ILP banker was uncomfortable with alleged inter-bank transfers with Anglo, court hears

ILP banker was uncomfortable with alleged inter-bank transfers with Anglo, court hears

A senior banker with Irish Life and Permanent has told the trial of four banking executives that he was uncomfortable with alleged inter-bank transfers of €7.2bn with Anglo Irish Bank.

Four men, including Anglo's former Head of Finance, Willie McAteer (aged 65) and John Bowe (aged 52), who had been Anglo's head of capital markets are accused of conspiring to mislead investors by using interbank loans to make Anglo appear €7.2bn more valuable than it was.

The interbank loans allegedly involved money being transferred by Anglo to Irish Life and Permanent (ILP) and then being put back on deposit with Anglo via ILP's life assurance division.

The transfer would allegedly appear as corporate deposits and not an interbank loan so the bank's corporate funding figure would appear bigger for the bank's year-end figures on 30 September, 2008.

Peter Fitzpatrick (aged 63), former director of finance at Irish Life and Permanent (ILP) of Convent Lane, Portmarnock, Dublin ILP's former CEO Denis Casey (aged 56) from Raheny, Dublin, Mr McAteer of Greenrath, Tipperary Town, Co Tipperary and Mr Bowe, from Glasnevin, Dublin have all pleaded not guilty at Dublin Circuit Criminal Court to conspiring together and with others to mislead investors through financial transactions between March 1 and September 30, 2008.

At the beginning of week seven in the trial the jury heard evidence from David Gantly, who was head of treasury in ILP at the time.

Mr Gantly told Úna Ní Raifeartaigh SC, prosecuting, that in September 2008 he discussed the nature of the €7.2bn transactions with Anglo with his colleague Barry Bowden.

He said he was discussing his view and how comfortable or uncomfortable he was with the nature of the transaction. He said his feeling was discomfort.

Asked why this was, he testified: “It was non standard”.

He added: “However this was being reported, obviously that was being reported to the Regulator, I was also very conscious of the Green Jersey Agenda and banks being asked what they needed to do and to help each other in what was extreme circumstances”.

The trial continues before Judge Martin Nolan and a jury.

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

One dead, three injured following two vehicle collision in Wexford One dead, three injured following two vehicle collision in Wexford

Beef producer has 'indefinitely postponed' a 'major €6.5m investment' as result of protestsBeef producer has 'indefinitely postponed' a 'major €6.5m investment' as result of protests

Public Services Card: Information retention has no impact on preventing welfare fraud - reportPublic Services Card: Information retention has no impact on preventing welfare fraud - report

Grandmother of missing Belfast woman who is feared dead makes plea for closureGrandmother of missing Belfast woman who is feared dead makes plea for closure


Lifestyle

This season textiles trend large, full of colour and exotic pattern, and applied in new ways to make a personal design statement from the living room to the bedroom, writes Carol O’CallaghanTextile trends that can help you make a personal design statement

If you haven’t heard of facial oils or thought they weren’t for you, please, please, please don’t be cross with me for introducing you.The Skin Nerd: Slippery skin? Facial oil could be for you, I swear!

Beneath The Eyrie is the best album Black Francis and co have created since their comeback. He tells Richard Purden about it.Pixies release best album created since the band's comeback

More From The Irish Examiner