Courts / Dublin / Report
Former ILP chief told gardai he felt obliged to authorise €7.2bn deal
Summary
In 2016, former Irish Life & Permanent chief executive Denis Casey, aged 56, was questioned by Gardaí about authorising a €7.2 billion transaction with Anglo Irish Bank. Casey claimed he did so because he felt obliged to support Anglo under a "green jersey agenda" promoted by the Financial Regulator and Central Bank, which encouraged Irish banks to back each other. He said he believed the transaction was collateralised and would not expose ILP to financial loss. Casey denied that the deal was intended to bolster Anglo's deposits and insisted he had no reason to doubt Anglo's integrity in September 2008. He admitted he only became aware of potential exposure in February 2009. The case is part of a trial where four former executives are charged with conspiring to mislead investors through a circular transaction scheme between March and September 2008. The trial is ongoing at Dublin Circuit Criminal Court. The unnamed accused pleaded not guilty.
Who, what, where, when and why
What: Report matter: Former ILP chief told gardai he felt obliged to authorise €7.2bn deal. Charges or matters: conspiring together and with others to mislead investors through financial transactions between March 1st and September 30th, 2008. Procedural stage: charge_or_pretrial
When:
- May 2007 Hearing Or Sentence
- February 2009 Hearing Or Sentence
- March 1st Hearing Or Sentence
- September 30th, 2008 Hearing Or Sentence
- October 2013 Hearing Or Sentence
- September 2008 Incident
- September 30 Other
- December 2008 Other
- September 22 Other
- 2016-05-03 Publication
Why: 2 billion deal with Anglo Irish Bank because he felt he was obliged to support the other bank under the "green jersey agenda". CNI source report
Case subjects
Accused
Charges: conspiring together and with others to mislead investors through financial transactions between March 1st and September 30th, 2008 (Alleged Or Contested)
Plea: Not guilty
Places mentioned
- Dublin
- Convent Lane
- Portmarnock
- Tipperary Town
- Tipperary
- Dublin
- Dublin Circuit Criminal Court
Topics
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