Courts / Tipperary / Report
Former Anglo exec unaware that €7.2bn was "straight exchange of cash with no underlying security"
Summary
During the trial of David Drumm for conspiracy to defraud, former Anglo Irish Bank finance head Colin Golden testified that he was unaware that the €7.2 billion transactions with Irish Life and Permanent were a straight cash exchange without underlying security until after they occurred. Golden said he first learned of the scale and nature of the deals in early October 2008, after being told they were collateralised. He recounted that Ciaran Cunningham informed him of the €7.2 billion deal on 30 September 2008 and that he later forwarded details to Mary Burke at the Financial Regulator. Golden also noted that Ernst & Young auditors had been briefed on the transactions and that Vincent Bergin described them as "technically sound." He expressed surprise at the regulator's hostile reaction and explained that he did not grasp the significance of who placed the money first until months later.
Who, what, where, when and why
What: Report matter: Former Anglo exec unaware that €7.2bn was "straight exchange of cash with no underlying security". Procedural stage: trial
When:
- October 2008 Hearing Or Sentence
- September 30, 2008 Hearing Or Sentence
- October 24 Other
- January 2009 Hearing Or Sentence
- November 18, 2008 Other
- October 24 2008 Other
- December 3, 2008 Hearing Or Sentence
- 2018-03-13 Publication
Why: "Auditors have a level of expertise in order to assist bank in this regard," he said. CNI source report
Places mentioned
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