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"Tremors" were starting to reverberate around financial world, witness tells Anglo trial
Summary
During the trial of former Anglo Irish Bank chief executive David Drumm, witness Matt Cullen, ex‑Treasury head, testified that he sensed impending trouble after a colleague warned that the interbank market was "drying up." Cullen agreed with prosecutor Paul O'Higgins that tremors were beginning to reverberate across the financial world. He recounted that in 2007, following a meeting with the Central Bank Governor and the Financial Regulator, Drumm formed a group to explore funding incentives, led by John Bowe. On 16 March 2008, Cullen received an email from Drumm inviting him to a St Patrick's Day executive meeting to discuss how Anglo could collaborate with other banks, possibly pooling resources into a 12‑month facility. Cullen noted that global market rumours at the time affected banks' ability to attract funds. Drumm, aged 51, has pleaded not guilty to conspiracy and false accounting charges, claiming the alleged transactions were not dishonest.
Who, what, where, when and why
What: Report matter: "Tremors" were starting to reverberate around financial world, witness tells Anglo trial. Charges or matters: conspiring with former bank officials Denis Casey, William McAteer, John Bowe and others to defraud depositors and investors at Anglo by "dishonestly" creating the impression that deposits in 2008 were €7.2 billion larger than they were; false accounting on December 3, 2008, by furnishing information to the market that Anglo's 2008 deposits were €7.2 billion larger than they were. Procedural stage: trial
When:
- December 3, 2008 Other
- Sunday March 16, 2008 Other
- September 2008 Hearing Or Sentence
- 2018-02-13 Publication
Case subjects
Defendant
Charges: conspiring with former bank officials Denis Casey, William McAteer, John Bowe and others to defraud depositors and investors at Anglo by "dishonestly" creating the impression that deposits in 2008 were €7.2 billion larger than they were; false accounting on December 3, 2008, by furnishing information to the market that Anglo's 2008 deposits were €7.2 billion larger than they were (Alleged Or Contested)
Plea: Not guilty
Defendant
Charges: conspiring with former bank officials Denis Casey, William McAteer, John Bowe and others to defraud depositors and investors at Anglo by "dishonestly" creating the impression that deposits in 2008 were €7.2 billion larger than they were; false accounting on December 3, 2008, by furnishing information to the market that Anglo's 2008 deposits were €7.2 billion larger than they were (Alleged Or Contested)
Plea: Not guilty
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