Courts / Dublin / Report
Chair of ILP audit committee unaware of €7.2bn Anglo deal for months
Summary
In a trial at Dublin Circuit Criminal Court, the chair of Irish Life and Permanent's audit committee, Breffni Byrne, testified that he was not informed of a €7.2 billion cash‑for‑cash deal with Anglo Irish Bank until months after it occurred in September 2008. Byrne said he expected the transaction to be discussed beforehand because of its size and nature, and that he only received full details on 12 February 2009. He noted that the ILP board had met with the Central Bank on 1 May 2008 and that the September 2008 transaction was unusual. Byrne also confirmed that ILP had disclosed its 2007 borrowing from the European Central Bank. The case, in its thirteenth week, involves David Drumm, who denies the transactions were fraudulent, and is being tried for conspiracy to defraud and false accounting. The trial is before Judge Karen O'Connor and a jury of ten men and four women. David Drumm pleaded not guilty.
Who, what, where, when and why
What: Report matter: Chair of ILP audit committee unaware of €7.2bn Anglo deal for months. 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 Incident
- February 12, 2009 Hearing Or Sentence
- May 1, 2008 Incident
- December 3, 2008 Hearing Or Sentence
- 2018-04-30 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 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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