Donohoe highlights Ganley’s potential conflict of interest – how he stands to gain financially in the event of a No vote

20th May, 2012

Ganley’s Swiss based asset management firm was set up to capitalise on European instability

Fine Gael TD for Dublin Central, Paschal Donohoe, has highlighted how Declan Ganley formed a Swiss based asset management company last year in order to commercially benefit from ongoing financial instability in Europe.

Mr Ganley, who is a prominent campaigner for a No vote in the referendum campaign, established St Columbanus AG in May 2011 to enable people to take their deposits out of Irish and European Banks and place them in Ganley’s Swiss deposit account business.

The website of St Columbas AG makes clear that the purpose of his service is for people in Ireland and throughout Europe to take their deposits out of Irish or European Banks and place them in Ganley’s Swiss deposit account business:

“St. Columbanus AG, the Swiss-based asset management firm, has announced its opening in May 2011. The firm provides a safe haven for assets in the midst of the continuing global financial crisis, a service that appears increasingly important in the current European context of fragile peripheral economies, and an unstable Eurozone banking sector.” (

Mr Ganley’s business model for St. Columbanus AG was made clear in a recent Tweet when he said:
“No, it goes like this, crisis everywhere else = no crisis in @StColumbanusAG:)”

Deputy Donohoe said: ‘The aim of this company is to profit from economic instability across the Eurozone. A ‘No’ vote, which Declan Ganley is promoting, will create instability within Ireland and add to the uncertainty within the Eurozone. It is this very uncertainty that Declan Ganley’s company will profit from. There is clear potential for a conflict of interest that he must clarify.’

Deputy Donohoe continued: “Mr Ganley must answer 3 questions: Firstly, given his role with this company and his calling for a ‘No’ vote, does he accept there is a potential conflict of interest?

“Secondly, what financial stake does he hold in this company?

“Thirdly, as a member of the Independent Advisory Panel for St Columbanus AG, what advice is he offering to potential and existing clients regarding Ireland?

“Declan Ganley must answer these questions. The confusion of private with public interest helped cause our crisis in Ireland. Given the vital importance of this referendum to our country this potential confusion must be urgently resolved.”