Courts / Dublin / Report
"Project Universe": Anglo considered potential merger with PTSB and ILP
Summary
During the trial of four former Anglo Irish Bank bankers, witnesses testified that Anglo had considered a merger with Irish Life & Permanent (ILP) during the 2008 financial crisis. The alleged scheme involved interbank loans that would be recorded as corporate deposits, inflating Anglo's corporate funding figures for the year‑end 30 September 2008. The defendants – Willie McAteer, Denis Casey, Peter Fitzpatrick and John Bowe – pleaded not guilty to conspiring to mislead investors. Witness Matt Moran, Anglo's former CFO, described a project called "Universe" that aimed to create a universal bank by merging Anglo with ILP and Permanent TSB. He also recounted discussions with Allied Irish Bank about depositing funds with Anglo, but the merger never materialised. The trial is ongoing.
Who, what, where, when and why
What: Report matter: "Project Universe": Anglo considered potential merger with PTSB and ILP. 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:
- 30 September Other
- March 1st Hearing Or Sentence
- September 30th, 2008 Hearing Or Sentence
- March 2008 Incident
- March 25, 2008 Other
- July 28, 2008 Other
- 2016-03-07 Publication
Why: He explained that when ILP issued a mortgage they were able to take that mortgage to the ECB and turn it into liquidity but a commercial bank like Anglo could not do this. CNI source report
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 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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