Courts / Dublin / Report
Transaction broke ILP internal limits, conspiracy trial hears
Summary
In a trial heard at Dublin Circuit Criminal Court, four former senior bankers – Peter Fitzpatrick (63), John Bowe (52), Willie McAteer (65) and Denis Casey (56) – pleaded not guilty to conspiracy charges. They are accused of orchestrating a €7.2 billion circular transaction scheme between Irish Life and Permanent (ILP) and Anglo Irish Bank from March 1 to September 30, 2008. The alleged scheme involved ILP receiving money from Anglo, then placing it on deposit with Anglo on behalf of Irish Life Assurance, inflating Anglo's corporate deposits and misleading investors. Gerard Doyle, former Head of Group Financial Risk at ILP, testified that the transactions exceeded ILP's €150 million credit limit by €1.1 billion, and that no physical payments were made when the loans matured. The jury was instructed to remain silent about the case, and the trial was set to resume on April 4 after a two‑week Easter break.
Who, what, where, when and why
What: Report matter: Transaction broke ILP internal limits, conspiracy 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:
- September 2008 Hearing Or Sentence
- March 1st Hearing Or Sentence
- September 30th, 2008 Hearing Or Sentence
- January 2009 Other
- April 4 Hearing Or Sentence
- 2016-03-16 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
Places mentioned
- Convent Lane
- Portmarnock
- Dublin
- Tipperary Town
- Tipperary
- Dublin
- Dublin Circuit Criminal Court
Topics
Related court reports
- Man charged with having 56k child abuse images and videos remanded on bail
- Ex-Dáil hopeful's allegations against former employer 'complete fantasy', WRC told
- Mater must pay €10k to worker who said he was wrongly accused of abusing patient
- 'I think we know I won't be getting bail' - Daniel Kinahan charged with directing criminal organisation
- Letting agent who claimed alleged domestic violence victim abandoned tenancy by fleeing to refuge must pay €14.7k
- 77-year-old with 470 convictions told Luas staff to 'f**k off'
If a fact, identity, locality or legal outcome needs review, email the newsroom with this report's details prefilled.
Email a correction request