Courts / Tipperary / Report

Anglo executive asked if €7.2 billion transaction was "window dressing", trial hears

Summary

The trial of four former senior bankers, including Denis Casey, is ongoing at Dublin Circuit Criminal Court. Casey, along with Peter Fitzpatrick, John Bowe, and Willie McAteer, has pleaded not guilty to conspiring to mislead investors through financial transactions between March 1 and September 30, 2008. On day 43, witness Colin Golden, Anglo Irish Bank's Head of Group Finance in 2008, testified regarding a €7.2 billion transaction. He stated that during a November 2008 audit committee meeting, non-executive director Donal O'Connor asked if the transaction was "window dressing," to which then Head of Finance Willie McAteer responded it was "balance sheet management." Golden testified that the transaction was treated as a straight cash-for-cash deal, not collateralised, and was included grossly in the bank's balance sheet, inflating customer deposits and loans by €7.2 billion. He noted he was unaware until February 2009 that the sequence of deposits and loans had been incorrectly represented to auditors. Defence counsel Michael O'iggins SC, representing Casey, argued that the failure to consult the trader who executed the transaction constituted a "massive system's failure." Judge Nolan intervened to stop counsel from abusing the witness. The matter remains at the trial stage with no finalisation or sentence recorded.

Who, what, where, when and why

What: Report matter: Anglo executive asked if €7.2 billion transaction was "window dressing", 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:

• November 2008 Hearing Or Sentence
• March 1st Hearing Or Sentence
• September 30th, 2008 Hearing Or Sentence
• November 18, 2008 Hearing Or Sentence
• February 2009 Other
• December 3, 2008 Other
• October 24, 2008 Hearing Or Sentence
• 2016-04-06 Publication

Case subjects

Places mentioned

Topics

Stage Trial

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Read the original CNI report