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No "jubilation" over increased deposits at Anglo, witness tells trial
Summary
During a trial at the Dublin Circuit Criminal Court, former Anglo Irish Bank executive Peter Fitzpatrick, aged 63, testified that he does not recall any "jubilation" within the bank after March 30, 2008, when Anglo increased its customer deposits. Fitzpatrick, who had been the director of finance at Irish Life and Permanent (ILP), was questioned by his lawyer Michael Bowman SC about the bank's actions. The case involves allegations that Anglo, ILP, and other senior bankers conspired to mislead investors by using interbank loans to inflate Anglo's value by €7.2 billion between March 1 and September 30, 2008. The alleged scheme involved back‑to‑back deposits of €750 million and €1 billion between Anglo and ILP, with money transferred by Anglo to ILP and then deposited back into Anglo through ILP's life insurance division, Irish Life Assurance. The unnamed accused pleaded not guilty.
Who, what, where, when and why
What: Report matter: No "jubilation" over increased deposits at Anglo, witness tells trial. Charges or matters: conspiring together and with others to mislead investors through financial transactions to make the bank appear €7.2 billion more valuable than it was between March 1st and September 30th, 2008. Procedural stage: trial
When:
- March 2008 Hearing Or Sentence
- March 1st Hearing Or Sentence
- September 30th, 2008 Hearing Or Sentence
- March 30th Hearing Or Sentence
- 2016-02-17 Publication
Case subjects
Accused
Charges: conspiring together and with others to mislead investors through financial transactions to make the bank appear €7.2 billion more valuable than it was between March 1st and September 30th, 2008 (Alleged Or Contested)
Plea: Not guilty
Outcome: The overnight interbank loans allegedly involved money being transferred by Anglo to ILP and then being put back on deposit with Anglo by ILP's life insurance division, Irish Life Assurance.
Places mentioned
- Dublin
- Dublin Circuit Criminal Court
Topics
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