The former CEO of Irish Life and Permanent, jailed for his role in a €7.2bn fraud about the true health of Anglo Irish Bank in 2008, has withdrawn an appeal against the severity of his prison sentence, reports Ruaidhrí Giblin.

Anglo Irish Bank engaged in a €7.2bn back to back deal to boost their balance sheet for the year ending September 2008 because it was such a bad month for the bank, a court has heard.

The former chief executive of Irish Life & Permanent Denis Casey has been excused from the banking inquiry.