Sunday, December 22, 2013

Irish banking world rocked as three financiers in court

Source - American Kabuki

A former chief executive of Irish Life & Permanent (IL&P) and two other former bankers will stand trial on charges of conspiring to mislead Anglo Irish Bank investors in the run-up to the banking crisis of September 2008.

One of the three men charged is Denis Casey (54) from Raheny, Dublin, who becomes the first chief executive officer (CEO) who was in charge of an Irish financial institution during the crash to have charges brought against him.

The trials will be closely watched by investors who lost out as a result of their decision to hold on to Anglo Irish Bank shares and junior bonds in the period before the bank was nationalised.

Investors will be seeking any evidence that could help them make legal claims to recoup losses.

The three former senior bank executives will stand trial accused of conspiring to mislead Anglo Irish Bank investors in relation to €7.2bn transactions.

The three include Mr Casey, who becomes the first former chief executive officer (CEO) of any Irish financial institution to have charges brought against him since the crash.

The prosecutions relate to financial transfers involving Irish Life Assurance, Irish Life and Permanent and Anglo Irish Bank, between March and September 2008 -- the period running up to the bank guarantee.

The case is not related to the trial of three former Anglo Irish Bank executives set to go ahead in January
Mr Casey was the head of Irish Life and Permanent (IL&P) until 2009; prior to that he had a senior role at Permanent TSB -- which has since been nationalised.

The second man charged is John Bowe, who had been head of capital markets at Anglo Irish Bank which was nationalised costing taxpayers about €30bn.

It was later re-branded the Irish Bank Resolution Corporation (IBRC) which is now in special liquidation. He had stayed on working at the bank until last year.

The third defendant is 61-year-old Peter Fitzpatrick, from Malahide, Co Dublin, who had been IL&P's former director of finance.

The ex-bankers were arrested in Dublin by appointment yesterday morning by detectives from the Garda Bureau of Fraud Investigation.

They were taken to the Bridewell garda station where charges were put to them before they were brought to appear before Judge Patricia McNamara at Dublin District Court. 

Source and full story: Irish Independent 

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