Courts / Dublin / Report

Anglo/ILP trial may end sooner than expected

Summary

The trial of four former banking executives at Anglo Irish Bank and Irish Life and Permanent (ILP) is proceeding at Dublin Circuit Criminal Court. The accused are Denis Casey, former ILP CEO; William McAteer, former Anglo Head of Finance; Peter Fitzpatrick, former ILP director of finance; and John Bowe, former Anglo head of capital markets. All four have pleaded not guilty to conspiring together and with others to mislead investors through financial transactions between March 1st and September 30th, 2008. The prosecution alleges the defendants manipulated Anglo's balance sheets using interbank loans, where money was allegedly transferred from Anglo to ILP and then redeposited with Anglo via ILP's life assurance division. This process allegedly disguised interbank loans as corporate deposits, artificially inflating the bank's corporate funding figures for its year-end report on September 30, 2008. On day 35 of the trial, Judge Martin Nolan stated that certain legal rulings had probably shortened the proceedings, which were originally scheduled to last five months. The judge assured the jury the trial was running according to timetable. He adjourned the court for the day due to a new legal issue and further suspended proceedings until the following afternoon to observe the funeral of Supreme Court Justice Adrian Hardiman, who died suddenly that week. The matter remains ongoing.

Who, what, where, when and why

What: Report matter: Anglo/ILP trial may end sooner than expected. 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
• 2016-03-09 Publication

Why: He made his comments before sending the jury away for the day because of another legal issue that had arisen. CNI source report

Case subjects

Places mentioned

Topics

Stage Trial

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Read the original CNI report