#NAMA The corrupt property developers favourite banker- Ciaran McAreavey

Today we will look at another character in the corrupt world of property, banking and politics. 
A recent appointments notice in the Irish News concerning Ciaran McAreavey states that he has “become managing director of Close Brothers finance.” It also notes that McAreavey spent eleven years working at the Ulster Bank. 
What is not noted is that he left Ulster Bank nine years ago, so what has he been doing since? 
In 2006 he was appointed Chief Executive of the Anglo Irish Bank Northern Ireland branch. He replaced Neil Adair, who joined up with Paddy Kearney- who of course was to benefit from the sweetheart Cerberus deal- and formed a company named PBM Ltd, this company would later become Kilmona holdings Ltd. 
PBM became extremely active and it was McAreavey- thought the Anglo Irish bank- that funded most of his friends, Kearney and Adair’s, dodgy deals to the tune of almost £260 million. 
By the end of 2009 the companies debt had reached £317 million- and low and behold £200 million of that debt was subsequently written off by Anglo Irish Bank/NAMA- with the help of our First Minister Peter Robinson and his ‘fixer’ Alan Mains who negotiated a sweetheart did with the head of Cerberus Europe- former MI5 man Ranald O Coggle. 
When McAreavey took up post with Anglo their Northern Ireland loan book quadrupled and it has been suggested- not without merit- that the reckless lending of McAreavey, to his corrupt property developer pals, was what created the property collapse in Northern Ireland. 
Ciaran McAreaveys biggest customers at Anglo were the Lagan’s, Creighton & Boyd and Adam Armstrong, Noel Murphy and William Rushe. 
Of course McAreavey was the man that funded the Millmount development- which is now at the centre of yet another NAMA scandal. (See earlier blogs) 
McAreavey reported to a man called Pat Whelan at Anglos Dublin Branch. Last year Whelan was convicted of a Criminal offence in Dublins criminal court and is awaiting a further trial in 2016 for fraud. 
When Anglo closed it’s Belfast branch- laying off the majority of staff- McAreavey was transferred to Dublin and worked in the Banks recovery department. He specialised in bankrupting his former customers- except of course the charmed circle such as Armstrong, Murphy, Lagan’s and Paddy Kearney.  
McAreavey also overseen the overcharging of Anglo borrowers, which some recent newspaper reports have estimated was in the region of a staggering £1 billion. 
So now we know what Ciaran McAreavey has been up to for those missing nine years- does reputable firm Close Brothers, his new employers, know about the shady and murky past of their new managing director? 


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