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Credit Suisse rejected Anglo invitation for back to back transaction, trial hears

Summary

The trial of four senior bankers accused of conspiring to mislead investors through financial transactions between March 1st and September 30th, 2008, continues before Judge Martin Nolan and a jury at Dublin Circuit Criminal Court. Peter Fitzpatrick, Denis Casey, William McAteer, and John Bowe have all pleaded not guilty to the charges. Evidence presented to the jury included a transcript of a September 2008 phone call in which Anglo Irish Bank's senior portfolio manager, Peter Geissel, proposed a "back to back" transaction to Credit Suisse to enhance the bank's year-end corporate deposit figures. Geissel suggested Anglo would place funds with a Credit Suisse entity and receive a deposit from a non-bank entity, such as Credit Suisse Asset Management, potentially involving a broader set-off arrangement. He indicated the deposit term would be very short, ideally a couple of days or overnight. The trial heard that Credit Suisse's representative, Jerome Henry, raised concerns about net risk and later stated that the bank was not prepared to proceed with the deal. Geissel testified that the conversation was exploratory and that he did not believe there was anything inherently wrong with the type of transaction. The matter remains ongoing, with the trial continuing.

Who, what, where, when and why

What: Report matter: Credit Suisse rejected Anglo invitation for back to back transaction, trial hears. Charges or matters: conspiring together and with others to mislead investors through financial transactions between March 1st and September 30th, 2008. Procedural stage: trial

When:

• September 2008 Hearing Or Sentence
• March 1st Hearing Or Sentence
• September 30th, 2008 Hearing Or Sentence
• 2016-02-19 Publication

Case subjects

Places mentioned

Topics

Stage Trial

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Read the original CNI report