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Conspiracy accused told gardai that IL&P was asked to support "green jersey agenda"

Summary

Four former executives from Anglo Irish Bank and Irish Life & Permanent (ILP) are on trial at Dublin Circuit Criminal Court, having all pleaded not guilty to conspiring to mislead investors through financial transactions between March 1 and September 30, 2008. The accused are Willie McAteer, Denis Casey, Peter Fitzpatrick, and John Bowe. They are alleged to have set up a €7.2 billion circular transaction scheme to bolster Anglo's balance sheet. On day 64 of the trial, Detective Sergeant Catharina Gunne presented evidence of a voluntary statement by Mr. Casey, who served as ILP's Group Chief Executive from May 2007 to February 2009. Mr. Casey alleged that in March 2008, regulators Pat Neary and John Hurley requested ILP support a "green jersey agenda" to provide mutual in-market support during the global banking crisis. He stated he would not authorize transactions contrary to regulator wishes or company law. The jury also heard evidence of a 2010 cautioned interview with Mr. McAteer, who disputed that the deal manipulated Anglo's balance sheet. He maintained the transactions were properly accounted for and brought to the Audit Committee's attention, denying awareness of the inter-bank deal mechanics. The trial continues before Judge Martin Nolan and a jury.

Who, what, where, when and why

What: Report matter: Conspiracy accused told gardai that IL&P was asked to support "green jersey agenda". 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 2008 Hearing Or Sentence
• March 1st Hearing Or Sentence
• September 30th, 2008 Hearing Or Sentence
• May 2007 Hearing Or Sentence
• February 2009 Hearing Or Sentence
• 2016-04-29 Publication

Why: "They requested that ILP participate in and support a Green Jersey Agenda under which Irish financial institutions would provide each other with mutual in-market support at a time of unprecedented turmoil…in order to maintain confidence in the system and protect financial stability. CNI source report

Case subjects

Places mentioned

Topics

Stage Trial

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Read the original CNI report