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€7.2bn transactions between Anglo & ILP for "optical benefit only", jury told
Summary
In a Dublin Circuit Criminal Court hearing, the jury was informed that the €7.2 billion transactions between Anglo Irish Bank and Irish Life & Permanent in September 2008 were "optical benefit only" and created no new cash. Former Anglo treasury manager Ciaran Cunningham, who testified on day 34 of David Drumm's conspiracy‑to‑defraud trial, confirmed the transactions took place but disputed any fraud or dishonesty. Cunningham explained that the deals were netted and would not appear in the accounts, that they were "cash neutral," and that the only benefit was optical. He noted the transactions were initially settled gross but later settled net, a fact he learned in February 2009. Drumm, the former chief executive, pleaded not guilty to conspiracy to defraud and false accounting, and the trial continues before Judge Karen O'Connor and a jury.
Who, what, where, when and why
What: Report matter: €7.2bn transactions between Anglo & ILP for "optical benefit only", jury told. Procedural stage: trial
When:
- September 2008 Hearing Or Sentence
- September 25 Other
- September 22, 2008 Hearing Or Sentence
- September 23 Other
- February 2009 Other
- November 18, 2008 Other
- December 3, 2008 Hearing Or Sentence
- 2018-03-05 Publication
Why: Mr Cunningham said he included a reference to the ILP customer deposits in a document he prepared for the bank's audit committee meeting on November 18, 2008 "because of their size. CNI source report
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