the original Sunday business Journal post has been taken down but I’m looking for it.
Lenihan signed off the sale of this Austrian wing of Anglo when there was significant evidence of huge amounts of capital from anglo to it.
"The sale of Anglo’s Austrian business was completed on December 19, 2008, the day after FitzPatrick resigned as chairman after his dodgy loan dealing had been uncovered.
…the Valartis annual report reveals that the Austrian operation manages about 1.6 billion Swiss francs (€1.25 billion) for about 4,000 private banking clients.
Those clients can now remain very private indeed, far away from the scrutiny of the Irish state which stepped in and nationalised Anglo Irish Bank in January 2009 in the wake of revelations about FitzPatrick concealing large loans from his shareholders.
One of the big advantages of having money on deposit with an Austrian bank is that the identity of depositors cannot be disclosed to the authorities, as Austria enjoys certain derogations from the EU Savings Directive. This was and remains a key attraction for those who deposit funds in Austria".