A former Anglo worker says there was “no commercial benefit” to a number of so-called “back to back transactions” with Irish Life & Permanent in 2008.

He was giving evidence in the trial of four former bankers accused of conspiring to defraud investors, depositors and lenders.

Brian Lynch was responsible for updating senior executives on its deposits in the lead up to its end-of-year report in 2008.

His former colleagues Willie McAteer and John Bowe are accused of conspiring to defraud by engaging in transactions to make the bank’s deposits look €7.2bn stronger than they actually were.

Denis Casey and Peter Fitzpatrick - former directors of Irish Life & Permanent – are facing the same charge.

The trial has already heard about a number of transactions whereby Anglo would transfer money to IL & P only to have it returned as a corporate deposit from Irish Life Assurance – a subsidiary of IL & P.

When asked about it today, Mr. Lynch said Anglo gained “no commercial benefit” from it.

The prosecution believes the aim was to make depositors, investors and lenders believe the bank was in better shape than it actually was.

Earlier, a former director at Anglo says he was aware of a request from the Central Bank for Irish banks to "pull on the green jersey" and help each other out.

Matt Cullen believes this was the "genesis" of several transactions that were part of an alleged conspiracy to defraud investors, lenders and depositors.

Mr Cullen, Anglo's former director of treasury, has spent the past few days being cross-examined by lawyers for the former Anglo executives.

He said he was instructed by David Drumm to approach other Irish banks following a conversation between the bank's former chief executive and the Central Bank.

Mr Cullen said he was aware of the so-called 'green jersey' agenda and contacted his opposite number in Irish Life & Permanent, who agreed to help them put a "strong corporate number" for their half-year report and again for their end of year figures.