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Celtic FC getting sucked into the Labour Party Co-operative Bank Scandal | footballtaxhavens
Celtic FC getting sucked into the Labour Party Co-operative Bank Scandal
Posted by footballtaxhavens ⋅ November 24, 2013 ⋅ Leave a Comment
Filed Under Celtic FC, Co-operative Bank, Labour Party
As well as the evolving local Glasgow scandal of Celtic receiving cheap land deals from a Scottish Labour controlled Glasgow City Council and Greater Glasgow Health Board.
Celtic have been using that land as security to obtain cheap interest rate loans from the Labour riddled Co-operative Bank, most likely through former Chairman John Reid and Director Brian Wilson, both Labour party heavyweights. Now thats what you call doubling up on corrupt leverage.
The Co-operative Bank, due the drug dealing antics of ex-chairman, Crystal Methodist Paul Flowers, a Labour ex-councillor, is soon to experience a forensic examination of its policy of giving risky loans at low interest rates to Labour party connected entities. In 2006, when the Labour party was close to bankruptcy, the Co-Op Bank bailed the party out and in March this year gave them a loan of 1.2 million at the preferential low rate of 4%. Compare this with Celtics Co-op Bank loans of 34 million at 1.5%. The size of Celtics loan principal dwarfs Labours while Celtics interest rate is ridiculously low and market loss-making.
Obviously this has implications for UEFAs FFP and SFA/SPFL, for both competitions, if Celtic has been seen to have been financially advantaged. Any investigation by either footballing body could involve the return of winnings, the cancelling of titles, loss of points and demotion for unfair advantages obtained during the period of the corruption. Celtics cheap Co-op Bank loan is still operating today.
Celtics Loans from the Co-Operative Bank
Celtic Cooperative bank
Ailing Co-op needs to put motley loans on transfer list | The Sunday Times
Iain Dey, Deputy Business Editor of The Times and The Sunday Times wrote the article above in The Sunday Times, in August 2013, detailing Celtics Co-operative Bank loans of 34 million at 1.5%. One quote from the article says:
Will the Co-op continue to offer generous terms to the likes of Celtic? What about the Labour party, which has been kept afloat over the years through Co-op bank loans.
Here we have the alignment of Celtic and Labour benefiting from the same low loans corruption. Hmmm, a coincidence? Well Celtics loans were obtained while John Reid, ex-minister of the Blair Labour govts and Brian Wilson, who was Labour Energy Minister were on the Celtic Board. John Reid was chairman of Celtic from 2007 until 2011. Brian Wilson joined the Celtic board in 2005 where he remains a Director. Note: All of the Co-operative Bank Celtic mortgages were created during their tenures therefore so were the loans based on those securities.
Celtics Co-operative Bank Mortgages
Westhorn mortgageLennoxtown mortgage 1
Celtic park mortgageCeltic triangle mortgage
Financial statement of Celtic Plc
As can be seen above Celtic have four mortgages to the Co-operative Bank acting as security for their 34 million loan at an extremely low 1.5% interest. Two involving land obtained cheaply from Glasgow City Council, Westhorn and parts of the Celtic Triangle, and one from the Greater Glasgow Health Board involving Lennoxtown. These have been covered in previous posts:
Celtics Mortgages to Co-operative Bank and Glasgow City Council: Westhorn Training Ground | footballtaxhavens
Lennoxtown Sale: Approved solely by Tom Divers CEO Greater Glasgow Health Board | footballtaxhavens
The Co-operative Bank is Celtics banker, as stated in their annual reports. Celtics 34 million loan at a measly 1.5% interest stands as an indictment of their connection into the low-interest-loans to Labour mates scandal emanating from the Co-op bank.
Treasury Inquiry Announced into Co-operative Bank
UK Chancellor, George Osborne on Friday 22nd November 2013 announced an inquiry into the financial turmoil at the Co-operative Bank.
The probe will be led by an independent person appointed by the City regulators, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).
It will also consider whether there was any wrongdoing by individuals, which could lead to fines and censures.
Treasury inquiry announced into Co-op Bank turmoil as Paul Flowers bailed - UK Politics - UK - The Independent
The Co-operative Banks lending practices have come under scrutiny due to the 1.5 billion blackhole in its finances leading to a financial restructuring which has left it 70% owned by two vulture hedge funds, Silver Point Capital and Aurelius. If the govt does not re-assess Celtics financial loss-making loans then the hedge funds will certainly do so. Banks always tend to have the right to change loan conditions in their loan agreements.
The Co-op Bank bailed the Labour party out in 2006 when it was close to bankruptcy.
There were also mounting questions about the extraordinary special treatment the bank gave to Labour extending soft loans with preferential rates of interest and admitting that other clients would never be allowed to keep on borrowing so much.
When Labour was on the brink of bankruptcy, then general secretary Peter Watt had a meeting with a senior Co-op executive at which it was agreed that vast debts would not be called in.
Ed Balls squirms over Co-op chief Paul Flowers, refuses to hand back 50,000 donation | Mail Online
What has also come to light are several loans made by the Co-op Bank to the Labour party in March of this year. Loans of 1.2 million were given to the Labour party by both the Co-op Bank and an associated, Unity Trust Bank, at preferential rates of 4%. Ed Balls also received a 50,000 donation last year. Over the past decade the Co-op Bank has loaned Labour 18 million.
Flowers inquiry aims to dig dirt on Co-op to Labour | News | The Week UK
If two Labour party loans of 1.5 million at 4% are of interest to the Inquiry then what about a Labour connected 34 million loan at 1.5% to John Reid and Brian Wilsons Celtic? 1.5% is +1% above the base rate of 0.5%:
Robert Downes, policy adviser at the Forum of Private Business, said: Base rate plus 2 to 3 per cent is cheap, really cheap. Most small businesses would love to be getting those kinds of deals in the current climate.
Co-op Bank's 34m of help for Labour Party | This is Money
All fair-minded football fans who can now see the potential for corruption of the Celtic-Co-operative Bank loans could be forgiven if they contacted the PRA (Prudential Regulatory Authority), FCA (Financial Conduct Authority) and Treasury, their MP/MSPs [providing they are not Labour] to ask about the unfair advantage given to Celtic by a Labour party run Co-operative Bank.
What the inquiry needs to examine is were the individuals at the Co-operative Bank in Glasgow & Manchester, their HQ, awarding Celtic the low interest loans at a below market interest rate? The loan documentation should contain any risk assessment was it done to market standards?
Celtics Loans have to come under UEFA and SFA Scrutiny
UEFA are gradually implementing their Financial Fair Play (FFP) regulations. The Scottish football authorities stand condemned of running a fixed game if they do nothing to erase this cloud of suspicion. Surely Celtic can have been seen to have been financially advantaged by their low interest Co-operative Bank 34 million loan at 1.5%. Again fair-minded fans should contact UEFA & the SFA/SPFL to call for inquiries.
Investigations by SFA/SPFL and UEFA need to ensure this sort of advantage is erased for the good of the Beautiful Game. Potential sanctions could include forcing Celtic to return winnings, the cancelling of titles, loss of points and demotion for the advantages obtained during the period Celtic enjoyed this financial advantage, which still continues today.
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Celtic FC getting sucked into the Labour Party Co-operative Bank Scandal | footballtaxhavens
Celtic FC getting sucked into the Labour Party Co-operative Bank Scandal
Posted by footballtaxhavens ⋅ November 24, 2013 ⋅ Leave a Comment
Filed Under Celtic FC, Co-operative Bank, Labour Party
As well as the evolving local Glasgow scandal of Celtic receiving cheap land deals from a Scottish Labour controlled Glasgow City Council and Greater Glasgow Health Board.
Celtic have been using that land as security to obtain cheap interest rate loans from the Labour riddled Co-operative Bank, most likely through former Chairman John Reid and Director Brian Wilson, both Labour party heavyweights. Now thats what you call doubling up on corrupt leverage.
The Co-operative Bank, due the drug dealing antics of ex-chairman, Crystal Methodist Paul Flowers, a Labour ex-councillor, is soon to experience a forensic examination of its policy of giving risky loans at low interest rates to Labour party connected entities. In 2006, when the Labour party was close to bankruptcy, the Co-Op Bank bailed the party out and in March this year gave them a loan of 1.2 million at the preferential low rate of 4%. Compare this with Celtics Co-op Bank loans of 34 million at 1.5%. The size of Celtics loan principal dwarfs Labours while Celtics interest rate is ridiculously low and market loss-making.
Obviously this has implications for UEFAs FFP and SFA/SPFL, for both competitions, if Celtic has been seen to have been financially advantaged. Any investigation by either footballing body could involve the return of winnings, the cancelling of titles, loss of points and demotion for unfair advantages obtained during the period of the corruption. Celtics cheap Co-op Bank loan is still operating today.
Celtics Loans from the Co-Operative Bank
Celtic Cooperative bank
Ailing Co-op needs to put motley loans on transfer list | The Sunday Times
Iain Dey, Deputy Business Editor of The Times and The Sunday Times wrote the article above in The Sunday Times, in August 2013, detailing Celtics Co-operative Bank loans of 34 million at 1.5%. One quote from the article says:
Will the Co-op continue to offer generous terms to the likes of Celtic? What about the Labour party, which has been kept afloat over the years through Co-op bank loans.
Here we have the alignment of Celtic and Labour benefiting from the same low loans corruption. Hmmm, a coincidence? Well Celtics loans were obtained while John Reid, ex-minister of the Blair Labour govts and Brian Wilson, who was Labour Energy Minister were on the Celtic Board. John Reid was chairman of Celtic from 2007 until 2011. Brian Wilson joined the Celtic board in 2005 where he remains a Director. Note: All of the Co-operative Bank Celtic mortgages were created during their tenures therefore so were the loans based on those securities.
Celtics Co-operative Bank Mortgages
Westhorn mortgageLennoxtown mortgage 1
Celtic park mortgageCeltic triangle mortgage
Financial statement of Celtic Plc
As can be seen above Celtic have four mortgages to the Co-operative Bank acting as security for their 34 million loan at an extremely low 1.5% interest. Two involving land obtained cheaply from Glasgow City Council, Westhorn and parts of the Celtic Triangle, and one from the Greater Glasgow Health Board involving Lennoxtown. These have been covered in previous posts:
Celtics Mortgages to Co-operative Bank and Glasgow City Council: Westhorn Training Ground | footballtaxhavens
Lennoxtown Sale: Approved solely by Tom Divers CEO Greater Glasgow Health Board | footballtaxhavens
The Co-operative Bank is Celtics banker, as stated in their annual reports. Celtics 34 million loan at a measly 1.5% interest stands as an indictment of their connection into the low-interest-loans to Labour mates scandal emanating from the Co-op bank.
Treasury Inquiry Announced into Co-operative Bank
UK Chancellor, George Osborne on Friday 22nd November 2013 announced an inquiry into the financial turmoil at the Co-operative Bank.
The probe will be led by an independent person appointed by the City regulators, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).
It will also consider whether there was any wrongdoing by individuals, which could lead to fines and censures.
Treasury inquiry announced into Co-op Bank turmoil as Paul Flowers bailed - UK Politics - UK - The Independent
The Co-operative Banks lending practices have come under scrutiny due to the 1.5 billion blackhole in its finances leading to a financial restructuring which has left it 70% owned by two vulture hedge funds, Silver Point Capital and Aurelius. If the govt does not re-assess Celtics financial loss-making loans then the hedge funds will certainly do so. Banks always tend to have the right to change loan conditions in their loan agreements.
The Co-op Bank bailed the Labour party out in 2006 when it was close to bankruptcy.
There were also mounting questions about the extraordinary special treatment the bank gave to Labour extending soft loans with preferential rates of interest and admitting that other clients would never be allowed to keep on borrowing so much.
When Labour was on the brink of bankruptcy, then general secretary Peter Watt had a meeting with a senior Co-op executive at which it was agreed that vast debts would not be called in.
Ed Balls squirms over Co-op chief Paul Flowers, refuses to hand back 50,000 donation | Mail Online
What has also come to light are several loans made by the Co-op Bank to the Labour party in March of this year. Loans of 1.2 million were given to the Labour party by both the Co-op Bank and an associated, Unity Trust Bank, at preferential rates of 4%. Ed Balls also received a 50,000 donation last year. Over the past decade the Co-op Bank has loaned Labour 18 million.
Flowers inquiry aims to dig dirt on Co-op to Labour | News | The Week UK
If two Labour party loans of 1.5 million at 4% are of interest to the Inquiry then what about a Labour connected 34 million loan at 1.5% to John Reid and Brian Wilsons Celtic? 1.5% is +1% above the base rate of 0.5%:
Robert Downes, policy adviser at the Forum of Private Business, said: Base rate plus 2 to 3 per cent is cheap, really cheap. Most small businesses would love to be getting those kinds of deals in the current climate.
Co-op Bank's 34m of help for Labour Party | This is Money
All fair-minded football fans who can now see the potential for corruption of the Celtic-Co-operative Bank loans could be forgiven if they contacted the PRA (Prudential Regulatory Authority), FCA (Financial Conduct Authority) and Treasury, their MP/MSPs [providing they are not Labour] to ask about the unfair advantage given to Celtic by a Labour party run Co-operative Bank.
What the inquiry needs to examine is were the individuals at the Co-operative Bank in Glasgow & Manchester, their HQ, awarding Celtic the low interest loans at a below market interest rate? The loan documentation should contain any risk assessment was it done to market standards?
Celtics Loans have to come under UEFA and SFA Scrutiny
UEFA are gradually implementing their Financial Fair Play (FFP) regulations. The Scottish football authorities stand condemned of running a fixed game if they do nothing to erase this cloud of suspicion. Surely Celtic can have been seen to have been financially advantaged by their low interest Co-operative Bank 34 million loan at 1.5%. Again fair-minded fans should contact UEFA & the SFA/SPFL to call for inquiries.
Investigations by SFA/SPFL and UEFA need to ensure this sort of advantage is erased for the good of the Beautiful Game. Potential sanctions could include forcing Celtic to return winnings, the cancelling of titles, loss of points and demotion for the advantages obtained during the period Celtic enjoyed this financial advantage, which still continues today.
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