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Regulator "not happy" that ILP received ECB funding, witness tells Drumm trial

Summary

David Drumm, former CEO of Anglo Irish Bank, is currently on trial at Dublin Circuit Criminal Court, where he has pleaded not guilty to two charges. He is alleged to have conspired with former bank officials Denis Casey, William McAteer, John Bowe, and others to defraud depositors and investors by dishonestly creating the impression that 2008 deposits were €7.2 billion larger than they were. Additionally, he faces a charge of false accounting for allegedly furnishing the market with this inflated deposit figure on December 3, 2008. On day 55 of the trial, David Gantly, chief dealer at Irish Life and Permanent (ILP), testified that the Financial Regulator was unhappy that ILP received funding from the European Central Bank during the 2008 crisis. Gantly stated that the regulator was uncomfortable with ILP's reliance on this safety net and did not want the bank openly disclosing its borrowings to the market. He further testified that ILP officials, including Casey, were encouraged by the Regulator to engage in transactions with Anglo, which Gantly described as not a normal type of transaction. The trial is in its eleventh week before Judge Karen O'Connor and a jury. The matter is ongoing and has not been finalised.

Who, what, where, when and why

What: Report matter: Regulator "not happy" that ILP received ECB funding, witness tells Drumm trial. 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 Hearing Or Sentence
• March 2008 Other
• December 3, 2008 Hearing Or Sentence
• 2018-04-16 Publication

Case subjects

Places mentioned

Topics

Stage Trial

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Read the original CNI report