No instructions at Anglo to conceal transactions with Irish Life & Permanent, court hears

Anglo’s former Director of Treasury is being cross-examined in the trial of four former bankers

Anglo Irish Bank, charge, fraud, Denis Casey, Irish Life and Permanent, Peter Fitzpatrick, Willie McAteer, John Bowe, jury

File photo showing the former Anglo Irish Bank building at St Stephen's Green, Dublin | Image: RollingNews.ie

A court has heard there were no instructions within Anglo Irish Bank to conceal a back-to-back transaction with Irish Life & Permanent.

Anglo’s former Director of Treasury is being cross-examined in the trial of four former bankers accused of misleading investors and depositors.

With the publication of Anglo’s half-year report looming in Mar 2008, its former Director of Treasury Matt Cullen says a decision was made to show a “strong corporate number” to the market.

He described a transaction with Irish Life & Permanent that resulted in €750m of Anglo’s money appearing on its books as a corporate deposit from Irish Life Assurance.

During his cross-examination today, Mr. Cullen insists there were no instructions to hide it from the Financial Regulator.

Anglo’s former Finance Director Willie McAteer and its former Head of Capital Markets John Bowe are accused of conspiring to defraud by misleading investors and depositors by making their deposits look over €7bn stronger than they actually were.

Denis Casey, former Chief Executive of IL&P and the bank’s former Director of Finance Peter Fitzpatrick are facing the same charge.