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€7.2 billion "circular" transaction was not "typical", conspiracy trial hears

Summary

In a 2016 trial at Dublin Circuit Criminal Court, four former Anglo Irish Bank executives—Peter Fitzpatrick, John Bowe, Denis Casey, and Willie McAteer—were charged with conspiring to mislead investors by orchestrating a €7.2 billion "circular" cash transaction between Anglo and Irish Life & Permanent (ILP) during 2008. Witness Brian Lynch testified that while banks often manage balance sheets to appear strong at year‑end, the 2008 deal was atypical, matching the same amount, period, and rate, and was significantly larger than normal. Lynch described the transaction as a reciprocal loan that treated ILA as a corporate deposit to inflate deposit figures. He claimed no instruction to conceal the deal and that the meetings focused on balance‑sheet appearance amid global financial panic. The defendants pleaded not guilty; the trial continued under Judge Martin Nolan and a jury.

Who, what, where, when and why

What: Report matter: €7.2 billion "circular" transaction was not "typical", conspiracy 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
• September 2008 Other
• 2016-02-11 Publication

Why: He explained that Anglo would give money to the banking arm of Irish Life in return for receiving money from Irish Life Assurance (ILA) in the same amount. CNI source report

Case subjects

Places mentioned

Topics

Stage Trial

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Read the original CNI report