Monday 24 April 2017

Anglo trial continues in legal argument today

Left to right, William McAteer, Denis Casey, John Bowe, and Peter Fitzpatrick
Left to right, William McAteer, Denis Casey, John Bowe, and Peter Fitzpatrick

Declan Brennan

The trial of four former bankers accused of conspiring to mislead investors using a €7.2 billion circular transaction scheme continued in legal argument today.

Four men, including Anglo Irish Bank's former head of finance, Willie McAteer (65) and John Bowe (52), who had been head of capital markets with the now defunct bank, are accused of conspiring to mislead investors by using interbank loans to bolster the bank's 2008 balance sheet.

The interbank loans allegedly involved money being transferred by Anglo to Irish Life and Permanent (ILP) and then being put back on deposit with Anglo via ILP's life assurance division.

The transfer would allegedly appear as corporate deposits because they had come from the non-banking entity, Irish Life Assurance. As a result the bank's corporate funding figure appeared €7.2bn bigger for the bank's year-end figures on 30 September, 2008.

Peter Fitzpatrick (63), former director of finance at Irish Life and Permanent (ILP), ILP's former CEO Denis Casey (56) from Raheny, Dublin, Mr McAteer of Greenrath, Tipperary town, Co. Tipperary and Mr Bowe, from Glasnevin Dublin have all pleaded not guilty at Dublin Circuit Criminal Court to conspiring together and with others to mislead investors through financial transactions between March 1st and September 30th, 2008.

On day 48 of the trial lawyers dealt with a legal matter before Judge Martin Nolan in the absence of the jury. The trial will continue in evidence before the jury on Thursday morning.

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