Jury to continue deliberations in trial of former Irish Life and Permanent CEO Denis Casey
The jury will continue deliberations tomorrow morning in the trial of former Irish Life and Permanent CEO Denis Casey accused of conspiring to defraud.
Mr Casey (56) and three other former banking executives pleaded not guilty to engaging in a €7.2bn conspiracy intended to mislead investors, depositors and lenders about the true health of Anglo in 2008.
At the end of day 88 of the longest running criminal trial in the State's history, Judge Martin Nolan told the jury at Dublin Circuit Criminal Court to go home and to return in the morning. The jury has now deliberated for just over 58 hours over the course of 13 days.
Last Wednesday the jury convicted Anglo's former head of capital markets, John Bowe (52) and the bank's then finance director, Willie McAteer (65) of conspiring to mislead the public about the true state of Anglo's balance sheet. They have been remanded on bail pending sentence until July 25th next.
On Friday the jury returned a not guilty verdict for Peter Fitzpatrick (63) following nearly 47 hours deliberating.
Mr Casey from Raheny, Dublin, Mr Fitzpatrick of Convent Lane, Portmarnock, Dublin and Bowe from Glasnevin, Dublin and McAteer of Greenrath, Tipperary Town, Co. Tipperary had all pleaded not guilty to conspiring together and with others to defraud by setting up a €7.2bn circular transaction scheme between March 1st and September 30th, 2008 to bolster Anglo's balance sheet with the intention of misleading investors.
The prosecution case was that the four men were involved in a setting up a circular scheme of billion euro transactions where Anglo lent money to ILP and ILP sent the money back, via their assurance firm Irish Life Assurance, to Anglo.
The scheme was designed so that the deposits came from the assurance company and would be treated as customer deposits, which are considered a better measure of a bank's strength than inter-bank loans.
The €7.2bn deposit was later accounted for in Anglo's preliminary results on December 3rd 2008 as part of Anglo's customer deposits figure. The prosecution alleged that the only objective of the scheme was to mislead anybody reading Anglo's accounts by artificially inflating the customer deposits number from €44bn to €51bn, a difference of 16pc.
Lawyers defending Mr Casey argued that their client had no control over how Anglo would account for the deposits and never had any intention to mislead the public.