Updated 13.55

The trial of the former Chief Executive of Anglo Irish Bank has opened before the jury.

51-year-old, David Drumm, who lives in Skerries in Dublin, denies charges of conspiracy to defraud and false accounting.

An enlarged panel of 15 jurors have been sworn in to hear the case which could last up to five months.

In opening the trial, the prosecuting barrister Paul O’Higgins told the jurors it would be alleged that, in 2008, a scheme was organised that money would be circulated at ‘lightning speed’ between Anglo Irish Bank, Irish Life and Permanent and Irish Life Assurance before it went back to Anglo.

He said it would be alleged this created the illusion that customer deposits were coming in – leading to a falsification of Anglo’s balance sheet - so it would look like its deposits were €7.2 billion greater than they actually were.

Mr O’Higgins also told the jury that 2008 was a tough time for the banks, and all Irish banks were suffering badly.

He said Anglo was not a retail bank and found itself exposed.

He said that was to give the jury a background into the case, but it cannot excuse what allegedly happened.