Anglo loan details were to be kept ‘tight as a duck’s arse’

Anglo Irish Bank management discussed disguising short-terms loans of €750m from Irish Life and Permanent and keeping the details “tight as a duck’s arse”, the trial of former banking executives has heard.

The four men, including former ILP CEO Denis Casey and former Anglo head of finance Willie McAteer, are accused of conspiring to mislead investors by using inter-bank loans to make Anglo appear €7.2bn more valuable than it was.

Mr McAteer, aged 65, of Greenrath, Tipperary Town, and Mr Casey, aged 56, from Raheny, Dublin, are on trial alongside IL&P’s former director of finance Peter Fitzpatrick, aged 63, from Malahide, Dublin, and Anglo’s former head of capital markets John Bowe, aged 52, from Glasnevin, Dublin.