Courts / Dublin / Report
Former Anglo exec "shocked" at "hostile and aggressive" reaction of regulator
Summary
During the 36th day of David Drumm's conspiracy‑to‑defraud trial, former Anglo Irish Bank chief financial officer Matt Moran told the jury he was shocked by the regulator's hostile reaction to Anglo's transactions with Irish Life and Permanent. He said that at a meeting on 12 or 13 January 2009, the regulator suddenly asked him questions as if it had no knowledge of the transactions, which he had believed the regulator was aware of. Moran recounted that after the meeting he contacted Drumm, who had left Anglo, to confirm the regulator's awareness. Drumm's email, shown to the jury, indicated that Anglo's balance‑sheet management was a common practice and that the regulator was fully aware of the bank's actions. Moran noted that if the ILP transaction had not proceeded, it could have been fatal for Anglo, potentially eroding confidence in the bank. The trial, presided over by Judge Karen O'Connor, continues with a jury.
Who, what, where, when and why
What: Report matter: Former Anglo exec "shocked" at "hostile and aggressive" reaction of regulator. Procedural stage: trial
When:
- January 12 Hearing Or Sentence
- September 2008 Other
- December 3, 2008 Hearing Or Sentence
- 2018-03-12 Publication
Why: Mr Moran told Mr Grehan that he took this to mean that a bank had to engage in transactions with other counter-parties in the market in order to create a positive effect. CNI source report
Places mentioned
- Dublin
- Dublin Circuit Criminal Court
- Dame Street
Topics
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