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.