Economy

Demeter

(85,373 posts)

6. Irish banking world rocked as three financiers in court

Mon Dec 23, 2013, 06:24 AM

Dec 2013

http://www.independent.ie/irish-news/courts/irish-banking-world-rocked-as-three-financiers-in-court-29850636.html

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 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...

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