Two former executives in Anglo Irish Bank have been found guilty of conspiracy to defraud.
John Bow and Willie McAteer had denied conspiring with former Irish Life and Permanent execs Denis Casey and Peter Fitzpatrick and others to try and make Anglo’s deposits look larger than they were to mislead Anglo customers.
The jury took 38 hours in total to reach its unanimous verdicts in both the Bow and McAteer case.
After the global financial crash in 2008, Anglo was struggling to get funding due to low corporate deposits.
Anglo and Irish Life and Permanent then did a deal to move more than €7bn between the two institutions to make Anglo appear to be in a much better financial position.
RTE report: “The transactions between the institutions were described as circular or a game of ping pong by the prosecution.”
Billions of euro were transferred from Anglo Irish Bank to IL&P.
Verdicts in the cases of Casey and Fitzpatrick are pending.
