A century on: the Dáil loan that set the State on road to financial sovereignty

In his early forties, he had been appointed secretary to the trustees of the loan. In this role, he would become the chief launderer of the proceeds of the loan, often carrying thousands of pounds on his person from the clearing houses around the city., he put systems and processes in place to record, control and safeguard the proceeds of the loan. Bank accounts were opened using fictitious names, or the names of ‘trusted friends’.

The proceeds of the loan were used to finance the activities of the government departments. O’Donoghue maintained a coded system of accounts that were unintelligible to anyone but himself and George McGrath, who also had an office in No. 76. The management of the government and loan was forced underground, and new offices had to be found. In the meantime, O’Donoghue and his wife worked night after night, sometimes until the morning, in their kitchen, with blankets fixed across the window blinds.

The pace of subscriptions increased in January and February 1920 to the point where the “figures indicate a very creditable achievement assure final success to our efforts”.

Source: Loan Digest (loandigest.net)

We slag our tiny country, yes there are many problems but having travelled, I concluded we live in a wonderful place that has come so far in a very short time

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