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Judge to sentence €7bn banking conspirators on Friday

Summary

Former Anglo Irish Bank executives John Bowe, Willie McAteer, and Denis Casey, all convicted of conspiring to defraud by setting up a €7.2 billion circular transaction scheme between March 1 and September 30, 2008, appeared before Dublin Circuit Criminal Court for sentencing. The jury found the men guilty of bolstering Anglo's balance sheet to mislead investors, despite their not guilty pleas. Prosecuting counsel Paul O'Higgins SC stated the effective maximum sentence was ten years, noting that while the Financial Regulator encouraged inter-bank support, it was not informed of these specific September 2008 transactions. Defence counsel argued the men acted under a "green jersey" agenda to save the banking system and that no financial gain was made. McAteer, who has a prior 2014 conviction for unlawful loans, carried out 240 hours of community service in lieu of a two-year prison sentence for that earlier offence. The court heard character evidence and details of the defendants' personal losses. Judge Martin Nolan heard submissions and indicated he would deliver the sentences on Friday morning.

Who, what, where, when and why

What: Report matter: Judge to sentence €7bn banking conspirators on Friday. Charges or matters: conspiring together and with others to defraud by setting up a €7.2 billion circular transaction scheme between March 1st and September 30th, 2008 to bolster Anglo's balance sheet with the intention of misleading investors. Procedural stage: sentence. Findings: Convicted

When:

• March 1st Hearing Or Sentence
• September 30th, 2008 Hearing Or Sentence
• September 2008 Hearing Or Sentence
• July 2008 Hearing Or Sentence
• June 2013 Hearing Or Sentence
• 2016-07-25 Publication

Why: During the trial, lawyers for the accused submitted that their clients had been acting in line with the instructions of the financial regulator under a so-called "green jersey" agenda to "circle the wagons" in order to steer the Irish banking system through the "catastrophic" international credit crunch. CNI source report

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Read the original CNI report