Wednesday 25 April 2018

Anglo official wanted a 'chat with the rock star'

Stock picture: Getty
Stock picture: Getty

Andrew Phelan

An Anglo Irish Bank official said he would have to "chat with the rock star" while making arrangements for a multi-billion euro deal with Irish Life and Permanent during the financial crisis, a court heard.

The banker, Ciaran McArdle, made the reference to an unnamed colleague during a taped phone conversation played to the jury in the fraud trial of Anglo's former CEO David Drumm.

Mr Drumm (51) is pleading not guilty at Dublin Circuit Criminal Court to conspiring to defraud by dishonestly creating the impression that Anglo's customer deposits were larger than they were.

ILP's then liquidity manager Paul Kane was giving evidence about a phone call he had with Anglo's Ciaran McArdle.

In a later call, Mr Kane described a deal as "a bit of a rinky dink". Two days later, he told Mr McArdle they had the go-ahead from former group chief executive Denis Casey.

The court was shown an email with the subject "Re approval" from Peter Fitzpatrick to Gerry Keenan, ILIM CEO on March 28, 2008.

Mr Fitzpatrick said in the mail a transaction had his formal approval and "this is something which the Central Bank is encouraging us to do".

The trial continues.

Irish Independent

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