Report confirms €7bn IL&P deposit

ANGLO Irish Bank’s annual report confirms the fact that it had well over €7 billion on deposit from an Irish Life & Permanent (IL&P) subsidiary at the 30 September, 2008, its financial year end.

That disclosure cost the top three executives in IL&P their jobs.

Some dispute over how Anglo treated the deposit has emerged in the meantime, with strong allegations being made that Anglo used the funds to bolster its weak balance sheet in order to help it portray a stronger picture of the bank to investors than was the case in reality.