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David Drumm authorised €7.2 billion in allegedly dishonest transactions, witness tells bank trial

Summary

The trial of four senior bankers accused of conspiring to mislead investors has heard that former Anglo Irish Bank CEO David Drumm authorised €7.2 billion in allegedly dishonest transactions. The accused include former Irish Life and Permanent (ILP) CEO Denis Casey, Anglo's former group finance director Willie McAteer, ILP's then group finance director Peter Fitzpatrick, and John Bowe, who had been Anglo's head of capital markets. All four have pleaded not guilty to four charges, which allege that they conspired together and with others to mislead investors through financial transactions to make the bank appear €7.2 billion more valuable between March 1st and September 30th, 2008 in Dublin. The trial, which is scheduled to run for up to five months, continues before Judge Martin Nolan and a specially enlarged jury of eight men and seven women.

Who, what, where, when and why

What: Report matter: David Drumm authorised €7.2 billion in allegedly dishonest transactions, witness tells bank trial. Charges or matters: four charges. Procedural stage: trial

When:

• March 1st Other
• September 30th, 2008 Other
• March 2008 Other
• March 17 Other
• March 30 Other
• 2016-02-09 Publication

Why: He said that on the night that the bank guarantee was being put in place the artificial transfer of one billion euros was taking place repeatedly in order to make the bank's customer deposits look healthier to anyone examining them. CNI source report

Case subjects

Places mentioned

Topics

Stage Trial

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Read the original CNI report