Former ILP liquidity manager testifies at Anglo trial

A former liquidity manager with Irish Life and Permanent has said he was not told the purpose of circular transactions between ILP, Irish Life Assurance and Anglo Irish Bank in March 2008, the trial of four senior bankers has heard.

Paul Kane told Una Ni Raifeartaigh SC, prosecuting, that he had been instructed to transfer money from Anglo to Irish Life Assurance (ILA), which would in turn be placed back with Anglo.