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"It wasn't our six billion at all" former Irish Life actuary tells conspiracy trial

Summary

Four former senior bankers from Anglo Irish Bank and Irish Life and Permanent (ILP) are on trial at Dublin Circuit Criminal Court, where they have all pleaded not guilty to conspiring to mislead investors through financial transactions between March 1st and September 30th, 2008. The defendants are Peter Fitzpatrick, John Bowe, Willie McAteer, and Denis Casey. On day 47 of the trial, Bruce Maxwell, the chief actuary with Irish Life Assurance (ILA) in 2008, testified that he found the alleged €7.2 billion circular transaction scheme implausible. Maxwell stated that his initial reaction to the figure was disbelief, noting that Irish Life would not have had six billion euro to invest in Anglo. He described the arrangement, where Anglo placed money with ILP, which lent it to ILA, and ILA then placed it back with Anglo, as abnormal because ILA was effectively borrowing money. Maxwell told the court that the deposits were later explained as being secured by loans from Anglo to ILP, emphasizing that the funds were not Irish Life's own capital. The trial continues before Judge Martin Nolan and a jury.

Who, what, where, when and why

What: Report matter: "It wasn't our six billion at all" former Irish Life actuary tells conspiracy trial. 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 Hearing Or Sentence
• September 30th, 2008 Hearing Or Sentence
• 2016-04-12 Publication

Why: " He said when he heard about the size of the placements from ILA to Anglo he said "it didn't make any sense" because "Irish Life would not have had six billion to invest in Anglo". CNI source report

Case subjects

Places mentioned

Topics

Stage Trial

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Read the original CNI report