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American golfer Phil Mickelson celebrating at the 2008 Ryder Cup which was attended by both developers Associated Press
Banking Inquiry

Developers received trips to Venice and the Ryder Cup from banks before financial crash

Gerard Gannon and Peter Cosgrave have given details in written statements to the banking inquiry.

DEVELOPERS HAVE DETAILED the hospitality they received from the banks in the lead up to the financial crash of 2008.

In written statements to the banking inquiry Gerard Gannon and Peter Cosgrave have detailed the perks they received in the course of their dealings with the banks.

Neither men were required to appear before the inquiry to give testimony.

The corporate hospitality provided by the banks included trips to major golfing events, race meetings, and a Grand Prix.

In his written statement, Gerard Gannon listed trips to Venice, Paris and the Curragh race meeting with Anglo Irish Bank as hospitality that directors at his company Gannon Homes were provided with.

There was also an annual Christmas lunch with Anglo Irish Bank and AIB that was attended by directors.

Hospitality that was provided to senior management at Cosgrave Property Group (CPG) included a trips to the the Opera provided by Ulster Bank, the Monaco Grand Prix provided by AIB and a trip to the Irish and British Open provided by Ulster Bank.

Representatives from both companies received hospitality trips to the 2008 Ryder Cup by AIB.

corporate hospitality List of corporate hospitality provided to senior management at Cosgrave Development

On the impact of the financial crisis, Gannon said, “The banking crisis which resulted in the volume of house sales declining significantly, the selling prices falling by over 50% and bank credit being withdrawn meant that the funding model for my business no longer worked.”

He went on to say that his company has sold 140 homes in the past 18 months and has began building new homes in areas where there is demand from first time buyers.

Read: It’s as easy as 1,2,3 (bedrooms) – check out these Dublin apartments, townhouses and penthouses

Also: Ireland’s investment fund is going to spend €500 million building 11,000 houses

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