Wednesday 28 September 2016

How the top man in Irish banking ended up in jail

Ex-IL&P chief Casey and former Anglo bankers jailed over conspiracy

Shane Phelan and Donal O'Donovan

Published 30/07/2016 | 02:30

Denis Casey was jailed for two years and nine months Picture: Collins Courts
Denis Casey was jailed for two years and nine months Picture: Collins Courts

Former banking executive Denis Casey was once among the most powerful figures in corporate circles - but last night he spent his first night in a jail cell for his role in a €7.2bn conspiracy.

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The chief executive of Irish Life & Permanent was on a €1.1m salary and, in 2009, he walked away from the job with a €4.57m farewell package. Two years later, IL&P needed a multi-billion euro taxpayer-funded rescue.

Casey (56), former Anglo chief risk officer Willie McAteer (66), and ex-Anglo treasury executive John Bowe (52) were yesterday jailed for terms ranging between two and three-and-a-half years for their part in a conspiracy to mislead investors, depositors and lenders by setting up a €7.2bn circular transaction scheme in September 2008 to bolster Anglo's balance sheet.

Judge Martin Nolan said that the former Anglo Irish Bank chief executive David Drumm appeared to be the driving force behind the crime.

The trio showed little emotion as the sentences were handed down.

Irish Independent

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