Former Anglo executive fails to recall ‘widespread jubilation’ over deposits

Witness tells court of ‘constant state of crisis’

A former Anglo Irish Bank executive has told the trial of four senior bankers that he didn't recall there being "widespread jubilation" when the bank managed to get their customer deposits up for their half year accounts in March 2008.

Former Irish Life and Permanent (ILP) CEO Denis Casey and Anglo's former Head of Finance Willie McAteer and two others are accused of conspiring to mislead investors by using interbank loans to make Anglo appear €7.2 billion more valuable than it was.

Mr McAteer (65) of Greenrath, Tipperary Town, Co. Tipperary and Mr Casey (56), from Raheny, Dublin are on trial alongside Peter Fitzpatrick (63), from Malahide, Dublin, who had been ILP's former director of finance and John Bowe (52), from Glasnevin in Dublin, who had been Anglo's head of capital markets .

They have all pleaded not guilty at Dublin Circuit Criminal Court to conspiring together and with others to mislead investors through financial transactions to make the bank appear €7.2 billion more valuable than it was between March 1st and September 30th, 2008.


The trial has already heard that in March 2008 Anglo wanted to increase its customer deposits which would show up on its half-year accounts. The date for the half-year end for Anglo was March 30th so the bank wanted to have a high figure for deposits on that date.

A transaction was set up which would involve “back to back” deposits of €750 million and €1 billion between Anglo and ILP.

The overnight interbank loans allegedly involved money being transferred by Anglo to ILP and then being put back on deposit with Anglo by ILP’s life insurance division, Irish Life Assurance. This would make it look as if Anglo had received large corporate deposits by the time it had to report its half year-end figures.

Michael Bowman SC, defending Mr Fitzpatrick, asked Peter Fitzgerald, who was then head of corporate and retail treasury in Anglo's treasury division, if there was "widespread jubilation" within the bank after March 30th when the bank succeeded increasing its customer deposits.

The witness said he didn’t recall any jubilation in the bank at this time. “There was a constant state of crisis,” he said.

The trial continues before Judge Martin Nolan and a jury.