Courts / Dublin / Report
Anglo CFO surprised at amount of interbank loans, trial hears
Summary
During a trial in Dublin Circuit Criminal Court, four former senior bankers of Anglo Irish Bank and Irish Life & Permanent were accused of conspiring to mislead investors by manipulating interbank loans. The alleged scheme involved Anglo transferring money to ILP, which then deposited it back into Anglo through its life assurance division, disguising the transaction as a corporate deposit rather than an interbank loan. This would inflate Anglo's corporate funding figures for the year‑end on 30 September 2008. The defendants—Willie McAteer (65), Denis Casey (56), Peter Fitzpatrick (63), and John Bowe (52)—all pleaded not guilty. Anglo's former Chief Financial Officer, Matt Moran, testified that he learned on 30 September 2008 that the interbank loans exceeded €7 billion, a figure he described as "very significant" and expressed surprise at.
Who, what, where, when and why
What: Report matter: Anglo CFO surprised at amount of interbank loans, 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:
- 30 September Other
- March 1st Hearing Or Sentence
- September 30th, 2008 Hearing Or Sentence
- September 30th Other
- September 29th Other
- January 2009 Hearing Or Sentence
- 2016-03-08 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 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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