Courts / Dublin / Report
Anglo letter requesting €1bn in emergency funding hand-delivered to Central Bank, trial hears
Summary
During the trial of David Drumm, former Anglo Treasury head Matt Cullen testified that on the evening of 29 September 2008 he personally delivered a letter to the Central Bank requesting over €1 billion in emergency funding. Cullen explained that Anglo was short of cash and could not meet payment obligations the following day. He recounted that after the bank's share price fell sharply following the "St Patrick's Day Massacre," discussions began in late March 2008 among Anglo, the Financial Regulator, the Central Bank and other banks about mutual assistance. Cullen said he was asked to seek funding ideas, and that he received calls from Central Bank officials and from David Gantley of Irish Life and Permanent about a potential €3 billion repo. He described weekly financial incentive meetings that became routine from June 2008, culminating in Friday afternoon briefings in Drumm's office. The trial, presided over by Judge O'Connor, continues before a jury of ten men and five women. David Drumm pleaded not guilty. Matt Cullen pleaded not guilty.
Who, what, where, when and why
What: Report matter: Anglo letter requesting €1bn in emergency funding hand-delivered to Central Bank, trial hears. 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:
- September 29, 2008 Hearing Or Sentence
- September 2008 Hearing Or Sentence
- December 3, 2008 Hearing Or Sentence
- March 2008 Hearing Or Sentence
- April 28, 2008 Other
- June 30 Other
- June 2008 Other
- July 2008 Other
- 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
Places mentioned
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