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Anglo and ILP management discussed keeping €750m loan as "tight as a duck's arse", trial hears
Summary
During a trial in Dublin, former executives of Anglo Irish Bank and Irish Life and Permanent (ILP) were accused of conspiring to mislead investors by disguising €750 million in short‑term interbank loans as legitimate deposits. The defendants, including former ILP CEO Denis Casey, former Anglo finance head Willie McAteer, former ILP finance director Peter Fitzpatrick and former Anglo capital markets head John Bowe, pleaded not guilty. Testimony revealed that Anglo transferred money to ILP, which was then returned to Anglo via Irish Life Assurance, creating the appearance of large corporate deposits for the 30 September 2008 year‑end report. Calls between executives in March 2008 discussed keeping the transactions "tight as a duck's arse" and breaking the €750 million into smaller amounts to disguise the scheme. Additional evidence included internal emails showing daily outflows of deposits in September 2008, with the collapse of Lehman Brothers exacerbating the bank's liquidity crisis.
Who, what, where, when and why
What: Report matter: Anglo and ILP management discussed keeping €750m loan as "tight as a duck's arse", trial hears. Charges or matters: conspiring together and with others to mislead investors through financial transactions to make the bank appear €7.2 billion more valuable that it was between March 1st and September 30th, 2008 in Dublin; conspiring to mislead investors. Procedural stage: trial
When:
- March 1st Hearing Or Sentence
- September 30th, 2008 Hearing Or Sentence
- 30 September Other
- March 2008 Hearing Or Sentence
- March 27 Other
- September 2008 Other
- September 11 Hearing Or Sentence
- September 16 Hearing Or Sentence
- September 22 Hearing Or Sentence
- 31 March Hearing Or Sentence
- 2016-01-29 Publication
Why: Mr Gantly said he was purposely not using names because, he said, "the walls have ears in this climate". CNI source report
Case subjects
Accused
Charges: conspiring to mislead investors (Alleged Or Contested)
Plea: Not guilty
Accused
Charges: conspiring to mislead investors (Alleged Or Contested)
Plea: Not guilty
Accused
Charges: conspiring together and with others to mislead investors through financial transactions to make the bank appear €7.2 billion more valuable that it was between March 1st and September 30th, 2008 in Dublin (Alleged Or Contested)
Plea: Not guilty
Outcome: The interbank loans allegedly involved money being transferred by Anglo to ILP and then being put back on deposit with Anglo by their life insurance division, Irish Life Assurance.
Accused
Charges: conspiring to mislead investors (Alleged Or Contested)
Plea: Not guilty
Places mentioned
- Dublin
- Dublin Circuit Criminal Court
Topics
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