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ILP CFO tells conspiracy trial he had no knowledge of €7.2bn loan

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 together and with others to mislead investors through financial transactions between March 1st and September 30th, 2008. The defendants, Willie McAteer, Denis Casey, Peter Fitzpatrick, and John Bowe, are alleged to have set up a €7.2 billion circular transaction scheme to bolster Anglo's 2008 balance sheet. In testimony, David McCarthy, ILP's Chief Financial Officer in September 2008, stated he had no knowledge of the €7.2 billion inter-bank loan with Anglo Irish Bank at the time. McCarthy, a qualified chartered accountant who joined ILP in 1994, reported to Peter Fitzpatrick, then Finance Director. He told the court he only learned of the sum in November 2008, noting that under accounting rules, such linked loans and deposits would be netted on the balance sheet, creating no liquidity. McCarthy estimated the amount represented about 16 per cent of ILP's balance sheet at the time. The trial continues before Judge Martin Nolan and a jury.

Who, what, where, when and why

What: Report matter: ILP CFO tells conspiracy trial he had no knowledge of €7.2bn loan. 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
• 2016-04-19 Publication

Case subjects

Places mentioned

Topics

Stage Trial

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Read the original CNI report