Courts / Dublin / Report

Witness acted under direction of David Drumm on €7bn transfer request, trial hears

Summary

During the trial of four former senior bankers accused of conspiring to mislead investors, former Anglo director Matt Cullen testified that he acted under the direction of former Anglo CEO David Drumm when he approached Irish Life about an interbank loan of €7bn. Cullen said Drumm asked him to approach Irish Life to request €6‑7bn in September 2008, specifically to approach David Gantley, Irish Life's counterpart. Cullen confirmed he was acting under Drumm's direction. He explained that the scheme involved transferring money from Anglo to Irish Life Assurance (ILA), a non‑banking entity owned by Irish Life, which would then deposit it back into Anglo's accounts as a corporate deposit. This would make Anglo appear €7.2bn more valuable. The four men—Denis Casey, Willie McAteer, Peter Fitzpatrick and John Bowe—have pleaded not guilty. The trial, held at Dublin Circuit Criminal Court, resumed in evidence after six days of legal argument, with the judge being Martin Nolan.

Who, what, where, when and why

What: Report matter: Witness acted under direction of David Drumm on €7bn transfer request, 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; conspiring to mislead investors. Procedural stage: trial

When:

• March 1st Hearing Or Sentence
• September 30th, 2008 Hearing Or Sentence
• 2016-02-09 Publication

Case subjects

Places mentioned

Topics

Stage Trial

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Read the original CNI report