Sunday 11 December 2016

'No jubilation' when Anglo increased its customer deposits

Declan Brennan

Published 18/02/2016 | 02:30

Former Irish Life and Permanent Chief Executive Denis Casey. Photo: Shane O'Neill, Fennell Photography
Former Irish Life and Permanent Chief Executive Denis Casey. Photo: Shane O'Neill, Fennell Photography

A former Anglo Irish Bank executive told court that he didn't recall there being "widespread jubilation" when the bank managed to get customer deposits up for its half-year accounts in March 2008.

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Former Irish Life and Permanent (IL&P) CEO Denis Casey, Anglo's former head of finance, Willie McAteer, and two others are accused of conspiring to mislead investors by using interbank loans to make Anglo appear €7.2bn more valuable.

Mr McAteer (65), of Greenrath, Tipperary town, and Mr Casey (56), from Raheny, Dublin, are on trial alongside Peter Fitzpatrick (63), from Malahide, Dublin, who had been IL&P's former director of finance, and John Bowe (52), from Glasnevin in Dublin, who had been Anglo's head of capital markets.

They have all pleaded not guilty at Dublin Circuit Criminal Court to conspiring to mislead investors through financial transactions to make the bank appear €7.2bn more valuable between March 1 and September 30, 2008.

The trial has already heard that in March 2008, Anglo wanted to increase its customer deposits which would show up on its half-year accounts.

A transaction was set up which would involve "back to back" deposits of €750m and €1bn between Anglo and IL&P.

Peter Fitzgerald, who was then head of corporate and retail treasury in Anglo's treasury division, was asked if there was "widespread jubilation" when the bank succeeded in increasing its customer deposits.

The witness said he didn't recall any jubilation. "There was a constant state of crisis," he said. The trial continues before Judge Martin Nolan and a jury.

Irish Independent

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