Courts / Dublin / Report
ILP chief told gardai that Anglo "misrepresented" €7.2bn transactions
Summary
In 2009 the Secretary General of the Department of Finance contacted Irish Life and Permanent (ILP) about how the bank was accounting for a €7.2 bn transaction that had been described as circular. The trial of four former bankers, including ILP's former CEO Denis Casey (56), alleges that they conspired to mislead investors by using inter‑bank loans to manipulate Anglo Irish Bank's balance sheets in 2008. Casey told Gardaí that Anglo had misrepresented the €7.2 bn transactions, insisting they be fully collateralised, but that Anglo presented them as non‑collateralised. After Casey resigned in February 2009, three phone calls were made to change the accounting treatment to show the transactions as non‑collateralised. The calls were from Matt Moran, Donal O'Connor and Kevin Cardiff. Casey and three other former banking executives pleaded not guilty to conspiracy charges. The trial is being heard at Dublin Circuit Criminal Court.
Who, what, where, when and why
What: Report matter: ILP chief told gardai that Anglo "misrepresented" €7.2bn transactions. 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 Other
- September 30th, 2008 Other
- February 2009 Other
- September 22, 2008 Other
- September 2008 Other
- 2016-03-14 Publication
Why: " Mr Bowe continued: "I don't know which it is because I haven't attended the meetings. 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
Places mentioned
- Dublin
- Dublin Circuit Criminal Court
- Dublin
- Convent Lane
- Portmarnock
- Tipperary Town
- Tipperary
Topics
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