The last 24 hours (29th May) have demonstrated the truth of ‘If you want to know who really rules you find out who you are not allowed to criticise’. As the image shows billionaire media mogul Denis O’Brien has managed to almost completely suppress stories about him in the few outlets he does not control.
Those media outlets he has ownership of seem to have somehow missed TD Catherine Murphy’s revelation that somehow O’Brien had managed to only pay 1.25% interest on the 500 million he owed to IBRC (in effect to us) rather than the expected market rate of around 7.5%. The difference costs us about 30 million a year.
This isn’t the first story of O’Brien getting a good deal from the IBRC. Almost a year ago the Irish Times reported "in a deal that again involved the writing down of bank debt. O’Brien took a controlling interest after he bought about €304 million of the Topaz Energy Group’s] loans from the State-owned Irish Bank Resolution Corporation (IBRC), in liquidation,for a reported €150 million."