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"Inconceivable" that ILP bankers were "innocent dupes of Anglo's plan", prosecution tells jury

Summary

In a conspiracy‑to‑defraud trial at Dublin Circuit Criminal Court, four former Anglo Irish Bank and Irish Life & Permanent executives—John Bowe, Willie McAteer, Denis Casey and Peter Fitzpatrick—were charged with conspiring to mislead investors about Anglo Irish Bank's financial health. The prosecution alleged that between 1 March and 30 September 2008 the accused authorised a €7.2 billion circular transaction scheme to inflate Anglo's customer deposits. The State's case centred on the claim that the ILP executives were aware of Anglo's intent to misrepresent the deal on its balance sheet and that they knowingly participated in a scheme that did not provide real liquidity. The defence argued that the executives believed the transactions were legitimate collateralised deals and that they had no control over Anglo's accounting. The trial was ongoing, with the jury instructed to consider whether the accused intended to mislead the public. The case was still pending at the time of reporting. Denis Casey pleaded not guilty. Peter Fitzpatrick pleaded not guilty.

Who, what, where, when and why

What: Report matter: "Inconceivable" that ILP bankers were "innocent dupes of Anglo's plan", prosecution tells jury. Charges or matters: conspiring together and with others to mislead investors by setting up a €7.2 billion circular transaction scheme between March 1st and September 30th, 2008 to bolster Anglo's balance sheet. Procedural stage: trial

When:

• March 1st Hearing Or Sentence
• September 30th, 2008 Hearing Or Sentence
• September 15, 2008 Other
• 2016-05-11 Publication

Why: But she said they knew full well what Anglo would do, given Anglo's reason for setting up the deal to "bolster" their balance sheet. CNI source report

Case subjects

Places mentioned

Topics

Stage Trial

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Read the original CNI report