Thursday 8 December 2016

Ex-Regulator Neary to give oral evidence at bankers' trial

Published 22/09/2015 | 02:30

Patrick Neary: ordered to tesify
Patrick Neary: ordered to tesify

Former Financial Regulator Patrick Neary has been ordered by a court to give oral testimony in the trial of four former Anglo and Irish Life and Permanent (IL&P) bank executives on charges of conspiring to mislead Anglo's investors about the true value of its deposit books.

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Yesterday the Circuit Criminal Court ordered the deposition of Mr Neary, as well as Kevin Cardiff, the former secretary general of the Department of Finance and former Central Bank Governor John Hurley.

Three others who worked in the Irish Financial Services Regulatory Authority have also been deposed.

The depositions were granted on foot of an application by lawyers representing Peter Fitzpatrick (61), from Malahide, Dublin, who is the former director of finance at IL&P and one of the co-accused.

The Office of the Director of Public Prosecutions remained neutral on the application, but has reserved its position on the admissibility of the deponents' evidence at next year's trial.

Mr Fitzpatrick will stand trial alongside former Anglo Irish Bank executive Willie McAteer (63), who has an address at Greenrath, Tipperary town.

The two other former executives who will stand trial are John Bowe (50), from Glasnevin in Dublin, who had been head of capital markets at Anglo, and Denis Casey (54), from Raheny, Dublin, who was chief executive of IL&P until 2009.

The men have been charged with conspiring to mislead investors by transferring €7.2bn to make the bank appear more valuable between March and September 2008.

Mr Bowe and Mr McAteer also face one additional charge each that they falsified accounts contrary to section 10 of the Theft and Fraud Act.

The men were not required to attend yesterday's hearing following an earlier defence application to excuse them from court dates until their trial.

On June 17, 2014, Detective Inspector Gerard Walsh of the Garda Bureau of Fraud Investigation told District Court Judge Walsh that Mr McAteer was arrested at 9am that morning outside the Bridewell Garda Station in Dublin.

"In reply he said 'no' to both charges," Detective Inspector Walsh said.

The court also heard that Mr Bowe, Mr Casey and Mr Fitzpatrick, who had been charged earlier, also made the same reply when they were charged.

The DPP consented to the men being returned for trial on indictment, which means the trial will go before a judge and jury.

Irish Independent

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