Courts / Dublin / Report

The €7.2 billion fix: jury finds Anglo bankers guilty

Summary

At the Dublin Circuit Criminal Court, a jury returned majority verdicts finding former Anglo Irish Bank executives John Bowe and Willie McAteer guilty of conspiring to mislead investors. The trial, which marked the longest criminal trial in the State's history, concluded on day 84 after 38 hours of deliberations. The prosecution alleged that Bowe and McAteer, along with others, set up a €7.2 billion circular transaction scheme between March 1 and September 30, 2008, to artificially bolster Anglo's balance sheet. The scheme allegedly involved Anglo lending money to Irish Life and Permanent (ILP), which was then returned to Anglo via Irish Life Assurance to be recorded as customer deposits. This inflated the reported customer deposits from €44 billion to €51 billion. Both Bowe and McAteer had pleaded not guilty to the charges. Judge Martin Nolan remanded the two men on continuing bail until Friday, noting there was no objection to bail. The jury is still considering charges against former ILP chief executive Denis Casey and his 2008 finance director, Peter Fitzpatrick. Casey and Fitzpatrick also pleaded not guilty to the same conspiracy charges. The matter regarding Casey and Fitzpatrick remains under deliberation and has not been finalised.

Who, what, where, when and why

What: Report matter: The €7.2 billion fix: jury finds Anglo bankers guilty. 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 Other
• September 30th, 2008 Other
• December 3rd 2008 Other
• 2016-06-01 Publication

Case subjects

Places mentioned

Topics

Stage Trial

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Read the original CNI report