Anglo Irish Bank case to focus on €7.2bn transfers

The bankers at the heart of the alleged conspiracy are said to have transferred €7.2 billion to Anglo to give investors the impression it had larger deposits.

Three former senior officials from two financial services institutions are to stand trial, accused of conspiring to mislead Anglo Irish Bank investors in relation to €7.2 billion transactions.

The case relates to financial transfers involving Irish Life Assurance, Irish Life and Permanent and Anglo Irish Bank, between March and September 2008.

The three men are former banker John Bowe (50), who was head of capital markets at Anglo Irish Bank; Denis Casey, 54, from Raheny, Dublin, who was chief executive Irish Life and Permanent (IL&P) until 2009; and 61-year-old Peter Fitzpatrick, from Malahide, Dublin, who had been IL&P's former director of finance.

Mr Bowe, from Glasnevin, in Dublin, also faces an additional charge that on December 3rd, 2008, he falsified accounts contrary to section 10 of the Theft and Fraud Act.

Bridewell station
They were arrested in Dublin by appointment yesterday morning by detectives from the Garda Bureau of Fraud Investigation and taken to the Bridewell Garda station where charges were put to them before they were brought to appear before Judge Patricia McNamara at Dublin District Court.

Det Insp Gerry Walsh told the court that the three men replied “No” when they were charged with the offences.

Solicitor Dara Robinson, for Mr Bowe, said it was not a case of self-enrichment and the prosecution was in the context of the banking system.

He said his client, a married father of three, had co-operated with the Garda investigation since 2009 and was not a flight risk.

There was no objection to bail and State solicitor Padraig Mawe told the judge that the DPP has directed they are to face trial on indictment, meaning their case will go before a judge and jury at Dublin Circuit Criminal Court.

The three men, who have not yet indicated how they will plead, were remanded on bail in their own bonds of €1,000 along with €10,000 independent sureties which were sought due to the seriousness of the charges.

They were ordered to appear again at the district court on March 12th next when they are to be served with books of evidence and returned for trial.

Independent surety
Mr Bowe's wife Frances acted as his independent surety, Mr Fitzpatrick's wife Maria was approved as his bail-person and Mr Casey's brother, Alan, acted as his independent surety.

As a condition of bail the judge ordered the three men to sign on once a week at their local Garda stations.

She also said they must give the fraud bureau detectives at least 48 hours’ advance notice if they intend to leave the country and they must provide details of their travel destinations and return dates.

Mr Mawe, for the State, also asked the news media to note that this case had no factual connection with the trial of former Anglo executives which is set to begin in January 2014.

The judge agreed to his request to remind the media that nothing should be published or broadcast that would prejudice either trial.