Trial of four former bankers continues into fourth week

Charged with misleading investors by making Anglo appear more valuable than it was

Former Irish Life & Permanent chief executive Denis Casey leaving  Dublin Circuit Criminal Court where he is accused of conspiring to mislead investors. Photograph: Collins Courts.

Former Irish Life & Permanent chief executive Denis Casey leaving Dublin Circuit Criminal Court where he is accused of conspiring to mislead investors. Photograph: Collins Courts.

 

The trial of four former bankers accused of conspiring to mislead investors is continuing into its fourth week.

Former Irish Life and Permanent (IL&P) chief executive Denis Casey, Anglo Irish Bank’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, and Mr Casey (56), from Raheny, Dublin, are on trial alongside Peter Fitzpatrick (63), from Malahide, Co Dublin, IL&P’s former finance director, and John Bowe (52), from Glasnevin, Dublin, former head of capital markets at Anglo.

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.

On day 18 of the trial, senior counsel Michael Bowman, for Mr Fitzpatrick, asked Steven Hiles, a former market risk analyst with Anglo, about a phone call made on September 26th, 2008.

During the call with his colleague, Ciarán McArdle, Mr Hiles discussed how the transactions made between IL&P and Anglo Irish Bank were to be classified.

He said whether the transactions were classified as customer or bank deposits, he was comfortable with that.

“Auditors are not going to be hanging me. It will be for Group Finance to stand over a reclassification of something in their reports,” he said.