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Thu 02 Feb 2009Clouds gather over IL&P deposit of €7bn at Anglo
IRISH LIFE & Permanent’s placing of €7 billion on deposit with Anglo Irish Bank before the the bank’s financial year-end last September took a fresh and highly controversial twist yesterday as it emerged that the money had actually originated with Anglo Irish.
In a circular transaction, Anglo Irish made a loan of €7 billion to Irish Life & Permanent (IL&P) last September, which, in turn, was placed on deposit by ILP subsidiary Irish Life Investment Managers (ILIM) with Anglo Irish.
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