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ILP manager tells Drumm trial his ears "pricked up" at news of Anglo deal
Summary
During the 64th day of David Drumm's conspiracy to defraud trial, former ILP credit manager Peter McCabe testified that he overheard ILP dealers discussing a €7.2 billion Anglo deposit figure in September 2008. McCabe said he warned his boss, David Gantly, that the situation was dangerous, but Gantly dismissed his concerns and told him his input was unnecessary. McCabe also provided a recorded call with Irish Life Assurance's Ger Knowles, who confirmed a €1 billion transaction between ILP and Anglo that day, noting it was a "touchy feely subject" and that the Central Bank was encouraging such deals. McCabe maintained that he was merely present by chance and that the transactions were not fraudulent. The trial, presided over by Judge Karen O'Connor, is in its thirteenth week before a jury of ten men and four women. David Drumm pleaded not guilty.
Who, what, where, when and why
What: Report matter: ILP manager tells Drumm trial his ears "pricked up" at news of Anglo deal. Charges or matters: conspiring with former bank officials Denis Casey, William McAteer, John Bowe and others to defraud depositors and investors at Anglo 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 Other
- September 29, 2008 Other
- March 31, 2008 Other
- 2018-04-27 Publication
Why: I said things were getting dangerous because my initial reaction was that it was a problem," he told the jury. CNI source report
Case subjects
Defendant
Charges: conspiring with former bank officials Denis Casey, William McAteer, John Bowe and others to defraud depositors and investors at Anglo 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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