Courts / Dublin / Report
Senior ILP bankers were "scared s***less" as Anglo transactions were carried out, jury hears
Summary
During the 54th day of David Drumm's trial, a jury heard that senior Irish Life and Permanent (ILP) bankers were "scared shitless" as €7.2 bn transactions with Anglo Irish Bank were carried out in September 2008. Paul Kane, former Head of Liquidity at ILP, testified that he personally supervised the deals and that the senior ILP officers, including Denis Casey and Peter Fitzpatrick, were reluctant to proceed. Kane described phone calls with former ILP treasury head David Gantley, who said the men were "scared stiff" and that the arrangement was not a proper business practice. Kane also noted that Anglo had previously increased ILP's credit limit to €820 m and was disappointed that the favour could not be reciprocated. Drumm, former CEO of Anglo, admits the transactions occurred but denies they were fraudulent or dishonest. The trial continues before Judge Karen O'Connor and a jury. David Drumm pleaded not guilty.
Who, what, where, when and why
What: Report matter: Senior ILP bankers were "scared s***less" as Anglo transactions were carried out, jury hears. 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 2008 Other
- December 3, 2008 Hearing Or Sentence
- 2018-04-13 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 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
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