Courts / Dublin / Report
Former ILP finance director was concerned over Anglo going "bust", trial hears
Summary
The trial heard that former Irish Life and Permanent finance director Peter Fitzpatrick, aged 63, was concerned that Anglo Irish Bank would lose money if it went bust. Fitzpatrick, along with Anglo's former head of finance Willie McAteer (65), former ILP CEO Denis Casey (56), and two others, is accused of conspiring to mislead investors by using €7.2 bn of inter‑bank loans to manipulate Anglo's balance sheets. The alleged scheme involved transferring money from Anglo to ILP and then back to Anglo via ILP's life assurance division, making the transfers appear as corporate deposits rather than inter‑bank loans. This would inflate Anglo's corporate funding figures for the year‑end on 30 September 2008. During the trial, excerpts of a telephone call were heard in which Fitzpatrick discussed the possibility of "set‑off" or netting the loans against each other to protect the banks' positions if Anglo collapsed. Denis Casey pleaded not guilty.
Who, what, where, when and why
What: Report matter: Former ILP finance director was concerned over Anglo going "bust", 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:
- March 1st Hearing Or Sentence
- September 30th, 2008 Hearing Or Sentence
- 30 September Hearing Or Sentence
- September 25, 2008 Hearing Or Sentence
- 2016-03-04 Publication
Case subjects
Accused
Charges: conspiring together and with others to mislead investors through financial transactions between March 1st and September 30th, 2008 (Alleged Or Contested)
Plea: Not guilty
Outcome: The interbank loans allegedly involved money being transferred by Anglo to Irish Life and Permanent (ILP) and then being put back on deposit with Anglo via ILP's life assurance division.
Places mentioned
- Convent Lane
- Portmarnock
- Dublin
- Tipperary Town
- Tipperary
- Dublin
- Dublin Circuit Criminal Court
Topics
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