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WWW.INDEPENDENT.IE Saturday 30 May 2009 ¤2 (£1 IN N. IRELAND)

Taxpayers face €7.5b bill to bail out Anglo
John Mulligan, Joe Brennan and Tom Brady
CRIMINAL charges against former Anglo Irish Bank directors moved a step closer last
night as the corporate watchdog revealed he will be having crucial discussions with
the Director of Public Prosecutions. The revelation came as it emerged the taxpayer
could ultimately have to pump up to €7.5bn into the disgraced bank, which yesterday
unveiled the biggest loss in Irish corporate history. Anglo revealed a pre-tax loss
of €4.1bn for the six months to the end of March. Almost €17.4bn of customer
deposits flowed out of Anglo in those six months, mainly as large institu-

Goodbye to all Pat Stars cook up a Magnificent send-off

INSIDE

Your Weekend magazine and Weekend Review supplement are inserted in the Sport section

SPORTING LOVE

Paul O‘Connell: Don’t ask me about romance WEEKEND MAGAZINE

DPP set to be called in as enforcer’s probe deepens
INSIDE Corporate enforcer gets tough P16 Editorial comment P14 News analysis P15
Anglo may be sold P17 Big hitters roped in P17
tions and pension funds baulked at scandals surrounding the bank and its emergency
nationalisation in January. The director of Corporate Enforcement, Paul Appleby,
said his office’s investigation into Anglo Irish Bank was “complex”, but he
expected to be meeting with the DPP in the coming months. A raft of investigations
into Anglo centre around three major scandals: ● Former chairman Sean FitzPatrick’s
practice of hiding up to €122m of bank loans from shareholders over a period of
eight years. ● Irish Life and Permanent’s controversial €7.5bn deposit at Anglo
last September which served to bolster its finances. ● And the secret sale of a
10pc stake in the group last summer to 10 developer clients, known as the ‘golden
circle’. The gardai were also called in by the Financial Regulator to examine the
circumstances surrounding the loans given to the ‘golden circle’ to buy the 10pc
shareholding in the bank which was originally built up Continued on page 16

Private school: Can’t afford it for my kids WEEKEND REVIEW

CLASS WAR

U2 GAVE Pat Kenny a ‘Magnificent’ send-off last night as he exited the ‘Late
Late Show’. A star-studded line-up descended on RTE’s Montrose studios for a
spectacular show which featured an out-

door garden party and barbecue. Larry, the Edge, Adam and Bono cranked up the volume
as they rocked the audience with a version of their latest single ‘Magnificent’.
The usually unflappable Kenny dis-

played some hints of emotion towards the end in the garden party area where numerous
friends and supporters were gathered. A NIGHT TO REMEMBER: PAGE 3

SECRET SHAME
‘Snobbery fuelled child abuse’ Diarmaid Ferriter WEEKEND REVIEW

Man critical after being shot in head
A FRENCHMAN was fighting for life last night after being shot in the head at his
apartment. Two shotguns were later found in a graveyard near the scene of the shooting
in Bray, Co Wicklow. Detectives believe the 32year-old victim, Charles Sinanapayen,
may have been shot because of his links to a local drug trafficker, who is currently
on the run from the gardai. Mr Sinanapayen is on a life support machine at Beaumont
Hospital in Dublin while his partner, Mary Kinlan, who slept through the incident,
was being cared for by friends.

New poll worry as Cowen denies plot to dump him
Fionnan Sheahan
Political Editor
TAOISEACH Brian Cowen yesterday flatly denied there were maverick Fianna Fail TDs
plotting a challenge against him after next week’s Super Friday elections. But
the prospect of Fianna Fail being left without a European Parliament representative
in Dublin is becoming more likely as Eoin Ryan is now lagging in a three-way fight
for the last seat in the capital. The European elections are also turning out badly
for Fine Gael, as its plan to hold on to its two MEPs in Leinster appears to have
backfired, with the Labour Party poised to win a seat. Despite all the debate in
Dublin being focused on Mr Ryan and Sinn Fein MEP MaryLou McDonald over the past
fortnight, support for both has actually fallen off. Former Socialist Party TD Joe
Higgins is now in contention to beat the sitting MEPs, as he has drawn level with
Mr Ryan on 9pc. Ms McDonald is on 11pc beihind Gay Mitchell (FG) and Proinsias de
Rossa (Labour). The loss of a European Parliament seat in Dublin would be a major
blow to Mr Cowen’s leadership. In the wake of the latest disastrous opinion poll
results for Fianna Fail, Mr Cowen came out fighting for his political life, declaring
he would stay on as leader “whatever” the results next weekend. Mr Cowen was
campaigning in Co Kerry as the rumour mill went into overdrive about his future as
party leader. But he angrily hit out at suggestions rebel backbench TDs were plotting
his downfall. “There aren’t maverick TDs – there aren’t maverick TDs in Fianna
Fail. The FF Parliamentary Party is supporting the thousands of volunteers up and
down the country in the organisation who are working for our candidates. We have
seven days to go, we have a positive campaign to push and that is what we are doing,”
he said.

Spector jailed for 19 years
STILL maintaining his innocence, music producer Phil Spector was yesterday sentenced
to at least 19 years in prison for the 2003 murder of a Hollywood actress. The 69-year-old
could now spend the rest of his life behind bars after the sentence was handed down
at Los Angeles Superior Court. Lana Clarkson (40), a B-movie actress, died of a shot
to the mouth, fired from Spector’s gun in the foyer of his mock castle home outside
Los Angeles on February 3, 2003. The two met hours earlier at a Hollywood nightclub.

FULL STORY: PAGE 5

ELECTIONS 2009: PAGES 8 & 9

FULL STORY: BACK PAGE

NEWS

Hanley killer threatens family
A MAN found guilty of robbing and killing 83-yearold Christy Hanley threatened to
shoot members of the victim’s family yesterday. PAGE 4

EBS to write off 37pc of loan book
The EBS may have to write off about 37pc, or €185m, out of its €500m property
development loan book, members were told at yesterday’s AGM. PAGE 19

BUSINESS

Sport
Ireland draw with Nigeria

SPORT

Lowry misses cut in debut as a pro
Irish Open champion Shane Lowry missed the cut on his professional debut in the European
Open at the London Club. The 22-year-old carded a 73 in yesterday’s second round
at the course in Kent. SPORT 9

INDEX

A MAJOR Church-State clash loomed last night after 18 religious orders refused to
renegotiate their 2002 child abuse indemnity deal. PAGE 12
Recommended retail price of the Irish Independent broadsheet edition in ROI is ¤2.00

Church-State row Investment sales over abuse deal slump by 46pc

Sales of pensions and investments plunged by 46pc in the first three months of this
year. PAGE 18

Jockey O’Connor back from brink
Jockey Matt O’Connor tells Richard Forristal he’s on the mend after his horror
fall. SPORT 25

World 13, 24 Editorial Comment 14, 15 Letters 15 Features Review Classifieds 20 Sudoku
21 Horoscope Magazine Crosswords 22 Weather 22 TV/radio Magazine Personals 2

Vol. 118 No. 128 Irish Independent

James COMMENT Downey P14-15





FF collapse will reshape Ireland

Bruce Arnold Politicians and abuse victims