Peter Fitzpatrick pleads not guilty to €7.2bn conspiracy

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

Peter Fitzpatrick has pleaded not guilty to conspiring to mislead investors at Dublin Circuit Criminal Court, reported on 14 April 2016. The alleged transactions were carried out between Anglo Irish Bank and Irish Life & Permanent between 1 March and 30 September 2008.

Accountancy expert Mark Hunt told the trial that the circular €7.2 billion deal had no commercial or economic substance and was not part of routine balance-sheet management. He said the paired transactions should have been netted off, reducing both the bank’s reported assets and liabilities by €7.2 billion. The trial continued before Judge Martin Nolan and a jury.