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Irish banks were "pulling on the green jersey" during financial crisis, trial told

Summary

During a 2016 trial in Dublin, former Anglo Irish Bank director Matt Cullen testified that Irish banks, including Anglo and Irish Life and Permanent (ILP), had coordinated a "green jersey agenda" to support each other during the 2008 financial crisis. Cullen described an email from former Anglo CEO David Drumm to Anglo executives on 16 March 2008, in which the Governor of the Central Bank suggested Irish banks help one another. He claimed this was a case of "pulling on the green jersey" and that the aim was to protect the Irish banking system. The four men on trial—Denis Casey, Willie McAteer, Peter Fitzpatrick, and John Bowe—were accused of conspiring to mislead investors by using interbank loans to make Anglo appear €7.2 billion more valuable between 1 March and 30 September 2008. All pleaded not guilty. The trial, presided over by Judge Martin Nolan, continues before a jury.

Who, what, where, when and why

What: Report matter: Irish banks were "pulling on the green jersey" during financial crisis, trial told. 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
• March 16, 2008 Hearing Or Sentence
• March 16 Other
• 2016-02-10 Publication

Why: He said that Anglo's position in the market was made worse because businessman Sean Quinn had taken out a "Contracts for difference" position on shares in the bank. CNI source report

Case subjects

Places mentioned

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Stage Trial

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Read the original CNI report