Anglo trial told prosecution has no evidence to prove criminal intent

Four bankers are accused of misleading the public about Anglo's health in 2008

anglo, executive, prosecution, court

File photo. Image: RollingNews.ie

A jury in a conspiracy to defraud trial has been asked to consider the fact the financial regulator knew about the so-called “back-to-back transactions”.

Four former executives of Anglo Irish Bank and Irish Life & Permanent (ILP) are accused of conspiring to mislead the public about Anglo’s state of affairs.

Day 73 of the trial resumed with the closing speech of Diarmuid McGuinness, senior counsel for former Anglo executive John Bowe, who claimed there was not a shred of evidence to prove criminal intent against his client.

Mr Bowe is accused of being part of a conspiracy to mislead investors about Anglo’s true health by beefing up its corporate deposits through a €7.2 billion back-to-back transaction scheme with ILP over five months in 2008.

Patrick Gageby, who is acting for Mr Bowe’s former colleague Willie McAteer, said his client was not privy to everything that was happening at Anglo during the turbulent time between March and September of 2008.

He maintained from the outset that the €7.2 billion passed between Anglo and ILP was properly accounted for.

The jurors were told the financial regulator was told of the transactions weeks before the accounts were published. Mr Gageby said that shed an ocean of light on his client’s position.

Former ILP executives Denis Casey and Peter Fitzpatrick have also pleaded not guilty. Closing addresses will continue on Monday.