Courts / Dublin / Report

Anglo exec told gardai he only had "peripheral awareness" of billion euro deal

Summary

Four former executives from Anglo Irish Bank and Irish Life and Permanent are on trial at Dublin Circuit Criminal Court, facing charges of conspiring to mislead investors through financial transactions between March 1 and September 30, 2008. The defendants, John Bowe, Willie McAteer, Denis Casey, and Peter Fitzpatrick, have all pleaded not guilty. On day 61 of the trial, the jury heard evidence from John Bowe, who told gardai he had only a "peripheral awareness" of the €7.2 billion circular transaction scheme with Irish Life and Permanent. Bowe, who was head of Capital Markets at Anglo in 2008, stated he did not consider the transactions wrong, though he acknowledged they were large and unusual. He claimed he only learned the final deal figure on September 30 or October 1, 2008. Bowe also testified that Anglo would have collapsed on September 30, 2008, without emergency overnight funding of over €1 billion from the Central Bank. The court heard an email from former CEO David Drumm urging executives to generate liquidity during the banking crisis. Detective Sergeant Gerard Doyle testified that Bowe was not under arrest when his witness statement was finalized between September 2010 and February 2011, with his solicitor present. The trial continues before Judge Martin Nolan and a 13-member jury.

Who, what, where, when and why

What: Report matter: Anglo exec told gardai he only had "peripheral awareness" of billion euro deal. 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
• October 1, 2008 Incident
• September 30 Incident
• Tuesday September 30th Other
• September 10, 2008 Other
• September 2010 Incident
• February 2011 Incident
• 2016-04-26 Publication

Case subjects

Places mentioned

Topics

Stage Trial

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'

Read the original CNI report