‘Orphan’ Depfa Bank had aid request denied, FoI records show

Released documents say German bank was not covered by Irish or German authorities

Patrick Honohan told the Oireachtas banking inquiry that a request for help from Depfa Bank was turned down during the height of the financial crisis.

Fri Jan 16 2015 - 11:19

Central Bank governor Patrick Honohan told the Oireachtas banking inquiry on Thursday that Irish authorities were approached for aid from a large German bank in the IFSC at the height of the financial crisis.

Mr Honohan said Depfa’s request for assistance was rightly turned down.

Documents released to The Irish Times under Freedom of Information (FoI) show Depfa's asset-covered-securities (ACS) bank being described as an "orphan" because it was neither covered by the German authorities nor the Irish Government through the guarantee.