Two former Anglo executives found guilty of conspiring to defraud

The trial has become the longest running criminal trial in the history of the State

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Two former executives of Anglo Irish Bank have been found guilty of conspiring to defraud the public about the bank’s health in 2008.

The jury will resume its deliberations tomorrow morning in relation to two former executives of Irish Life & Permanent who deny the same charge.

Not only is this case the longest criminal trial in the history of the State, at 38 hours and counting no other jury has spent more time deliberating.

This afternoon, the foreman told Judge Martin Nolan they had reached verdicts on two of the counts.

And just after 4.30pm, Anglo Irish Bank’s former Finance Director Willie McAteer and its former Head of Capital Markets John Bowe were convicted of conspiring to defraud by misleading Anglo’s investors and depositors.

The court heard they did so by engaging in a dishonest scheme involving €7.2bn in back-to-back transactions with Irish Life & Permanent between March and September 2008.

Former IL&P executives Denis Casey and Peter Fitzpatrick admitted authorising the transactions during their Garda interviews but said they expected Anglo to account for them properly.

The jurors will resume their deliberations in relation to them in the morning, while Mr McAteer and Mr Bowe have been remanded on bail until Friday.