Courts / Dublin / Report

Anglo "couldn't rely" on pillar banks to come to its aid, conspiracy trial hears

Summary

The trial of four senior bankers accused of conspiring to mislead investors is ongoing before Judge Martin Nolan and a jury at Dublin Circuit Criminal Court. Willie McAteer, John Bowe, Peter Fitzpatrick, and Denis Casey have all pleaded not guilty to charges alleging they conspired to mislead investors through financial transactions between March 1 and September 30, 2008. The prosecution alleges the defendants used interbank loans to make Anglo Irish Bank appear €7.2 billion more valuable than it was, specifically by transferring funds to Irish Life and Permanent (ILP) and depositing them back as corporate deposits to inflate year-end figures. Prosecution witness Ciaran McArdle, a former Anglo dealer, testified that the bank could not rely on State pillar banks for aid during the liquidity crisis. He stated that Anglo could not depend on domestic institutions like Bank of Ireland or AIB, nor international banks, to increase its balance sheet. Mr. McArdle described the high stress within the bank, including concerns about potential 'rent-a-crowd' tactics by hedge funds. During cross-examination, counsel for Mr. Fitzpatrick highlighted the 'green jersey agenda' preference for domestic support. The witness also acknowledged using uncharitable language regarding Bank of Ireland in a phone call. The matter remains at the trial stage, with no findings, sentences, or finalisations recorded.

Who, what, where, when and why

What: Report matter: Anglo "couldn't rely" on pillar banks to come to its aid, conspiracy trial hears. Charges or matters: conspiring to mislead investors. Procedural stage: trial

When:

• 30 September Other
• March 1st Hearing Or Sentence
• September 30th, 2008 Hearing Or Sentence
• 2016-02-23 Publication

Case subjects

Places mentioned

Topics

Stage Trial

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Read the original CNI report