In a conspiracy‑to‑defraud trial at Dublin Circuit Criminal Court, four former Anglo Irish Bank and Irish Life & Permanent executives—John Bowe, Willie McAteer, Denis Casey and Peter Fitzpatrick—were charged with conspiring to mislead investors about Anglo Irish Bank's financial health. The prosecution alleged that between 1 March and 30 September 2008 the accused authorised a €7.2 billion circular transaction scheme to inflate Anglo's customer deposits. The State's case centred on the claim that the ILP executives were aware of Anglo's intent to misrepresent the deal on its balance sheet and that they knowingly participated in a scheme that did not provide real liquidity. The defence argued that the executives believed the transactions were legitimate collateralised deals and that they had no control over Anglo's accounting. The trial was ongoing, with the jury instructed to consider whether the accused intended to mislead the public. The case was still pending at the time of reporting. Denis Casey pleaded not guilty. Peter Fitzpatrick pleaded not guilty.
The trial of four former Anglo Irish Bank and Irish Life & Permanent executives for conspiracy to defraud has entered its final phase. John Bowe, Willie McAteer, Denis Casey and Peter Fitzpatrick, all pleading not guilty, are accused of orchestrating a €7.2 billion circular transaction scheme between 1 March and 30 September 2008 to inflate Anglo's year‑end balance sheet. The scheme involved moving money through a series of corporate deposits that were presented as legitimate bank deposits, thereby misleading investors, depositors and lenders who relied on the published accounts. The prosecution, led by DPP counsel Una Ní Raifeartaigh, argued that the executives knowingly implemented the transactions with the intent to deceive. The jury, after hearing the state's case, will deliberate on the evidence presented by the defendants' lawyers. The trial is scheduled to conclude with closing speeches and a final verdict.
The State has finished presenting its evidence in the Anglo‑ILP conspiracy trial, where four former bank executives—Peter Fitzpatrick (63), Denis Casey (56), John Bowe (52) and Willie McAteer (65)—were accused of conspiring to mislead investors by arranging a seven‑billion‑euro circular transaction scheme to inflate Anglo Irish Bank's balance sheet. The defendants pleaded not guilty to conspiracy charges relating to financial transactions between 1 March and 30 September 2008. On day 67, the Director of Public Prosecutions informed Judge Martin Nolan that the State's case was complete, and the trial moved to the legal argument stage. The prosecution's case centred on back‑to‑back deals between Anglo and Irish Life & Permanent (ILP) aimed at boosting Anglo's deposits figure for its year‑end accounts.
In a Dublin Circuit Criminal Court hearing, former ILP head of finance Peter Fitzpatrick, aged 63, denied acting alone in a March 2008 transaction that allegedly moved €1 billion from Anglo Irish Bank to ILP and €750 million back to Anglo via ILP's non‑banking subsidiary, Irish Life Assurance. Fitzpatrick said he had received approval from ILP chief executive Denis Casey, who had been instructed by the regulator to pursue a "green jersey" agenda of mutual support among Irish banks. Fitzpatrick claimed Casey had directed him to execute the deal and that it was risk‑free for ILP. He also stated that the transaction was a back‑to‑back, collateralised arrangement and that he could not have proceeded without Casey's approval. The case involves four former executives who all pleaded not guilty to conspiracy charges relating to the alleged €7.2 billion circular scheme. The trial is ongoing.
In 2016, former Irish Life & Permanent chief executive Denis Casey, aged 56, was questioned by Gardaí about authorising a €7.2 billion transaction with Anglo Irish Bank. Casey claimed he did so because he felt obliged to support Anglo under a "green jersey agenda" promoted by the Financial Regulator and Central Bank, which encouraged Irish banks to back each other. He said he believed the transaction was collateralised and would not expose ILP to financial loss. Casey denied that the deal was intended to bolster Anglo's deposits and insisted he had no reason to doubt Anglo's integrity in September 2008. He admitted he only became aware of potential exposure in February 2009. The case is part of a trial where four former executives are charged with conspiring to mislead investors through a circular transaction scheme between March and September 2008. The trial is ongoing at Dublin Circuit Criminal Court. The unnamed accused pleaded not guilty.
Four former executives from Anglo Irish Bank and Irish Life & Permanent (ILP) are on trial at Dublin Circuit Criminal Court, having all pleaded not guilty to conspiring to mislead investors through financial transactions between March 1 and September 30, 2008. The accused are Willie McAteer, Denis Casey, Peter Fitzpatrick, and John Bowe. They are alleged to have set up a €7.2 billion circular transaction scheme to bolster Anglo's balance sheet. On day 64 of the trial, Detective Sergeant Catharina Gunne presented evidence of a voluntary statement by Mr. Casey, who served as ILP's Group Chief Executive from May 2007 to February 2009. Mr. Casey alleged that in March 2008, regulators Pat Neary and John Hurley requested ILP support a "green jersey agenda" to provide mutual in-market support during the global banking crisis. He stated he would not authorize transactions contrary to regulator wishes or company law. The jury also heard evidence of a 2010 cautioned interview with Mr. McAteer, who disputed that the deal manipulated Anglo's balance sheet. He maintained the transactions were properly accounted for and brought to the Audit Committee's attention, denying awareness of the inter-bank deal mechanics. The trial continues before Judge Martin Nolan and a jury.
In a trial at Dublin Circuit Criminal Court, four former Anglo Irish Bank and Irish Life & Permanent executives—John Bowe, Willie McAteer, Denis Casey and Peter Fitzpatrick—were charged with conspiring to mislead investors by arranging a €7.2 billion circular transaction scheme between March 1 and September 30 2008. Bowe, a 52‑year‑old Glasnevin resident, testified that the scheme involved depositing money into ILP, which would then transfer it to Irish Life and back to Anglo, creating a "circle" that was difficult to unwind. He described the €7.2 billion deal as a "big funny" to chairman Sean FitzPatrick and claimed the deposits were legitimate and carried normal risks. Bowe denied any intent to misrepresent Anglo's year‑end position. The case is ongoing before Judge Martin Nolan and a jury, with evidence including recorded telephone calls and Garda interviews. Denis Casey pleaded not guilty. Peter Fitzpatrick pleaded not guilty.
Four former executives from Anglo Irish Bank and Irish Life and Permanent are on trial at Dublin Circuit Criminal Court, facing charges of conspiring to mislead investors through financial transactions between March 1 and September 30, 2008. The defendants, John Bowe, Willie McAteer, Denis Casey, and Peter Fitzpatrick, have all pleaded not guilty. On day 61 of the trial, the jury heard evidence from John Bowe, who told gardai he had only a "peripheral awareness" of the €7.2 billion circular transaction scheme with Irish Life and Permanent. Bowe, who was head of Capital Markets at Anglo in 2008, stated he did not consider the transactions wrong, though he acknowledged they were large and unusual. He claimed he only learned the final deal figure on September 30 or October 1, 2008. Bowe also testified that Anglo would have collapsed on September 30, 2008, without emergency overnight funding of over €1 billion from the Central Bank. The court heard an email from former CEO David Drumm urging executives to generate liquidity during the banking crisis. Detective Sergeant Gerard Doyle testified that Bowe was not under arrest when his witness statement was finalized between September 2010 and February 2011, with his solicitor present. The trial continues before Judge Martin Nolan and a 13-member jury.
A 47‑year‑old Latvian man was jailed for seven years after pleading guilty to raping and sexually assaulting a 42‑year‑old woman in her Tipperary flat on 17 November 2014. He forced himself into her bedroom, beat her, dislocated her wrist, and performed anal, oral and vaginal rape while she was restrained. He also forced her to kiss him and threatened to act as a doctor. The victim, who had been living in poor accommodation, suffered nightmares and deteriorating mental health, and later returned to her native country. The court noted the offender's heavy alcohol intoxication and lack of prior convictions. The sentence, imposed by Mr Justice Patrick McCarthy, was back‑dated to the date of the offence and reflects the offender's guilty plea and foreign nationality. The case was heard at the Central Criminal Court.
During a trial in Dublin Circuit Criminal Court, former Irish Life Assurance CEO Denis Casey, aged 56, testified that he only learned of a €7.2 billion circular transaction scheme with Anglo Irish Bank through media reports months after the alleged deception. The scheme, allegedly designed to inflate Anglo's 2008 balance sheet, involved Anglo loaning €7.2 billion to Irish Life and Permanent (ILP), which then placed the same amount back with Anglo, recorded as customer deposits. Casey, along with former senior bankers Peter Fitzpatrick (63), John Bowe (52), and Willie McAteer (65), pleaded not guilty to conspiring to mislead investors between 1 March and 30 September 2008. Evidence presented included testimony from Kevin Murphy, who said he first became aware of the deals via February 2009 media reports and later detailed information from the regulator. The jury heard that Murphy succeeded Casey as ILP Group Chief Executive in mid‑2009.
In the Dublin Circuit Criminal Court, four former senior bankers – Denis Casey, Peter Fitzpatrick, John Bowe and Willie McAteer – pleaded not guilty to conspiracy charges for allegedly misleading investors through a €7.2 billion circular transaction scheme that aimed to strengthen Anglo Irish Bank's 2008 balance sheet. The alleged scheme involved financial transactions between March 1 and September 30, 2008. During the trial, former AIB Group Finance Director John O'Donnell testified that in early 2008 he attended a meeting with the Financial Regulator, who urged Irish banks to support each other's liquidity. O'Donnell recalled a golf game with Anglo's CFO Matt Moran, after which Moran approached him in a car park with a proposal for a deposit arrangement that would avoid appearing as an inter‑bank placement. O'Donnell said he later rejected the proposal and communicated this to Moran. The case is still before Judge Martin Nolan and a jury.
Four former senior bankers from Anglo Irish Bank and Irish Life and Permanent (ILP) are on trial at Dublin Circuit Criminal Court, where they have all pleaded not guilty to conspiring together and with others to mislead investors through financial transactions between March 1st and September 30th, 2008. The defendants, Willie McAteer, Denis Casey, Peter Fitzpatrick, and John Bowe, are alleged to have set up a €7.2 billion circular transaction scheme to bolster Anglo's 2008 balance sheet. In testimony, David McCarthy, ILP's Chief Financial Officer in September 2008, stated he had no knowledge of the €7.2 billion inter-bank loan with Anglo Irish Bank at the time. McCarthy, a qualified chartered accountant who joined ILP in 1994, reported to Peter Fitzpatrick, then Finance Director. He told the court he only learned of the sum in November 2008, noting that under accounting rules, such linked loans and deposits would be netted on the balance sheet, creating no liquidity. McCarthy estimated the amount represented about 16 per cent of ILP's balance sheet at the time. The trial continues before Judge Martin Nolan and a jury.
The trial of four former senior bankers, including Denis Casey and Peter Fitzpatrick, continues at Dublin Circuit Criminal Court before Judge Martin Nolan and a jury. All defendants, who have pleaded not guilty, are accused of conspiring to mislead investors through financial transactions between March 1st and September 30th, 2008, allegedly involving a €7.2 billion circular transaction scheme to bolster Anglo Irish Bank's 2008 balance sheet. On day 55 of the proceedings, Michael O'Higgins SC, defending Casey, cross-examined State expert witness Mark Hunt, a chartered accountant. Mr. Hunt previously testified that the deal lacked commercial or economic substance and was not covered by accounting standard IAS 32. During cross-examination, Mr. O'Higgins suggested Mr. Hunt was confused by "labyrinthine" accounting standards and that the global financial situation in September 2008 had caused banks to "fall on their backsides." Mr. Hunt denied being confused, acknowledging the complexity of the standards but rejecting the characterization that the world had fallen apart. He maintained that the transactions were designed to move numbers on a balance sheet. The matter remains at the trial stage, with no findings, sentences, or finalisations recorded for the accused.
In a Dublin Circuit Criminal Court trial, four former senior bankers – John Bowe, Willie McAteer, Denis Casey and Peter Fitzpatrick – pleaded not guilty to conspiracy charges for allegedly misleading investors by arranging a €7.2 billion back‑to‑back deal to inflate Anglo Irish Bank's 2008 balance sheet. The scheme, which took place between 1 March and 30 September 2008, was said to have no commercial or economic substance, according to expert witness Mark Hunt, a chartered accountant with experience at the Bank of England and the UK's financial conduct authority. Hunt explained that the balance sheet is a snapshot of assets and liabilities at a specific point in time, not an average financial statement, and that the bank's manipulation of the figures was achieved through artificial means. The trial, presided over by Judge Martin Nolan, continues with a jury and is expected to conclude next month.
In the Anglo trial, four former senior bankers—Peter Fitzpatrick, John Bowe, Willie McAteer and Denis Casey—are accused of conspiring to mislead investors by creating a €7.2 billion circular transaction scheme between Anglo Irish Bank and Irish Life and Permanent (ILP) to strengthen Anglo's 2008 balance sheet. The defendants pleaded not guilty. On day 53, the State presented Mark Hunt, a chartered accountant, who argued that the deal had no commercial or economic substance and that the paired transactions—one between Anglo and ILP and a corresponding one with Irish Life Assurance (ILA)—were circular and could have continued indefinitely. Hunt explained that such transactions should have been netted off and omitted from the balance sheet, as they would cancel each other out. He described the scheme as an unusual series of transactions that, if left in the accounts, would have inflated Anglo's assets and liabilities by €7.2 billion.
The trial of four former Anglo Irish Bank bankers, including former finance head Willie McAteer (65) and former capital markets head John Bowe (52), continues with legal argument. They are accused of conspiring to mislead investors by using interbank loans to inflate the bank's 2008 balance sheet. The scheme allegedly involved transferring money from Anglo to Irish Life and Permanent (ILP) and then depositing it back with Anglo through ILP's life assurance division, making the deposits appear as corporate funding from a non‑banking entity. This would have increased the bank's corporate funding figure by €7.2 billion for the year‑end figures on 30 September 2008. Peter Fitzpatrick (63), former ILP finance director, former ILP CEO Denis Casey (56), McAteer, and Bowe have all pleaded not guilty. On day 48, lawyers presented a legal matter before Judge Martin Nolan without the jury; the trial will resume in evidence before the jury on Thursday morning.
Four former senior bankers from Anglo Irish Bank and Irish Life and Permanent (ILP) are on trial at Dublin Circuit Criminal Court, where they have all pleaded not guilty to conspiring to mislead investors through financial transactions between March 1st and September 30th, 2008. The defendants are Peter Fitzpatrick, John Bowe, Willie McAteer, and Denis Casey. On day 47 of the trial, Bruce Maxwell, the chief actuary with Irish Life Assurance (ILA) in 2008, testified that he found the alleged €7.2 billion circular transaction scheme implausible. Maxwell stated that his initial reaction to the figure was disbelief, noting that Irish Life would not have had six billion euro to invest in Anglo. He described the arrangement, where Anglo placed money with ILP, which lent it to ILA, and ILA then placed it back with Anglo, as abnormal because ILA was effectively borrowing money. Maxwell told the court that the deposits were later explained as being secured by loans from Anglo to ILP, emphasizing that the funds were not Irish Life's own capital. The trial continues before Judge Martin Nolan and a jury.
In a 2016 trial, former Anglo Irish Bank senior accountant Peter Fitzpatrick, aged 63, testified that balance sheet management, also called window dressing, was a recognised industry practice. He explained that a €7.2 billion circular transaction with Irish Life and Permanent in 2008 was cash‑neutral and intended to manage the bank's snapshot. Fitzpatrick said the transaction increased Anglo's loans and customer accounts by €7.2 billion, making it material. He described how such transactions were treated on the balance sheet and noted that netting could remove them from the books, losing the optical advantage. The defendants, including John Bowe, Willie McAteer, Denis Casey and Peter Fitzpatrick, pleaded not guilty to conspiracy charges for misleading investors through these transactions. The trial was held at Dublin Circuit Criminal Court.
The trial of four former senior bankers, including Denis Casey, is ongoing at Dublin Circuit Criminal Court. Casey, along with Peter Fitzpatrick, John Bowe, and Willie McAteer, has pleaded not guilty to conspiring to mislead investors through financial transactions between March 1 and September 30, 2008. On day 43, witness Colin Golden, Anglo Irish Bank's Head of Group Finance in 2008, testified regarding a €7.2 billion transaction. He stated that during a November 2008 audit committee meeting, non-executive director Donal O'Connor asked if the transaction was "window dressing," to which then Head of Finance Willie McAteer responded it was "balance sheet management." Golden testified that the transaction was treated as a straight cash-for-cash deal, not collateralised, and was included grossly in the bank's balance sheet, inflating customer deposits and loans by €7.2 billion. He noted he was unaware until February 2009 that the sequence of deposits and loans had been incorrectly represented to auditors. Defence counsel Michael O'iggins SC, representing Casey, argued that the failure to consult the trader who executed the transaction constituted a "massive system's failure." Judge Nolan intervened to stop counsel from abusing the witness. The matter remains at the trial stage with no finalisation or sentence recorded.
In the 2016 trial of four former Anglo Irish Bank executives, Peter Fitzpatrick, aged 63, denied abandoning his duties during a 2008 scheme that allegedly misled investors with a €7.2 billion circular transaction. The case centred on a plan to inflate Anglo's balance sheet by moving funds between Anglo and Irish Life and Permanent (ILP). Fitzpatrick, along with John Bowe, Willie McAteer and Denis Casey, pleaded not guilty to conspiracy charges. During the trial, Fitzpatrick's lawyer, Brendan Grehan, questioned Kevin Kelly, Anglo's former head of financial reporting, about his role in accounting for the €7.2 billion. Kelly admitted that the transaction was recorded in a way that misrepresented its sequence, but argued that the risk was still present. The trial is ongoing before Judge Martin Nolan and a jury.
In a trial heard at Dublin Circuit Criminal Court, four former senior bankers – Peter Fitzpatrick (63), John Bowe (52), Willie McAteer (65) and Denis Casey (56) – pleaded not guilty to conspiracy charges. They are accused of orchestrating a €7.2 billion circular transaction scheme between Irish Life and Permanent (ILP) and Anglo Irish Bank from March 1 to September 30, 2008. The alleged scheme involved ILP receiving money from Anglo, then placing it on deposit with Anglo on behalf of Irish Life Assurance, inflating Anglo's corporate deposits and misleading investors. Gerard Doyle, former Head of Group Financial Risk at ILP, testified that the transactions exceeded ILP's €150 million credit limit by €1.1 billion, and that no physical payments were made when the loans matured. The jury was instructed to remain silent about the case, and the trial was set to resume on April 4 after a two‑week Easter break.
The trial of Denis Casey, 56, of Raheny, Dublin, is ongoing at Dublin Circuit Criminal Court. Casey, along with Peter Fitzpatrick, John Bowe, and Willie McAteer, has pleaded not guilty to conspiring to mislead investors through financial transactions between March 1 and September 30, 2008. The defendants are accused of establishing a €7.2 billion circular transaction scheme between Anglo Irish Bank and Irish Life and Permanent to bolster Anglo's balance sheet. Evidence presented to the jury includes testimony from Matt Moran, Anglo's then Chief Financial Officer, who stated that Anglo's auditor, Vincent Bergin, expressed being "very uncomfortable" in February 2009 regarding the transaction's accounting treatment. Moran testified that Anglo's Finance department was "very annoyed" when it emerged that ILP had recorded the deposits and loans as netted, contrary to Anglo's representation that they were not. The jury heard that Anglo's auditors required evidence to support the absence of a set-off agreement. Defense counsel Michael O'Higgins SC argued that Casey's public press release in February 2009, indicating the transaction was collateralised, prompted a review of internal telephone recordings by auditors and Finance staff. The matter remains at the trial stage, with no final verdict or sentence recorded.
In 2009 the Secretary General of the Department of Finance contacted Irish Life and Permanent (ILP) about how the bank was accounting for a €7.2 bn transaction that had been described as circular. The trial of four former bankers, including ILP's former CEO Denis Casey (56), alleges that they conspired to mislead investors by using inter‑bank loans to manipulate Anglo Irish Bank's balance sheets in 2008. Casey told Gardaí that Anglo had misrepresented the €7.2 bn transactions, insisting they be fully collateralised, but that Anglo presented them as non‑collateralised. After Casey resigned in February 2009, three phone calls were made to change the accounting treatment to show the transactions as non‑collateralised. The calls were from Matt Moran, Donal O'Connor and Kevin Cardiff. Casey and three other former banking executives pleaded not guilty to conspiracy charges. The trial is being heard at Dublin Circuit Criminal Court.
In a Dublin Circuit Criminal Court hearing, four former Anglo Irish Bank senior bankers—Willie McAteer, Denis Casey, Peter Fitzpatrick and John Bowe—were accused of conspiring to mislead investors by using interbank loans to manipulate Anglo's balance sheet between 1 March and 30 September 2008. The alleged scheme involved transferring €7.2 bn from Anglo to Irish Life and Permanent (ILP) and then re‑depositing it through ILP's life assurance division, making the transfer appear as corporate deposits rather than interbank loans. This would inflate Anglo's corporate funding figure for the year‑end accounts published on 2 December 2008. All four pleaded not guilty. Witness Matt Moran, Anglo's former CFO, testified that the accounts did not link the €7.2 bn deposits to the bank's funding figures, and that a note indicating the linkage would have been beneficial. The trial, presided over by Judge Martin Nolan, is set to continue until May.
The trial of four former Anglo Irish Bank and Irish Life and Permanent executives continued in legal argument on 10 March 2016. Willie McAteer, 65, former Head of Finance at Anglo, Denis Casey, 56, former CEO of ILP, and two others were accused of conspiring to mislead investors by manipulating Anglo's balance sheets through interbank loans. The alleged scheme involved transferring money from Anglo to ILP and then back to Anglo via ILP's life assurance division, presenting the transfers as corporate deposits rather than interbank loans to inflate Anglo's corporate funding figures for the year‑end on 30 September 2008. McAteer, Casey, Peter Fitzpatrick (63), and John Bowe (52) pleaded not guilty at Dublin Circuit Criminal Court. A legal issue on day 36 halted evidence before the jury, and the judge asked them to return the next day. The court did not sit on Thursday morning due to the funeral of Supreme Court judge Adrian Hardiman.
The trial of four former banking executives at Anglo Irish Bank and Irish Life and Permanent (ILP) is proceeding at Dublin Circuit Criminal Court. The accused are Denis Casey, former ILP CEO; William McAteer, former Anglo Head of Finance; Peter Fitzpatrick, former ILP director of finance; and John Bowe, former Anglo head of capital markets. All four have pleaded not guilty to conspiring together and with others to mislead investors through financial transactions between March 1st and September 30th, 2008. The prosecution alleges the defendants manipulated Anglo's balance sheets using interbank loans, where money was allegedly transferred from Anglo to ILP and then redeposited with Anglo via ILP's life assurance division. This process allegedly disguised interbank loans as corporate deposits, artificially inflating the bank's corporate funding figures for its year-end report on September 30, 2008. On day 35 of the trial, Judge Martin Nolan stated that certain legal rulings had probably shortened the proceedings, which were originally scheduled to last five months. The judge assured the jury the trial was running according to timetable. He adjourned the court for the day due to a new legal issue and further suspended proceedings until the following afternoon to observe the funeral of Supreme Court Justice Adrian Hardiman, who died suddenly that week. The matter remains ongoing.
During a trial in Dublin Circuit Criminal Court, four former senior bankers of Anglo Irish Bank and Irish Life & Permanent were accused of conspiring to mislead investors by manipulating interbank loans. The alleged scheme involved Anglo transferring money to ILP, which then deposited it back into Anglo through its life assurance division, disguising the transaction as a corporate deposit rather than an interbank loan. This would inflate Anglo's corporate funding figures for the year‑end on 30 September 2008. The defendants—Willie McAteer (65), Denis Casey (56), Peter Fitzpatrick (63), and John Bowe (52)—all pleaded not guilty. Anglo's former Chief Financial Officer, Matt Moran, testified that he learned on 30 September 2008 that the interbank loans exceeded €7 billion, a figure he described as "very significant" and expressed surprise at.
During the trial of four former Anglo Irish Bank bankers, witnesses testified that Anglo had considered a merger with Irish Life & Permanent (ILP) during the 2008 financial crisis. The alleged scheme involved interbank loans that would be recorded as corporate deposits, inflating Anglo's corporate funding figures for the year‑end 30 September 2008. The defendants – Willie McAteer, Denis Casey, Peter Fitzpatrick and John Bowe – pleaded not guilty to conspiring to mislead investors. Witness Matt Moran, Anglo's former CFO, described a project called "Universe" that aimed to create a universal bank by merging Anglo with ILP and Permanent TSB. He also recounted discussions with Allied Irish Bank about depositing funds with Anglo, but the merger never materialised. The trial is ongoing.
The trial heard that former Irish Life and Permanent finance director Peter Fitzpatrick, aged 63, was concerned that Anglo Irish Bank would lose money if it went bust. Fitzpatrick, along with Anglo's former head of finance Willie McAteer (65), former ILP CEO Denis Casey (56), and two others, is accused of conspiring to mislead investors by using €7.2 bn of inter‑bank loans to manipulate Anglo's balance sheets. The alleged scheme involved transferring money from Anglo to ILP and then back to Anglo via ILP's life assurance division, making the transfers appear as corporate deposits rather than inter‑bank loans. This would inflate Anglo's corporate funding figures for the year‑end on 30 September 2008. During the trial, excerpts of a telephone call were heard in which Fitzpatrick discussed the possibility of "set‑off" or netting the loans against each other to protect the banks' positions if Anglo collapsed. Denis Casey pleaded not guilty.
In the Dublin Circuit Criminal Court, four former Anglo Irish Bank bankers—Willie McAteer (65), John Bowe (52), Peter Fitzpatrick (63), and Denis Casey (56)—have pleaded not guilty to conspiracy charges. They are accused of orchestrating inter‑bank loan transfers between March 1 and September 30, 2008, to inflate Anglo's balance sheet by €7.2 billion, thereby misleading investors. The trial, presided over by Judge Martin Nolan with a jury, continues to examine the alleged financial manipulations.
The trial of four former senior bankers accused of conspiring to mislead investors continued at Dublin Circuit Criminal Court before Judge Martin Nolan. John Bowe, Willie McAteer, Peter Fitzpatrick, and Denis Casey, all from Dublin or Tipperary, have pleaded not guilty to charges alleging they used interbank loans between March and September 2008 to make Anglo Irish Bank appear €7.2 billion more valuable than it was. Prosecutors Una Ni Raifeartaigh SC and Paul O'Higgins SC presented evidence regarding circular transactions involving Irish Life and Permanent (ILP) and Anglo Irish Bank. Witness Paul Kane, a former ILP liquidity manager, testified that he was instructed to transfer funds from Anglo to Irish Life Assurance and back, a structure he initially did not understand. He stated that Peter Fitzpatrick approved the €1 billion transaction via email. Another witness, Stephen Fox, a former Anglo banker testifying via video link from London, explained that such transactions were used to report larger customer funding at year-end. He noted that while he was aware of transactions between Anglo and ILP, he assumed they were wholesale deposits. The defense, represented by Diarmaid McGuinness SC for Mr Bowe, cross-examined Fox on the commonality of short-term deposits in banking. The trial is ongoing, with no final verdict or sentence recorded at this procedural stage.
The trial of four senior bankers accused of manipulating Anglo Irish Bank's balance sheets continued in legal argument at Dublin Circuit Criminal Court. The accused are William McAteer, Denis Casey, Peter Fitzpatrick, and John Bowe. They are alleged to have conspired together and with others to mislead investors through financial transactions, specifically using interbank loans to make the bank appear €7.2 billion more valuable than it was between March 1st and September 30th, 2008. All four men have pleaded not guilty to the charges. The defendants include former Irish Life and Permanent (ILP) CEO Denis Casey, Anglo Irish Bank's former Head of Finance Willie McAteer, former ILP director of finance Peter Fitzpatrick, and former Anglo head of capital markets John Bowe. The matter is currently at the trial stage before Judge Martin Nolan and a jury. No findings, sentences, or finalisations have been recorded. The trial was adjourned and will resume in evidence the following day.
During a trial of four banking executives, a senior banker from Irish Life and Permanent (ILP) testified that he felt "discomfort" with alleged inter‑bank transfers of €7.2 bn involving Anglo Irish Bank. The transfers, which allegedly moved money from Anglo to ILP and back via ILP's life assurance division, were said to appear as corporate deposits rather than inter‑bank loans, inflating Anglo's year‑end funding figures for 30 September 2008. The four men on trial – Anglo's former Head of Finance Willie McAteer (65), former head of capital markets John Bowe (52), ILP's former director of finance Peter Fitzpatrick (63) and former CEO Denis Casey (56) – have all pleaded not guilty. The evidence presented by ILP's former treasury head, David Gantly, highlighted his discomfort with the non‑standard nature of the transactions and his awareness of regulatory reporting requirements. The trial is proceeding before Judge Martin Nolan and a jury.
The trial of four senior bankers accused of conspiring to mislead investors is ongoing before Judge Martin Nolan and a jury at Dublin Circuit Criminal Court. Willie McAteer, John Bowe, Peter Fitzpatrick, and Denis Casey have all pleaded not guilty to charges alleging they conspired to mislead investors through financial transactions between March 1 and September 30, 2008. The prosecution alleges the defendants used interbank loans to make Anglo Irish Bank appear €7.2 billion more valuable than it was, specifically by transferring funds to Irish Life and Permanent (ILP) and depositing them back as corporate deposits to inflate year-end figures. Prosecution witness Ciaran McArdle, a former Anglo dealer, testified that the bank could not rely on State pillar banks for aid during the liquidity crisis. He stated that Anglo could not depend on domestic institutions like Bank of Ireland or AIB, nor international banks, to increase its balance sheet. Mr. McArdle described the high stress within the bank, including concerns about potential 'rent-a-crowd' tactics by hedge funds. During cross-examination, counsel for Mr. Fitzpatrick highlighted the 'green jersey agenda' preference for domestic support. The witness also acknowledged using uncharitable language regarding Bank of Ireland in a phone call. The matter remains at the trial stage, with no findings, sentences, or finalisations recorded.
The trial of four senior bankers accused of conspiring to mislead investors is ongoing at Dublin Circuit Criminal Court. John Bowe, Willie McAteer, Peter Fitzpatrick, and Denis Casey have all pleaded not guilty to allegations that they used interbank loans to make Anglo Irish Bank appear €7.2 billion more valuable than it was between March 1 and September 30, 2008. The prosecution alleges funds were transferred to Irish Life and Permanent (ILP) and returned as corporate deposits to inflate year-end figures. On day 23, the jury heard testimony from Anglo dealer Ciaran McArdle regarding a call to Financial Regulator Claire Taylor. McArdle stated the bank was "trying to manipulate our balance sheet" and that the boosted customer funding number was "not a real number." He clarified he meant the bank was managing its balance sheet to look its best. McArdle described six transfers of €1 billion to ILP on September 29 and 30, noting the round figure was chosen for operational convenience. He admitted using the phrase "six yards of the funny stuff" in a call to an ILP dealer, describing it as flippant. The jury learned that by the close of business on September 30, Anglo forecast it lacked sufficient funds for next-day payments, prompting a call to the Central Bank. Emergency funding was subsequently received. The matter remains at the trial stage with no finalisation or sentence recorded.
The trial of four senior bankers accused of conspiring to mislead investors through financial transactions between March 1st and September 30th, 2008, continues before Judge Martin Nolan and a jury at Dublin Circuit Criminal Court. Peter Fitzpatrick, Denis Casey, William McAteer, and John Bowe have all pleaded not guilty to the charges. Evidence presented to the jury included a transcript of a September 2008 phone call in which Anglo Irish Bank's senior portfolio manager, Peter Geissel, proposed a "back to back" transaction to Credit Suisse to enhance the bank's year-end corporate deposit figures. Geissel suggested Anglo would place funds with a Credit Suisse entity and receive a deposit from a non-bank entity, such as Credit Suisse Asset Management, potentially involving a broader set-off arrangement. He indicated the deposit term would be very short, ideally a couple of days or overnight. The trial heard that Credit Suisse's representative, Jerome Henry, raised concerns about net risk and later stated that the bank was not prepared to proceed with the deal. Geissel testified that the conversation was exploratory and that he did not believe there was anything inherently wrong with the type of transaction. The matter remains ongoing, with the trial continuing.
During a trial at Dublin Circuit Criminal Court, Peter Fitzpatrick, a former director of finance at Irish Life and Permanent, denied that the Anglo Irish Bank covered bonds issued in 2008 were worthless. Fitzpatrick, along with former ILP CEO Denis Casey, former Anglo Head of Finance Willie McAteer, and former Anglo head of capital markets John Bowe, were accused of conspiring to mislead investors by using interbank loans to inflate the bank's value by €7.2 billion between 1 March and 30 September 2008. All four pleaded not guilty. Senior portfolio manager Peter Geissel, who managed Anglo's €5 billion covered bonds programme in 2007, testified that the bonds were fully paid and rated 'AAA'. He insisted that Anglo itself paid off the bonds and that they were not the reason for the government bailout. The case is still before Judge Martin Nolan and a jury.
During a trial at the Dublin Circuit Criminal Court, former Anglo Irish Bank executive Peter Fitzpatrick, aged 63, testified that he does not recall any "jubilation" within the bank after March 30, 2008, when Anglo increased its customer deposits. Fitzpatrick, who had been the director of finance at Irish Life and Permanent (ILP), was questioned by his lawyer Michael Bowman SC about the bank's actions. The case involves allegations that Anglo, ILP, and other senior bankers conspired to mislead investors by using interbank loans to inflate Anglo's value by €7.2 billion between March 1 and September 30, 2008. The alleged scheme involved back‑to‑back deposits of €750 million and €1 billion between Anglo and ILP, with money transferred by Anglo to ILP and then deposited back into Anglo through ILP's life insurance division, Irish Life Assurance. The unnamed accused pleaded not guilty.
The trial of four former bankers accused of conspiring to mislead investors continues into its fourth week of evidence. Former Irish Life and Permanent CEO Denis Casey (56), Anglo's former Head of Finance Willie McAteer (65), former ILP director of finance Peter Fitzpatrick (63) and former Anglo head of capital markets John Bowe (52) are on trial at Dublin Circuit Criminal Court. They have pleaded not guilty to conspiring to mislead investors by using interbank loans to make Anglo appear €7.2 billion more valuable than it was between 1 March and 30 September 2008. On day 18, defence counsel Michael Bowman SC questioned former Anglo market risk analyst Steven Hiles about a September 26, 2008 phone call with colleague Ciaran McArdle, in which Hiles discussed classifying transactions between ILP and Anglo as customer or bank deposits. The trial is before Judge Martin Nolan and a jury.
In a 2016 trial at Dublin Circuit Criminal Court, four former Anglo Irish Bank executives—Peter Fitzpatrick, John Bowe, Denis Casey, and Willie McAteer—were charged with conspiring to mislead investors by orchestrating a €7.2 billion "circular" cash transaction between Anglo and Irish Life & Permanent (ILP) during 2008. Witness Brian Lynch testified that while banks often manage balance sheets to appear strong at year‑end, the 2008 deal was atypical, matching the same amount, period, and rate, and was significantly larger than normal. Lynch described the transaction as a reciprocal loan that treated ILA as a corporate deposit to inflate deposit figures. He claimed no instruction to conceal the deal and that the meetings focused on balance‑sheet appearance amid global financial panic. The defendants pleaded not guilty; the trial continued under Judge Martin Nolan and a jury.
During a 2016 trial in Dublin, former Anglo Irish Bank director Matt Cullen testified that Irish banks, including Anglo and Irish Life and Permanent (ILP), had coordinated a "green jersey agenda" to support each other during the 2008 financial crisis. Cullen described an email from former Anglo CEO David Drumm to Anglo executives on 16 March 2008, in which the Governor of the Central Bank suggested Irish banks help one another. He claimed this was a case of "pulling on the green jersey" and that the aim was to protect the Irish banking system. The four men on trial—Denis Casey, Willie McAteer, Peter Fitzpatrick, and John Bowe—were accused of conspiring to mislead investors by using interbank loans to make Anglo appear €7.2 billion more valuable between 1 March and 30 September 2008. All pleaded not guilty. The trial, presided over by Judge Martin Nolan, continues before a jury.
During the trial of four former senior bankers accused of conspiring to mislead investors, former Anglo director Matt Cullen testified that he acted under the direction of former Anglo CEO David Drumm when he approached Irish Life about an interbank loan of €7bn. Cullen said Drumm asked him to approach Irish Life to request €6‑7bn in September 2008, specifically to approach David Gantley, Irish Life's counterpart. Cullen confirmed he was acting under Drumm's direction. He explained that the scheme involved transferring money from Anglo to Irish Life Assurance (ILA), a non‑banking entity owned by Irish Life, which would then deposit it back into Anglo's accounts as a corporate deposit. This would make Anglo appear €7.2bn more valuable. The four men—Denis Casey, Willie McAteer, Peter Fitzpatrick and John Bowe—have pleaded not guilty. The trial, held at Dublin Circuit Criminal Court, resumed in evidence after six days of legal argument, with the judge being Martin Nolan.
The trial of four senior bankers accused of conspiring to mislead investors has heard that former Anglo Irish Bank CEO David Drumm authorised €7.2 billion in allegedly dishonest transactions. The accused include former Irish Life and Permanent (ILP) CEO Denis Casey, Anglo's former group finance director Willie McAteer, ILP's then group finance director Peter Fitzpatrick, and John Bowe, who had been Anglo's head of capital markets. All four have pleaded not guilty to four charges, which allege that they conspired together and with others to mislead investors through financial transactions to make the bank appear €7.2 billion more valuable between March 1st and September 30th, 2008 in Dublin. The trial, which is scheduled to run for up to five months, continues before Judge Martin Nolan and a specially enlarged jury of eight men and seven women.
The trial of four senior bankers – Denis Casey, former CEO of Irish Life and Permanent; Willie McAteer, former Head of Finance at Anglo Irish Bank; Peter Fitzpatrick, former ILP director of finance; and John Bowe, former Anglo head of capital markets – continues in legal argument until next week. They are accused of conspiring to mislead investors by using interbank loans to inflate Anglo Irish Bank's value by €7.2 billion between 1 March and 30 September 2008. All four pleaded not guilty. The court has paused the jury for a legal dispute and will resume on Monday.
The trial of five senior bankers accused of conspiring to mislead investors by making Anglo Irish Bank appear €7.2 billion more valuable than it was between March 1st and September 30th, 2008, has entered legal argument and will continue until Thursday. The accused include William McAteer, Denis Casey, Willie McAteer, Peter Fitzpatrick, and John Bowe, who have all pleaded not guilty to the charges of conspiring together and with others to mislead investors through financial transactions. The trial is ongoing at Dublin Circuit Criminal Court. On day nine of the trial, the State's first witness, Matt Cullen, a former director of treasury at Anglo, completed his direct evidence and was cross-examined by Diarmaid McGuinness SC, defending John Bowe. Legal disputes regarding the admissibility of certain evidence arose, prompting Judge Martin Nolan to ask the jury to leave the courtroom temporarily. The jury was instructed to return on Thursday. The trial is in the validated procedural stage of trial, with no findings, sentences, or finalisations yet determined.
During a trial in Dublin, former executives of Anglo Irish Bank and Irish Life and Permanent (ILP) were accused of conspiring to mislead investors by disguising €750 million in short‑term interbank loans as legitimate deposits. The defendants, including former ILP CEO Denis Casey, former Anglo finance head Willie McAteer, former ILP finance director Peter Fitzpatrick and former Anglo capital markets head John Bowe, pleaded not guilty. Testimony revealed that Anglo transferred money to ILP, which was then returned to Anglo via Irish Life Assurance, creating the appearance of large corporate deposits for the 30 September 2008 year‑end report. Calls between executives in March 2008 discussed keeping the transactions "tight as a duck's arse" and breaking the €750 million into smaller amounts to disguise the scheme. Additional evidence included internal emails showing daily outflows of deposits in September 2008, with the collapse of Lehman Brothers exacerbating the bank's liquidity crisis.
At the Dublin Circuit Criminal Court, the trial of four senior bankers, including former Irish Life and Permanent (ILP) CEO Denis Casey and Anglo's former group finance director William McAteer, continued. The accused, who include Peter Fitzpatrick and John Bowe, have all pleaded not guilty to four charges of conspiring to mislead investors between March 1st and September 30th, 2008. The charges allege that they engaged in transactions between Anglo, ILP, and Irish Life Assurance (ILA) to make Anglo appear €7.2 billion more valuable than it was. Anglo Irish Bank applied for €1 billion in emergency funding from the Central Bank at the same time as these alleged transactions. Testimony from Anglo's former head of treasury, Matt Cullen, indicated that the executive directors were aware of the purpose of the transactions and assumed the board was also aware. The scheme involved transferring money from Anglo to ILP, which would then be deposited back by ILA to appear as corporate deposits in Anglo's accounts. The matter was adjourned after a legal issue arose, with the jury sent home until Monday at the earliest.
In a Dublin Circuit Criminal Court trial, four former Anglo Irish Bank executives—Denis Casey, Willie McAteer, Peter Fitzpatrick and John Bowe—were accused of conspiring to mislead investors by creating an artificial €7.2 billion increase in the bank's customer deposits between March and September 2008. Prosecutor Paul O'Higgins described a scheme involving repeated interbank transfers, including a €1 billion move from Anglo to Irish Life and back, and a €978 million transfer from an Isle of Man subsidiary that was later reversed. The alleged transactions had no commercial substance and were intended solely to inflate Anglo's financial position. All four pleaded not guilty. The case, heard by Judge Martin Nolan, included testimony from Garda Bureau of Fraud Investigation members and former Anglo employees. The trial focused on the alleged deceptive financial manoeuvres and the executives' alleged intent to deceive investors.
The Circuit Criminal Court began a trial on 20 January 2016 involving four former executives from Anglo Irish Bank and Irish Life and Permanent. The defendants – William McAteer (65), Denis Casey (56), Peter Fitzpatrick (63) and John Bowe (52) – are accused of conspiring to mislead investors by using interbank loans to make Anglo appear €7.2 billion more valuable between 1 March and 30 September 2008. They pleaded not guilty. The case will hear from dozens of witnesses, including 14 Garda Bureau of Fraud Investigation members and former employees of Anglo, ILP, Morgan Stanley, Royal Bank of Scotland and RBC Capital Bank. The trial is expected to last about five months before a jury of fifteen, sworn two weeks earlier, will decide the matter. The prosecution, represented by Paul O'Higgins SC, will open the proceedings before Judge Martin Nolan.
The trial of former Anglo Irish Bank and Irish Life and Permanent executives, including Denis Casey, Willie McAteer, Peter Fitzpatrick and John Bowe, has been postponed to the following Wednesday. The defendants are charged with conspiring to mislead investors by using interbank loans to inflate Anglo's value by €7.2 billion between 1 March and 30 September 2008. They have all pleaded not guilty. An expanded jury of 15 was sworn in at Dublin Circuit Criminal Court and the case is expected to last about five months. The hearing will feature testimony from 14 Garda Bureau of Fraud Investigation officers, former Anglo staff and employees of Morgan Stanley, Royal Bank of Scotland and RBC Capital Bank London. The trial will proceed after the jury's rescheduled return.