Modus Operandi of the Sting
The Inside Story
By Call me what you like, but don't call me late for dinner | August 6, 2007
The bank did not disclose that it calculated interest on the lowest monthly balance when the usual practice of banks was to pay daily interest.
Central Bank knew that TSB was advertising Compound Annual Rate 1/12th higher than in fact paid, (save on the 21st day of any month) in breach of Trustee Savings Banks Act 1989 section 27 (1), as is evident from the letter of Dr. Michael Casey, Senior Adviser, Central Bank dated 6 March 1990 to TSB Dublin and Cork & Limeriock Savings Bank
Quote ... "While we understand that the TSBs' traditional method of crediting interest to deposits might lead to some difficulties with expressing annual interest rates, we feel that these should not be insurmountable"...Unquote.
This is a subtle reference to the fact that the advertised annual interest rates were fraudulent, save on the 21st day of any month.
District Judge Windle convicted and fined TSB Bank on 2 counts for fraud. A copy of the conviction and fine for fraud can be seen by clicking here
The scholarly and expert judgement of the Honourable Justice Michael Hanna dismissing Devrajan's allegation that KPMG, PriceWaterhouseCooper, Central Bank of Ireland, Director of Consumer Affairs and Minister for Finance conspired in the sting can be read by clicking here
The European Commission's expert analysis of Devrajan's complaint that Ireland has conspired with TSB to defraud most depositors may by clicking here.
The Commission's conspiracy in the sting may be viewed here and here
The Commission's fraud on the European Parliament may be viewed by clicking here
The European Ombudsman has opened an enquiry into the Commission's alleged illegal decision. The European Ombudsman's letter admitting the complaint may be viewed here
The Commission's submissions to the Ombudsman may be viewed here
Devrajan's observations on the Commission's expert analysis is here