Why Is The Irish Government Scared of Billionaire Denis OBrien? - Daily Beast
Fresh claims regarding suspect dealings between a state-run bank in Ireland and Denis O’Brien, the country's second wealthiest man, were made on Wednesday in the Irish Parliament by Pearse Doherty, finance spokesman of the left wing Republican... O' Brien's financial dealings with the Irish Bank Resolution Corporation (IBRC) can be traced back to the catastrophic banking crisis of 2008, when Ireland became known as the sick man of Europe. Two companies that deserve much of the blame for this economic catastrophe are Anglo Irish Bank and Irish Nationwide Building Society. The Irish Government was forced to inject €4bn into Anglo Irish Bank in 2009 after it made the worst loss in Irish banking history. Irish Nationwide Building Society recorded a €2. 5 billion loss in 2009, requiring a €5. 4 billion Government bailout a year later to stay afloat. Both were nationalized by the Irish government, and by 2011, they amalgamated into a state-run financial institution that became known as the IBRC. Both KPMG and IBRC have therefore recently been at the center of a political hurricane that involves an independent parliamentarian, the Irish government, and billionaire O'Brien. Source: www.thedailybeast.com
