Anglo directors ‘knew’ of €7bn plan

Anglo Irish Bank went to the Central Bank for €1bn in emergency funding at the same time the bankers were allegedly processing €7.2bn in a conspiracy to mislead investors, a court has heard.

Four senior bankers, including former Irish Life and Permanent (ILP) CEO Denis Casey and Anglo’s former group finance director Willie McAteer, are accused of conspiring to mislead investors by using interbank loans to make Anglo appear €7.2bn more valuable.

Mr McAteer, aged 65, of Greenrath, Tipperary Town, Co Tipperary and Mr Casey, aged 56, from Raheny, Dublin, ILP’s then group finance director Peter Fitzpatrick, aged 63, of Malahide, Dublin, and John Bowe, aged 52, from Glasnevin in Dublin, who had been Anglo’s head of capital markets have all pleaded not guilty at Dublin Circuit Criminal Court to the four charges. The charges allege that between March 1 and September 30, 2008, they conspired together and with others to mislead investors, by engaging in transactions between Anglo, ILP, and Irish Life Assurance to make Anglo appear €7.2bn more valuable than it was.