A jury has been asked to carefully scrutinise the states of mind of two former Irish Life & Permanent bankers accused of conspiring to defraud.

Anglo Irish Bank considered taking over or merging with Irish Life & Permanent at the height of the 2008 financial crisis, the trial of four bankers has heard.

Way back in the mists of time, while studying business at second level, one of the most basic questions set forth in a textbook was: ‘What is the role of a bank?’