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ILP finance director approved of €1bn Anglo transaction, trial hears

Summary

The trial of four former senior bankers accused of conspiring to mislead investors continued at Dublin Circuit Criminal Court before Judge Martin Nolan. John Bowe, Willie McAteer, Peter Fitzpatrick, and Denis Casey, all from Dublin or Tipperary, have pleaded not guilty to charges alleging they used interbank loans between March and September 2008 to make Anglo Irish Bank appear €7.2 billion more valuable than it was. Prosecutors Una Ni Raifeartaigh SC and Paul O'Higgins SC presented evidence regarding circular transactions involving Irish Life and Permanent (ILP) and Anglo Irish Bank. Witness Paul Kane, a former ILP liquidity manager, testified that he was instructed to transfer funds from Anglo to Irish Life Assurance and back, a structure he initially did not understand. He stated that Peter Fitzpatrick approved the €1 billion transaction via email. Another witness, Stephen Fox, a former Anglo banker testifying via video link from London, explained that such transactions were used to report larger customer funding at year-end. He noted that while he was aware of transactions between Anglo and ILP, he assumed they were wholesale deposits. The defense, represented by Diarmaid McGuinness SC for Mr Bowe, cross-examined Fox on the commonality of short-term deposits in banking. The trial is ongoing, with no final verdict or sentence recorded at this procedural stage.

Who, what, where, when and why

What: Report matter: ILP finance director approved of €1bn Anglo transaction, trial hears. Charges or matters: conspiring to mislead investors. Procedural stage: trial

When:

• March 2008 Hearing Or Sentence
• March 1st Hearing Or Sentence
• September 30th, 2008 Hearing Or Sentence
• 2016-03-02 Publication

Why: He explained that this was the actual corporate and retail deposits received from clients. CNI source report

Case subjects

Places mentioned

Topics

Stage Trial

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Read the original CNI report