Courts / Dublin / Report
Anglo applied for €1 billion in Central Bank funding at same time as alleged €7.2 billion conspiracy
Summary
At the Dublin Circuit Criminal Court, the trial of four senior bankers, including former Irish Life and Permanent (ILP) CEO Denis Casey and Anglo's former group finance director William McAteer, continued. The accused, who include Peter Fitzpatrick and John Bowe, have all pleaded not guilty to four charges of conspiring to mislead investors between March 1st and September 30th, 2008. The charges allege that they engaged in transactions between Anglo, ILP, and Irish Life Assurance (ILA) to make Anglo appear €7.2 billion more valuable than it was. Anglo Irish Bank applied for €1 billion in emergency funding from the Central Bank at the same time as these alleged transactions. Testimony from Anglo's former head of treasury, Matt Cullen, indicated that the executive directors were aware of the purpose of the transactions and assumed the board was also aware. The scheme involved transferring money from Anglo to ILP, which would then be deposited back by ILA to appear as corporate deposits in Anglo's accounts. The matter was adjourned after a legal issue arose, with the jury sent home until Monday at the earliest.
Who, what, where, when and why
What: Report matter: Anglo applied for €1 billion in Central Bank funding at same time as alleged €7.2 billion conspiracy. Charges or matters: the four charges. Procedural stage: trial
When:
- March 1st Hearing Or Sentence
- September 30th, 2008 Hearing Or Sentence
- September 30, 2008 Other
- September 30 Other
- September 25, 2008 Other
- 26 September Other
- Monday 29 September Other
- 2016-01-21 Publication
Case subjects
Accused
Charges: the four charges (Alleged Or Contested)
Plea: Not guilty
Outcome: It would then be put back on deposit by Irish Life Assurance (ILA), the non-banking entity owned and managed by ILP, so it would appear in Anglo's accounts as a corporate deposit.
Defendant
Charges: the four charges (Alleged Or Contested)
Plea: Not guilty
Outcome: It would then be put back on deposit by Irish Life Assurance (ILA), the non-banking entity owned and managed by ILP, so it would appear in Anglo's accounts as a corporate deposit.
Defendant
Charges: the four charges (Alleged Or Contested)
Plea: Not guilty
Outcome: It would then be put back on deposit by Irish Life Assurance (ILA), the non-banking entity owned and managed by ILP, so it would appear in Anglo's accounts as a corporate deposit.
Accused
Charges: the four charges (Alleged Or Contested)
Plea: Not guilty
Outcome: It would then be put back on deposit by Irish Life Assurance (ILA), the non-banking entity owned and managed by ILP, so it would appear in Anglo's accounts as a corporate deposit.
Places mentioned
- Dublin
- Dublin Circuit Criminal Court
Topics
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