who could not be bothered to do so
A large number of the people who’s names are on the register have been forced to emigrate so if you take the number who live here and who voted the turnout would be higher.
Net emigration is about 0.7% of the population per annum.
Its apathy that rules.
Why is Ming wearing a suit now?
Per annum but I know people who moved abroad a decade ago who still get a polling card at their parents house. Then there are others (small number) with multiple cards at different addresses
Thats mings Hemp Suit :)
Because he can Paddy!
John Sherlock thanks for pointing that out about the large number on the electorate who have emigrated who could not vote had not actually thought of that and actually that is another scandal that our people forced to emigrate no longer have any say in who is elected
Amongst the highest turnout in Europe, not so bad. The apathy across the continent highlights the rot in European politics.
Must be made of hemp…:)
Gilmore – RRRREEEEESSSSIIIGGGNNEEEDD & Ggggooonnneeee – Yipeeeeeeee!
General Election now please ?
Delighted for Ming ! They’ve try’d to make him look like a joke all these yrs jokes on them now ..
I don’t know why people voted for him. I have a relation who knows him and he told me Ming never finished school and has been on the dole his whole life doing anything but smoking pot and now where sending him to Europe. That’s a joke.
Youre the joke Shane, its on you :)
If thats true then he probably has more in common than most of the electorate, At least hes spent some time on the dole. Most of our TDs come from a political dynasty and list their profession as public representative since they left school.
Shane….your ignorance is why Ming Flanagan romped in….I hope there are many more like you in the FF Party!
He’ll be more interested in visiting Amsterdam than Brussels I’d reckon…..
That is just about the most stupid, inane, ridiculous statement to be posted today. I have a friend that knows a guy too… And he used to smoke pot!! Typical stupefied answer from someone who probably reads glossy mags at the weekend and thinks they’re all true stories as well..
More working class people like Ming needed on politics , we’ve always had too many of the ivory tower variety who don’t know how the other half lives . Well done to Ming overcoming the prejudice and sneering of the elites
All over now and in 2 weeks 99% won’t remember who their local reps are and won’t hear hide not hair from them till next election. Democracy me a*se
Eamon Ryan !! I dont think he knows his arse from his elbow!! He was interviewed on Euronews about 2 years and painted a picture far from the truth! Actually, nowhere near the truth! He has as much political clout as Kenneth Egan!
Its crazy to think there are hundreds of thousands of people all over the country hoping Eamonn Ryan doesnt get elected…..on environmental grounds…his tireless backing of big business in the form of giant international utility wind developers despite all the independent scientific evidence showing its minimal effect on CO2 reduction and its devestating effect on the landscape and environment has shown him up to be foolish in the extreme and an idealogicalb puppet for fat cat developers..
I sincerely hope Hayes gets the seat; not because I support him or his Party but because he’s an open book – a blueshirt true and true and that gets my respect! But the Ryan boyo hunts with the hare and chases with the hounds – no respect!
Well done to all anti-austerity independent candidates who won seats in the councils with no funding, no backing from major parties, no massive PR machines.. People who slogged it out knocking on people’s doors in all weathers 6 days a week in small teams of dedicated people on a mission to show the Irish electorate that there was an alternative to the major political parties out there who could represent them in local governments across the country. Here in Kildare we in the CAWHT campaign told our Labour councillors – “axe the tax or watch your vote collapse”. Unlike Labour, we kept our promises and this election saw Labour decimated in the council and we won our representatives the seats they deserve through hard work and pure people power. To any and all people who gave up their evenings and weekends to be a part of any of these campaigns – well done, you should be proud of your achievement.
Great coverage over the weekend.Well done Journal.ie
Thanks a million – much appreciated!
Over 400,000 people unemployed I wonder how many of these people got to work at the count centres for a nice little bonus to their benefits?
Hey Paul i was in one center, and a man who takes care of his wife who is ill.Two people who are retired.There was only four in people where i was.
Why is there a re count?
not many u can bet doller
None Paul Mc , all teachers and DCC clerical workers
Interesting that Mary Lou qualifies Boylan as ‘the real deal’. Obviously she regards the rest of Sinn Fein as being fakers of some sort. Refreshingly honest of her.
John you are one sad man
hahaha bitter much!
Id say your a bitter bitter man this morning, SF most popular party on the island of Ireland by vote share, as well as a likely MEP representing all 4 regions in Ireland. The reaction of trolls like yourself makes it all the more sweeter for the rest of us!
Not bitter at all. Real election is in 2016. All to play for. Good luck to SF in their efforts at democracy.
Most popular party is not true, but I’ll leave you to your version of math; Pearse Doherty must have been tutoring.
What planet are you living on?
Johngahan – You are in awful form ? Something seismic must have happened over the weekend that has you now inventing things that people haven’t said at all !
Where’s your other Blueshirt Gobaloon Richard Rodgers ?
Has he gone on an awful tear altogether ?
Tell him that we miss him , will you ?
Shows what u know Paul there not payed anymore for counting I’m counting plus I work so it’s not all unemployed
Why does a small country need so many idiots to run it, and very badly at that
Yes indeed…… lol for the day.
We’v 350,000 public servants , New Zealand have 125 , 000 , population is the same for both NZ and us and Canada has 228,000 for population of 35 million , so what’s going on ?
Jobs for the boys…….
Europe the final countdown, lol!
The country doing so well in making a change through the power of the vote.Then you have the people of south Kerry voting in the Healy reas,and they wonder why their are the bud of jokes?
“Brendan corish, Frank cluskey, Dick spring…can you here me Dick spring? You’re boys took a hell of a beating”
Fully agree james r. Ming can ask them to stop moving house every 3 months to strasbourg and give us the 100 mil that costs to reduce ou r debt to eu/german banks. Time for a straight talker in brussells who messed up the euro, banking regulation etc. Brussels is a sleepy cosy place and packed with highly paid useless people, systems, and policies…just look at the mess europe is in. Time for no nonsense straight talking and ming is the man to do it….hopefully rte/tv3 will actually let us know what goes on there for a change….
Over 13500 votes for Teresa Heaney wtf
that is scarier then the cork peoples choice of f failed
That arsehole Mr Austerity Hayes scrapes his way in, no doubt he’ll view this as a ringing endorsement of FG’s troika appeasement.
Too soon for Ryan to be back at that level. As for the ignorant Blackrock voters …hope that they get what they deserve.
So the fool ming is happy to dress up for Europe but hasn’t the same respect for our own Dàil !! Good riddance to him we wont have to listen to his foolish rants again!
Carlos Valderama certainty does look delighted.
I’ll be sad when all this live blogging is over, it gave me an excuse to babble on about politics and even stay up passed the death, on dare I say it, a school night. I’m not normally one to follow politics so closely but I found this blog coupled with the excellent radio and TV coverage addictive. Well done to all at the Journal.ie!
Thanks Oisín! It’s been crazy alright, going back to normal news will be strange!
Well done Ming!! No more butter vouchers ….. cannabis plants all the way from Europe now ….Medical cards who needs medical cards …. When cannabis cures all ails ….less work for customs and gardai …what fools we are ….
Oh noooooo! Doggy dentures and McGuiness to be elected?!!!!!
Ryan looks like he just remembered he left the immersion on.
It’s an outrage that Edvard Hund didn’t get elected. I’m gutted for him.
I was saying Boo-urns
Excellent graphics from Clare Byrne. Best yet explanation of how the Proportional Representation Voting System works. Send a final disk to each school in the country, the kids will see immediately how it works without a long-winded complicated verbal explanation.
what a brilliant photo by mark stedman
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