Courts / Dublin / Report
ILP banker ordered documenting of €7.2bn Anglo deal "in case something goes pop"
Summary
In a 2018 trial, a senior banker at Irish Life and Permanent (ILP), Peter Fitzpatrick, instructed that the €7.2 billion transaction with Anglo Irish Bank be formally documented to protect ILP from potential exposure. Fitzpatrick, during a 2008 phone call with former ILP liquidity manager Paul Kane, emphasized the need for standard banking language to avoid confusion and ensure a binding agreement. The call, recorded on Kane's line, highlighted concerns that without documentation ILP could be "massively exposed" if the deal were questioned. Evidence included an email approving a €1 billion transaction in March 2008, with Fitzpatrick noting Central Bank encouragement. The case involved David Drumm, former Anglo CEO, who pleaded not guilty to conspiracy and false accounting charges related to the alleged overstatement of Anglo's 2008 deposits. The trial continued in Dublin Circuit Criminal Court under Judge Karen O'Connor.
Who, what, where, when and why
What: Report matter: ILP banker ordered documenting of €7.2bn Anglo deal "in case something goes pop". Charges or matters: conspiring with former bank officials Denis Casey, William McAteer, John Bowe and others to defraud depositors and investors at Anglo Irish Bank 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 30, 2008 Hearing Or Sentence
- March 2008 Other
- December 3, 2008 Hearing Or Sentence
- 2018-04-12 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 Irish Bank 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
Topics
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