Rules under which a prosecution can be pursued
The back-to-back loans of €7.45bn provided to Anglo by Irish Life and Permanent is one of the issues under investigation by the corporate enforcer Paul Appleby.
The circular transactions could be prosecuted under a number of different headings including:
•The Market Abuse Directive to prevent insider dealing and market manipulation.
•The MAD directive, transposed into Irish law in 2005, which has never been tested in an Irish court.
•S202 of the 1990 Companies Act.
This section requires the keeping of proper books of account.
•Section 6 of the 2001 Theft and Fraud Offences act.