Anglo Irish Bank – subsidiary fun

Browsing through SI 15/2010 a while ago I noticed many more companies within Anglo were falling under the Ethics in Public Office Act than previously.

I picked a random company from the list, Gertonabbey Limited, which now falls under that Act.

Gertonabbbey is part owned by Anglo Irish Bank. The company secretary for Gertonabbey is Natasha Mercer, who up until recently was also the company secretary for Anglo itself. The directors are Brian Gerard Spillane and Patrick Gerard Price. The ultimate owner of Gertonabbey (and Anglo is a shareholder) is Raycastle Limited, Bernard McNamara’s company. Gertonabby is a subsidiary of Radora Developments, which is a subsidiary of Raycastle.

Guess what Gertonabbey owns? 29-31 Adelaide Road, otherwise known as the building which houses the Department of Communications.

The taxpayer is paying €2.524m to rent the building to a combination of Anglo (the taxpayer) and Bernard McNamara.

Oh what a tangled web.

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