Update 11.57am: Three former banking executives have been jailed for conspiring to defraud the public about the state of Anglo Irish Bank in 2008.
Judge Martin Nolan described what they did as a “wrongful, deceitful and corrupt” crime that could have affected thousands of people.
It was standing room only in Court 9 at the Criminal Courts of Justice when Judge Martin Nolan began his scathing criticism of the three former bankers.
He said he appreciated the desperate situation they found themselves in back in 2008, but said the survival of their institutions wasn’t everything.
He accepted they gained no direct profit from the conspiracy and was aware that certain public bodies turned a blind eye, but he said he had to impose custodial sentences.
Anglo’s former Finance Director Willie McAteer was jailed for three and a half years for his part in a dishonest scheme that saw €7.2bn ping-ponging between Anglo and Irish Life & Permanent with the aim of misleading investors and depositors in the troubled bank.
His former colleague John Bowe was jailed for two years, while Denis Casey, who used to be CEO of ILP, was sentenced to two years and nine months.
There was a deafening silence in the court room after the sentences were handed down and the trio were led away by prison officers shortly afterwards.
Update 11.14am: Three former banking executives have been jailed for their parts in a conspiracy to defraud lenders and depositors in Anglo Irish Bank in 2008.
Anglo's former Finance Director Willie McAteer (pictured below) was jailed for 3.5 years, while his former colleague John Bowe was jailed for two.
Irish Life & Permanent’s former CEO Denis Casey was also sentenced to two years in prison.
Earlier Three former banking executives will be sentenced today for their parts in a conspiracy to defraud lenders and depositors in Anglo Irish Bank.
Former Anglo executives Willie McAteer and John Bowe were convicted last month along with Irish Life & Permanent’s former CEO Denis Casey (pictured below) following the longest criminal trial in the history of the state.
Judge Martin Nolan has a wide range of options open to him, including community service and an unlimited term of imprisonment.
Lawyers for the accused have asked for leniency.
Just one of the three have a previous conviction. In 2014 Willie McAteer was convicted of giving unlawful loans to ten developers and carried out 240 hours of community service.
Prosecuting lawyers have said that the maximum sentence that can be imposed in this trial is ten years.