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As our resident Hun has been a bit down in the dumps recently, this might put a smile on his face :) Bet they wish they'd kept it all in cellophane beneath Slab Murphy's driveway now

IRA could have lost £160million in collapse of Wall Street banks

The IRA has lost £160million in the banking collapses in America, it has been claimed.

 

By Christopher Hope, Home Affairs Editor

Last Updated: 3:22AM BST 14 Oct 2008

 

Chaos in New York's financial markets may have cost the IRA Photo: GETTY IMAGES Most of the losses will have come after IRA's financial bosses moved large amounts of money through "front companies" into a number of Wall Street financial institutions.

 

The group was reportedly attracted to Wall Street by the higher dividends on offer. However many of these institutions were the victims of the collapse of the sub-prime mortgage market in the US.

 

One source told the Irish Independent newspaper that the IRA had invested €200million (£160million) in US banks by selling commercial properties in Ireland.

 

The newspaper said that in the aftermath of the 1997 ceasefire, the IRA's financial advisers directed that IRA money should be invested in the then booming property market.

 

The same people advised to get out at the top of the property market and sink the money into high-dividend deposit accounts in Wall Street in the past few years, the paper claimed.

 

One senior IRA finance figure even made four apparently frantic visits to New York as the markets began showing signs of impending disaster and then collapsed.

 

Well-known republican figures in Belfast were in a "state of panic", the newspaper said.

 

Last month the government body that scrutinises paramilitary activity said the IRA's war is "well and truly over'' because the terrorist group's army council was no longer operational or functional.

 

The verdict raised the possibility that the final step to full devolution from Westminster to Northern Ireland can be taken more than a decade after the signing of the Good Friday Agreement.

 

Sinn Fein, the political wing of the IRA, wanted the transfer of policing and justice to be made months ago, but the Democratic Unionist Party insisted that the army council had to be disbanded.

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As our resident Hun has been a bit down in the dumps recently, this might put a smile on his face smile.gif Bet they wish they'd kept it all in cellophane beneath Slab Murphy's driveway now

 

Any need for this word pal ? sectarian indeed as is the word fenian <_<

Edited by AndyBlue2
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