Anglo trial jury asked to consider fact that financial regulator knew about €7.2bn transaction

Anglo trial jury asked to consider fact that financial regulator knew about €7.2bn transaction

A jury in a conspiracy to defraud trial has been asked to consider the fact the financial regulator knew about the so-called “back-to-back transactions”.

Four former executives of Anglo Irish Bank and Irish Life & Permanent are accused of conspiring to mislead the public about Anglo’s state of affairs.

Day 73 resumed with the closing speech of Diarmuid McGuinness, senior counsel for former Anglo executive John Bowe, who claimed there was not a shred of evidence to prove criminal intent against his client.

Patrick Gageby, who is acting for Mr. Bowe’s former colleague Willie McAteer, said his client was not privy to everything that was happening at Anglo during the turbulent time between March and September of 2008.

He maintained from the outset that the €7.2bn passed between Anglo and Irish Life & Permanent were properly accounted for.

The State believes these transactions were used to mislead the public about Anglo’s financial health.

The jurors were told that the financial regulator was told of the transactions weeks before the accounts were published.

Mr Gageby said that shed an ocean of light on his client’s position.

Former ILP executives Denis Casey and Peter Fitzpatrick have also pleaded not guilty. Closing addresses will continue on Monday.

More on this topic

Willie McAteer sentenced for fraudulent Anglo loan, but gets no extra prison timeWillie McAteer sentenced for fraudulent Anglo loan, but gets no extra prison time

Judge hands down €3k fine to former Anglo director for failing to keep record of fraudulent €8m loanJudge hands down €3k fine to former Anglo director for failing to keep record of fraudulent €8m loan

Banker convicted in Anglo trial 'an ethical person with the height of integrity'Banker convicted in Anglo trial 'an ethical person with the height of integrity'

Jury in bankers' trial reaches verdicts on two countsJury in bankers' trial reaches verdicts on two counts


More in this Section

Centre is shifting, warns DonohoeCentre is shifting, warns Donohoe

Two dead, man in hospital after crash in CavanTwo dead, man in hospital after crash in Cavan

Coronavirus: HSE advises mass-goers not to shake hands to stop virus spreadCoronavirus: HSE advises mass-goers not to shake hands to stop virus spread

Work on €180m Limerick development to begin this yearWork on €180m Limerick development to begin this year


Lifestyle

Spring has sprung and a new Munster festival promises to celebrate its arrival with gusto, says Eve Kelliher.Spring has sprung: Munster festival promises to celebrate with gusto

The spotlight will fall on two Munster architects in a new showcase this year.Munster architects poised to build on their strengths

Prepare to fall for leather, whatever the weather, says Annmarie O'Connor.Trend of the week: It's always leather weather

The starting point for Michael West’s new play, in this joint production by Corn Exchange and the Abbey, is an alternative, though highly familiar, 1970s Ireland. You know, elections every few weeks, bad suits, wide ties, and a seedy nexus of politics and property development.Theatre Review: The Fall of the Second Republic at Abbey Theatre, Dublin

More From The Irish Examiner