Three former senior bank executives are to stand trial accused of conspiring to mislead Anglo Irish Bank investors by transferring €7.2bn to Anglo to give the impression it had larger deposits.
The case relates to financial transfers involving Irish Life Assurance, Irish Life and Permanent, and Anglo Irish Bank between Mar and Sept 2008.
The first accused is ex-banker John Bowe, who had been head of capital markets at Anglo. He had stayed on working at the bank until last year after it had been nationalised and rebranded as the IBRC.
The second is Denis Casey, aged 54, from Raheny, Dublin, chief executive of Irish Life and Permanent (IL&P) until 2009; prior to that had a senior role at Permanent TSB.
The third defendant is 61-year-old Peter Fitzpatrick, from Malahide, Dublin, who had been IL&P’s former director of finance.
It is alleged they conspired, contrary to common law, to transfer €7.2bn to Anglo to give investors the impression it had larger deposits. Mr Bowe, aged 50, from Glasnevin, in Dublin, also faces an additional charge that on Dec 3, 2008, he falsified accounts contrary to Section 10 of the Theft and Fraud Act.
The men were arrested in Dublin by appointment yesterday morning by detectives from the Garda Bureau of Fraud Investigation. They were taken to the Bridewell Garda Station where charges were put to them before they were brought to appear before Judge Patricia McNamara at Dublin District Court.
The three men were brought into the courtroom from the holding cells and listened silently as the court heard the details of the arrests. Det Insp Gerry Walsh told the court the three men replied “no” when they were charged with the offences.
Solicitor Dara Robinson, for Mr Bowe, said it was not a case of self enrichment and the prosecution was in the context of the banking system. He said his client, a married father of three, had co-operated with the Garda investigation since 2009 and was not a flight risk.
There was no objection to bail and State Solicitor Padraig Mawe told the judge the DPP had directed they were to face trial on indictment, meaning their case will go before a judge and jury at Dublin Circuit Criminal Court.
The three men, who have not yet indicated how they will plead, were remanded on bail in their own bonds of €1,000, along with €10,000 independent sureties which were sought due to the seriousness of the charges.
They were ordered to appear again at the district court on Mar 12 next when they are to be served with books of evidence and returned for trial.
As a condition of bail the judge ordered them to sign on once a week at their local Garda stations; she also said they have to give the fraud bureau detectives at least 48 hours’ advance notice if they intend to leave the country.
Mr Mawe, for the State, also asked the news media to note that this case had no factual connection with the trial of former Anglo executives which is set to begin in Jan 2014.
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