
July-August 2018
irrepressible tendency to buy colleagues
gifts, one which is not, according to insiders,
yet manifesting in Dublin.
Temple of Helh
Villager remembers Laua Magahy as Charlie
Haughey’s favourite civil servant Paddy Tea-
hon’s protégé, pushing the development of
Dublin’s Left Bank, as head of Temple Bar
Properties in the mid-nineteen nineties. If
anyone was responsible for selling short the
vision of a counter-cultural, student, low-
rent arts quarter and making it into a Temple
of bars, driven by property players and a few
over-subsidised arts centres like the now
defunct Viking Adventure and Feast in the
part-gutted St Michael’s and John’s Church,
Dublin City’s oldest Catholic Church, it was
Laura Magahy.
In the boom Magahy was the can-do prop-
erety fixer of choice for Fianna Fáil and she and
Teahon were the forces behind the Bertie bowl,
which collapsed after it looked like it would go
massively over budget. She also had pay-
ments under her contract reduced by more
than half in the wake of political and public
criticism of her lucrative fee structure. Her
firm’s monthly contract for executive services
was ignominiously cut from €127,000 to just
€57,000. Her consortium also won a contract
to develop the Digital Hub in Dublin’s Liberties
area.
She then reinvented herself as head of a pro-
ject management company, as consultant on
health services and even as a designer of pots
inspired by Dublin’s Markets area where she
had a shop.
Now she’s back as head of SláinteCare, the
ten-year blueprint to overhaul the health ser-
vice over the next decade that was agreed by
the entire Dáil. If you liked Temple Bar or the
Bertie Bowl you’re going to love Magahy’s
SláinteCare.
Clrke’s brk
Clarke In June 2015 the Minister for Justice and
Equality initiated an inquiry under now Chief
Justice Frank Clarke following public concern
after the tragic death of Sergeant Michael
Galvin. Sergeant Galvin
had been the subject of a
GSOC investigation into
Garda interaction with
Ms Sheena Stewart who
died after a road traffic
incident on 1 January
2015. The report was
received in the Depart-
ment of Justice and
Equality on the 4th of
May 2016 and as required
forwarded to the
Ombudsman Commis-
sion. A number of legal
issues arose in relation
to publication of the full
report but on 6 July it was published in full with
some new angles. For example it had been ear-
lier suggested that had GSOC moved more
quickly to inform Sergeant Galvin he was
cleared, he would never have killed himself.
However, in his final report Judge Clarke
has set out the timeline of key events. And
that timeline disproves that narrative. Also
the full report contains criticism of a
number of unnamed media, though of
course recent media reports failed to report
this.
Inevitably the Association of Garda Ser-
geants castigated the Ombudsman after the
full publication. However, Judge Clarke had
pointed to tensions between the Garda and
their overseers in the Ombudsman which he
called the “elephant in the room”. The truth
is it seems nobody behaved that badly or
that well. Meanwhile the recommendations
of a dozen inquiries into our dysfunctional
Garda go unaddressed.
Cerberus’ mny nsy heds
Large shareholders in Deutsche Bank have
criticised its decision to hire private equity
group Cerberus, one of its biggest inves-
tors, as an adviser on restructuring its
operations. Cerberus bought its stake of about
3 per cent in
Deutsche in
November, after
taking a 5 per cent
stake in Commerz-
bank, “It’s similar
to accountants
working as con-
sultants — it’s not
illegal, but it’s
surely not looking
good,” a person
close to one of
Deutsche’s largest
shareholders told
the
Financial
Times
of the move
to recruit Cerberus. The risk is that the US
group might gain access to potentially confi-
dential information as an adviser. A person
familiar with Deutsche’s internal discussions
told the
FT
that the lender was trusting in Chi-
nese walls between Cerberus’s consulting
business and its investment activities. How-
ever, someone close to a large shareholder
was highly sceptical. “You just have to ask
yourself how Cerberus is ultimately earning
most of its money – surely not with its advisory
activity”. Someone else close to a second big
Deutsche shareholder called the bank’s move
“really strange” given that Cerberus is a “related
party” and subject to ongoing market rumours it
might increase its stake in the Frankfurt-based
lender. “You really have to ask yourself: why Cer-
berus? Aren’t there any other, independent
advisors around that Deutsche could use?”.
Strangely, neither Deutsche Bank nor the
Financial Times seem struck at how compro-
mised Cerberus is in Ireland where in 2014
Nama sold a collection of assets, Project
Eagle, to it for €1.43 billion where that had a
par value of more than three times that amount
in circumstances where it has been alleged
that a portion of fee payments of £16m were to
have been made to business and political fig-
ures including a former agent for Nama.
back
disgraced
many bad heads, allegedly