IRELAND

IRELAND'S RICHEST MAN NOW BANKRUPT
An entrepreneur who was once the richest man in Ireland has declared himself bankrupt over debts of two billion euro (£1.7bn) to the former Anglo-Irish Bank.

Sean Quinn ran a multi-billion empire until it collapsed over the last two years due to massive, secret stock market gambles on the share price of the now nationalised rogue lender. Mr Quinn said he had done everything to avoid bankruptcy, which was declared at the High Court in Belfast. "I was born, reared and worked all my life in Co Fermanagh. It is for this reason that my bankruptcy application was made today in Northern Ireland," he said.

"I have done absolutely everything in my power to avoid taking this drastic decision. The vast majority of debt that Anglo maintains is owed is strenuously disputed. "However, I cannot now pay those loans which are due, following Anglo taking control of the Quinn Group of companies, which I and a loyal team spent a lifetime building. I find myself left with no other alternative." The businessman, dubbed the "Mighty Quinn", was said to be worth 4.72bn euros (£3.7bn) at the height of his success.

He left school at 14 to work on the family farm and used a £100 loan to dig a hole on the land and open a quarry, selling to local builders. He later took on Cement Roadstone Holdings before moving into glass and plastics and then what was to become the cash cow of his international empire - Quinn Insurance. Mr Quinn accused the Irish government of holding him at fault for the devastation wreaked on the country's economy after Anglo - the developers' bank - went bust.

"I worked tirelessly to find a solution to the problems, which arose from ill-fated investments in Anglo," he said. "Anglo, and more recently the Irish Government, are intent on making scapegoats of my family and I." Mr Quinn's downfall started after he invested in Anglo using complex stock market deals known as contracts for difference, which allow the buyer to remain hidden but run huge risks if the share price shifts dramatically. He gambled in the final years of the Celtic Tiger property and development boom on the share price continuing to rise but trouble hit when it nosedived in late 2008.

Mr Quinn was forced to resign when the firm was hit with a record 3.25m euro fine in 2008 for breaching financial regulations. A corporate watchdog found the company broke the rules when it arranged loans to other companies within the Quinn Group. In a lengthy statement, Mr Quinn accepted some of the blame for his downfall but also accused Anglo of self-interest, lack of responsibility and bad lending.

He said: "Recent history has shown that I, like thousands of others in Ireland, incorrectly relied upon the persons who guided Anglo and who wrongfully sought to portray a 'blue chip' Irish banking sector." Mr Quinn's bankruptcy declaration in Belfast means he could be free of his debts in a year. If he had been forced into the same move in the Republic he would be out of business for 12 years. Anglo, which is under investigation by the fraud squad and a corporate watchdog in Ireland, has been rebranded as the Irish Bank Resolution Corporation (IRBC) and is to be wound down.

The IRBC questioned Mr Quinn's claim that he is a resident of Northern Ireland, arguing that his family live in Co Cavan along the border with the Republic. It also said that he actually owes the state 2.9bn euro (£2.5bn).

"The bank is examining the validity of this application for bankruptcy in light of Mr Quinn's residency and extensive business interests and liabilities within the state," a spokesman said. "The mandate of the IBRC is to recover as much of the debts as possible on behalf of the Irish taxpayer and IBRC will continue to pursue maximum recovery of his debt."

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  • £200,000,000 ON LAWYERS TO PROVE BLOODY SUNDAY MURDERS IN NORTHERN IRELAND
    bloody sunday IS THE UK POLICE STATE NOW GOING TO DISARM SOLDIERS AFTER THE OUTRAGEOUS BLOODBATH THEY CREATED IN BLOODY SUNDAY AND JUST LIKE HOW THEY FIND REASONS TO DISARM THE POPULATION WHEN LONE GUNMEN GO BERSERK?

    Bloody Sunday report published

    The Bloody Sunday killings were unjustified and unjustifiable, the Prime Minster has said. Thirteen marchers were shot dead on 30 January 1972 in Londonderry when British paratroopers opened fire on crowds at a civil rights demonstration.

    THE BLOODY SUNDAY INQUIRY 12 YEARS TO COMPLETE
    **INCLUDED THE FOLLOWING**

    WITNESS STATEMENTS: 2,500
    ORAL STATEMENTS: 922
    VOLUMES OF EVIDENCE: 160
    AUDIOTAPES: 121
    VIDEOTAPES: 110
    WORDS: 20-30 MILLION
    TOTAL COST: £195M

    Fourteen others were wounded, one later died. The Saville Report is heavily critical of the Army and found that soldiers fired the first shot. Prime Minister David Cameron said he was "deeply sorry". He said that the findings of the Saville Report were "shocking". A huge cheer erupted in Guildhall Square in Derry as Mr Cameron delivered the findings which unequivocally blamed the Army for one of the most controversial days in Northern Ireland's history.

    Speaking in the House of Commons, Mr Cameron said what happened on Bloody Sunday was wrong.

    Army fired first shot

    The Prime Minister said:

    * No warning had been given to any civilians before the soldiers opened fire
    * None of the soldiers fired in response to attacks by petrol bombers or stone throwers
    * Some of those killed or injured were clearly fleeing or going to help those injured or dying
    * None of the casualties was posing a threat or doing anything that would justify their shooting
    * Many of the soldiers lied about their actions
    * The events of Bloody Sunday were not premeditated
    * Northern Ireland's Deputy First Minister Martin McGuinness, Sinn Fein, was present at the time of the violence and "probably armed with a sub-machine gun" but did not engage in "any activity that provided any of the soldiers with any justification for opening fire"

    Mr McGuinness denied having a sub-machine gun. When asked about the Saville finding that it was probable that he had the weapon, he replied: "No". He said the report had cleared everybody in the city. The head of the Army, General Sir David Richards, said he fully supported Mr Cameron's apology. "The report leaves me in no doubt that serious mistakes and failings by officers and soldiers on that terrible day led to the deaths of 13 civilians who did nothing that could have justified their shooting," he said.

    General Sir Mike Jackson, who served in the Parachute Regiment on Bloody Sunday said: "The Prime Minister made a fulsome apology and I join him in so doing." But he said the Army's service in the 20 years after Bloody Sunday should be recognised. "Northern Ireland is a very different place from what it was 40 years ago, not least because of this sacrifice and I ask that Lord Saville's report is seen in that context."

    Stephen Pollard, a solicitor representing the soldiers said Lord Saville did not have the justification for his findings and accused him of "cherry-picking the evidence". "There is just as much evidence for the opposite conclusion," he said.

    Following the report, the decision to prosecute any individual soldier rests with Northern Ireland's Public Prosecution Service (PPS). In a statement, the PPS said their director and Chief Constable Matt Baggott would consider the report to determine the nature and extent of any police investigations. Referring to the agreement that witnesses to the inquiry could not incriminate themselves, the statement continued: "The undertaking given by the Attorney General in 1999 to witnesses who provided evidence to the inquiry will also require to be considered. "It is not practical, at this stage, to say when such decisions will be taken other than to indicate that the matter will be considered as expeditiously as possible."

    The report was commissioned in 1998 by the then Prime Minister Tony Blair under the auspices of former High Court judge, Lord Saville of Newdigate. The Saville Inquiry took witness statements from hundreds of people and has become the longest-running and most expensive in British history. It closed in 2004 with the report initially due for publication the following year. It cost £195m and took 12 years to complete.

    Thousands of people gathered outside the Guildhall to watch Prime Minister David Cameron deliver the report to Parliament on a huge screen in what was an emotional day for the city. Earlier, crowds retraced the steps of the original marchers from the Bloody Sunday memorial in the city's Bogside close to the spot where many of the victims died. According to BBC NI political editor Mark Devenport, while it may not have been the bloodiest day in the history of the Troubles, "the significance of that day in shaping the course of the conflict cannot be overstated". "The actions of the Parachute Regiment in shooting dead 13 unarmed civil rights protesters immeasurably strengthened Irish republicans' arguments within their own community and provided the Provisional IRA with a flood of fresh recruits for its long war," he said.

    Our correspondent also said Bloody Sunday set in train the suspension of the Northern Ireland government in March 1972, which led to the decades of direct rule from London. The full process of restoring devolution was only completed in 2010. An inquiry chaired by Lord Widgery was held in the immediate aftermath of the killings but it failed to satisfy families of the victim

    Analysis

    No one present in Londonderry's Guildhall Square could deny that for all its time and expense the Saville Tribunal provided a moment of jubilation and vindication for the families of those killed and wounded on Bloody Sunday. It was nothing short of extraordinary to witness thousands of nationalists roaring on David Cameron as he expressed his sorrow for what he described as the unjustifiable killings. But whilst the report may be cathartic for Derry, the possibility of future prosecutions could further polarise relations between nationalists and unionists, who claim the concentration on Bloody Sunday represents a selective approach to the past.

    So far as Westminster is concerned, Tony Blair's decision to appoint Lord Saville has been vindicated in as much as the inquiry served to bind republicans into what remained, 12 years ago, a fragile peace process. That said, David Cameron did not just provide an unequivocal apology today - he also sounded equally unequivocal in his pledge that there will never be such an open-ended and costly inquiry again.

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  • 120,000 MARCH THROUGH DUBLIN AGAINST GOVERNMENT HANDLING OF ECONOMY
    irish protest

    Up to 120,000 people marched through Dublin today in an emotional and angry national demonstration over the Irish Government's handling of the economic crisis.

    The sheer size of the turnout meant it had to set off earlier than was organised, with the parade stretching the entire length of its two kilometre route at one stage. Hundreds more lined the streets of the city centre, many clapping and cheering, as both public and private sector workers came together under the banners of several trade unions for one the largest demonstrations ever seen in the capital. The demonstrators marched past the Dail (Irish Parliament) for a rally at Merrion Square, where the Irish Congress of Trade Unions (Ictu) general secretary David Begg accused a wealthy elite of "economic treason" by destroying the country's international reputation.

    Mr Begg told cheering crowds which thronged the wide Georgian avenue running down towards Leinster House that there was fear and anger throughout Ireland among school leavers, mortgage-holders and people finishing work without decent pensions. "There is fear about how to keep body and soul together," he said. "There is anger then, because everybody knows that it is not our fault, that a business elite has destroyed our economy and has as yet to be made accountable for it."

    As the rally got under way at Merrion Square in the city's southside, the last of the protesters were still setting off from Parnell Square, two kilometres away on the northside of the river Liffey. The city centre was brought to a virtual standstill with several streets and roads closed down, in an outpouring of anger at the Government and banking chiefs. "There's anger because our generations yet unborn have been mortgaged in order to keep this banking system together," said Mr Beggs.

    "Your children and my children and our grandchildren will all have to try to deal with what has been laid upon their shoulders. "The best educated generation that we have ever had is effectively being put on the waste heap." Demonstrators, many who had brought their children, came from all around the island, on both sides of the border, and included most of Ireland's trade unions.

    Originally planned as a protest at public sector cutbacks and pension levies, organisers later called on all workers, from the public and private sector, to turn out in a "national demonstration" against the Government's handling of the downturn. Placards that read "Down with cosy cartels", "Ireland Inc is bankrupt and corrupt", "Why no pay cuts for corporate swindlers" and "Charge the fat cats", left no doubt about who protesters blamed for cutbacks directed against people on lower incomes, soaring unemployment and almost daily scandals in the banking industry. Sean Whelan, 45, a public sector worker with Dublin City Council for 27 years, said taxes and levies on his already low pay were making it impossible for him to get by.

    "I'm on a gross wage of 650 euro a week, and by the time all my reductions are taken out I take home 106 euro a week. Now with the Government levy and the Visa card that I have to pay off I will be left with 6.50 euro to live on - chicken feed," he said Like most marchers, Mr Whelan said his anger was directed at the Government and the banks. "You could practically say it's illegal what they are doing," he said.

    Bobby Kennedy, a private sector worker for 39 years at the troubled Waterford Crystal plant, was sacked four weeks ago without a pension or redundancy package. "I'm going on 61 and I'll never work again," said the clearly emotional father-of-four young children, as others around him sang along to Bob Dylan's The Times They Are A Changin' and John Lennon's Power To The People. "We got a raw deal at Waterford Crystal, and like the rest of the country we are being stamped all over. I blame the Government and the bankers, it's time for them to go."

    In an unusual move, the Government issued a statement in advance of the demonstration to insist its cost-cutting measures were essential. "The Government recognise that the measures which it is taking are difficult and, in some cases, painful," it stated. "The Government is also convinced, however, that they are both necessary and fair."

    Patricia McKeown, Ictu president, told the demonstrators that "casino capitalism" had brought the country to its knees. "It is a system I am told by some analysts which needs every so often to shake itself out," she said. "Our message to this Government is that Irish workers will not be shaken out in this system."

    The leading trade unionist said an economy cannot be built on shady financial deals, property speculation, on privatisation of public services and the "ever insatiable greed of the very, very wealthy". "We face a Government which wants the workers who built the economy to now be the sacrifices while it protects and bankrolls those who wrecked it. We are not prepared to live in that type of society," she said. The Garda said between 100,000 and 120,000 protesters took part in the march, in one of the largest ever demonstrations seen in Dublin. There were no public order incidents.

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