David Drumm trial hears evidence from ILP dealer

This report is a localnews.ie summary based on public court reporting and records; sources are listed below.

David Gantly, chief dealer at Irish Life & Permanent, gave evidence at David Drumm’s conspiracy to defraud trial at Dublin Circuit Criminal Court on 16 April 2018. The proceedings were reported on 16 April 2018.

Drumm pleaded not guilty to conspiring with Denis Casey, William McAteer, John Bowe and others to defraud Anglo Irish Bank depositors and investors by dishonestly creating the impression that its 2008 deposits were €7.2 billion larger than they were. He also pleaded not guilty to false accounting by furnishing information to the market on 3 December 2008 that Anglo’s 2008 deposits were €7.2 billion larger than they were.

The former Anglo chief executive accepted that multi-million euro transactions took place between Anglo and Irish Life & Permanent in 2008, but disputed that they were fraudulent or dishonest.

Gantly said it had been made clear there was to be “no idle chit chat” about a transaction between the banks in September 2008. He said the Financial Regulator was unhappy about Irish Life & Permanent receiving European Central Bank funding during the financial crisis and was uncomfortable with its use of that safety net.

The trial was in its eleventh week and continuing before Judge Karen O’Connor and a jury.