Today in the press

Tuesday 25 June 2013 14.52
A look at some of today's stories in the newspapers
A look at some of today's stories in the newspapers

ABUSE THE BANK GUARANTEE, DON'T GET CAUGHT - DAVID DRUMM - Anglo Irish Bank boss David Drumm laughed about "abusing" the bank guarantee and warned his executives not to be caught abusing it, the Anglo Tapes reveal. Drumm is also heard giggling as one of his executives sings the German national anthem as deposits from Germany flow into Anglo as a result of the bank guarantee, says today's Irish Independent. The newspaper says this is the first time the former Anglo chief executive is brought directly into the controversy, adding that his language and casual attitude to the crisis will be found extraordinary by readers. The latest revelations from the Independent's 'Inside Anglo' investigation display a casual, even reckless, attitude at the bank during the financial crash. Mr Drumm can be heard laughing at the financial regulator's concerns about being seen internationally to be "abusing" the bank guarantee in late 2008. "We won't do anything blatant, but . . . we have to get the money in . . . get the f***in' money in, get it in," he tells his senior manager, John Bowe. At the time, European leaders including Germany's Angela Merkel and UK chancellor Alistair Darling were alarmed at how the guarantee could affect their banking systems. But Mr Bowe sang a "comedy" version of the anthem 'Deutschland Uber Alles' and talked about giving "two fingers" to British concern.

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LOUGH ERNE RESORT ATTRACTS BID INTEREST AFTER G8 SUMMIT RAISES ITS PROFILE - There are more than five prospective buyers in the running to purchase the Lough Erne Resort in Fermanagh, which hosted the G8 summit earlier this month. The international gathering of world leaders at the five-star resort, which went into administration in May 2011, is understood to have consolidated interest from potential overseas investors, says the Irish Times. The resort has been heavily marketed to hoteliers, hotel and resort operators, golf tourism promoters, large international groups and entrepreneurial investors by CBRE Hotels, which was appointed by its joint administers at KPMG to handle the sale. The hotel has been on the market officially again since May with a price tag of £10 million. Sources close to the process said a preferred bidder is expected to be identified shortly. The global attention that the sale of the Fermanagh resort has attracted mirrors a renewed interest in the property sector in the North, according to Brian Lavery, managing director at CBRE in Northern Ireland. Recent transactions by institutional investors such as Scottish Widows, LondonMetric, CBRE Global Investors and Jones Lang LaSalle, particularly in Belfast, point to international demand for prime investment properties, he said.

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FED FIGHTS BACK AGAINST 'FERAL HOGS’ - A top US central banker on Monday warned the “feral hogs” of financial markets against trying to force the Federal Reserve to shelve plans to slow its bond buying, as yields on US Treasuries climbed to their highest level since August 2011. Richard Fisher, president of the Dallas Federal Reserve, said in an interview with the Financial Times that the Fed had anticipated a lively market reaction to last week’s announcement that it was considering bringing an end to its $85 billion a month bond purchases. But Mr Fisher, a member of the rate-setting Federal Open Market Committee, warned that markets should not think the Fed would end up propping up the economy indefinitely, or that it could be pushed to keep buying Treasuries at the same pace and, in so doing, keep inflating asset price bubbles. The former hedge fund manager likened the market reaction to Fed chairman Ben Bernanke’s signal that the bank could begin reducing its $85 billion monthly bond purchases before the end of this year to the 1992 attack led by investor George Soros on the Bank of England. The latter led to the UK crashing out of the European exchange rate mechanism.

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BARCLAYS TO SELL CUSTOMER DATA - Barclays is to start selling information about 13 million customers' spending habits to other companies, and has admitted it could share the data with government departments and MPs, writes today's Guardian. In letters being sent to customers, it is also outlining what details about them it holds and uses which, it said, "may include images of you or recordings of your voice", as well as comments made in interactions with the bank on social media sites such as Twitter and Facebook. Barclays said it may collect "location data derived from any mobile device details you have given us" - suggesting it will be able to pinpoint where in the world a customer is at a particular moment in time. However, the bank assured customers that any data it passed on to third-party companies would be aggregated to show trends, and that individuals would not be identifiable from it. A spokeswoman said there was "nothing sinister" going on, and added that it would not be profiteering from customers. Like most companies, Barclays has previously used customer data internally, but it has not shared it with third parties before. It is writing to current and savings account customers to let them know about the changes, which will take effect on 9 October.

Keywords: presswatch