Courts / Dublin / Report
Former ILP head of Finance denied doing "solo run" on billion euro transaction
Summary
In a Dublin Circuit Criminal Court hearing, former ILP head of finance Peter Fitzpatrick, aged 63, denied acting alone in a March 2008 transaction that allegedly moved €1 billion from Anglo Irish Bank to ILP and €750 million back to Anglo via ILP's non‑banking subsidiary, Irish Life Assurance. Fitzpatrick said he had received approval from ILP chief executive Denis Casey, who had been instructed by the regulator to pursue a "green jersey" agenda of mutual support among Irish banks. Fitzpatrick claimed Casey had directed him to execute the deal and that it was risk‑free for ILP. He also stated that the transaction was a back‑to‑back, collateralised arrangement and that he could not have proceeded without Casey's approval. The case involves four former executives who all pleaded not guilty to conspiracy charges relating to the alleged €7.2 billion circular scheme. The trial is ongoing.
Who, what, where, when and why
What: Report matter: Former ILP head of Finance denied doing "solo run" on billion euro transaction. Procedural stage: trial
When:
- November 2013 Hearing Or Sentence
- March 1st Hearing Or Sentence
- September 30th, 2008 Hearing Or Sentence
- March 2008 Hearing Or Sentence
- October 2013 Other
- 13 March 2008 Other
- September 2008 Other
- 31 December 2008 Other
- 31 March 2008 Other
- 30 September 2008 Other
- 2016-05-04 Publication
Why: I recall being told that Pat Neary introduced the concept of a "green jersey" agenda to Denis Casey and explained that it was a structure designed to encourage banks to support one another through the current turmoil. CNI source report
Case subjects
Accused
Places mentioned
- Convent Lane
- Portmarnock
- Dublin
- Tipperary Town
- Tipperary
- Dublin
- Dublin Circuit Criminal Court
Topics
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