Courts / Dublin / Report
Anglo covered bonds "all paid off in full", conspiracy trial told
Summary
During a trial at Dublin Circuit Criminal Court, Peter Fitzpatrick, a former director of finance at Irish Life and Permanent, denied that the Anglo Irish Bank covered bonds issued in 2008 were worthless. Fitzpatrick, along with former ILP CEO Denis Casey, former Anglo Head of Finance Willie McAteer, and former Anglo head of capital markets John Bowe, were accused of conspiring to mislead investors by using interbank loans to inflate the bank's value by €7.2 billion between 1 March and 30 September 2008. All four pleaded not guilty. Senior portfolio manager Peter Geissel, who managed Anglo's €5 billion covered bonds programme in 2007, testified that the bonds were fully paid and rated 'AAA'. He insisted that Anglo itself paid off the bonds and that they were not the reason for the government bailout. The case is still before Judge Martin Nolan and a jury.
Who, what, where, when and why
What: Report matter: Anglo covered bonds "all paid off in full", conspiracy 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 than it was between March 1st and September 30th, 2008. Procedural stage: trial
When:
- March 1st Hearing Or Sentence
- September 30th, 2008 Hearing Or Sentence
- 2016-02-18 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
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
Places mentioned
- Dublin
- Dublin Circuit Criminal Court
Topics
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