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Former ILP treasury head tells trial he felt "discomfort" over €7.2bn Anglo transactions

Summary

During a trial of four banking executives, a senior banker from Irish Life and Permanent (ILP) testified that he felt "discomfort" with alleged inter‑bank transfers of €7.2 bn involving Anglo Irish Bank. The transfers, which allegedly moved money from Anglo to ILP and back via ILP's life assurance division, were said to appear as corporate deposits rather than inter‑bank loans, inflating Anglo's year‑end funding figures for 30 September 2008. The four men on trial – Anglo's former Head of Finance Willie McAteer (65), former head of capital markets John Bowe (52), ILP's former director of finance Peter Fitzpatrick (63) and former CEO Denis Casey (56) – have all pleaded not guilty. The evidence presented by ILP's former treasury head, David Gantly, highlighted his discomfort with the non‑standard nature of the transactions and his awareness of regulatory reporting requirements. The trial is proceeding before Judge Martin Nolan and a jury.

Who, what, where, when and why

What: Report matter: Former ILP treasury head tells trial he felt "discomfort" over €7.2bn Anglo transactions. 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
• September 2008 Hearing Or Sentence
• 2016-02-29 Publication

Case subjects

Places mentioned

Topics

Stage Trial

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Read the original CNI report