Two former Anglo executives found guilty of conspiring to defraud the public

Two former Anglo executives found guilty of conspiring to defraud the public

Two former executives from Anglo Irish Bank have been found guilty of conspiring to defraud the public in 2008.

On day 84 of the longest running criminal trial in the State's history the jury at Dublin Circuit Criminal Court returned the majority verdicts.

The verdict comes after 38 hours of deliberations, the longest jury deliberations in the State's history.

The jury is still considering charges against two Irish Life and Permanent bankers who were alleged to have taken part in the €7.2 billion conspiracy.

Anglo's former head of capital markets John Bowe (52) and the bank's then finance director Willie McAteer (65) were on trial accused of conspiring to mislead investors, depositors and lenders about the true health of Anglo.

Judge Martin Nolan remanded the two men on continuing bail until Friday after hearing there was no objection to bail.

“Obviously you don't have to be here tomorrow gentlemen,” the judge told McAteer and Bowe. There was no reaction from the men when the verdicts were read out.

Jurors will continue deliberations today on charges against former chief executive of Irish Life & Permanent (ILP) Denis Casey (56) and his finance director in 2008 Peter Fitzpatrick (63)

Bowe from Glasnevin, Dublin, McAteer of Greenrath, Tipperary Town, Co. Tipperary, Casey from Raheny, Dublin and Fitzpatrick of Convent Lane, Portmarnock, Dublin all pleaded not guilty to conspiring together and with others to mislead investors by setting up a €7.2 billion circular transaction scheme between March 1st and September 30th, 2008 to bolster Anglo's balance sheet.

The State's case was that the four men were involved in a setting up a circular scheme of billion euro transactions where Anglo lent money to ILP and ILP sent the money back, via their assurance firm Irish Life Assurance, to Anglo.

The scheme was designed so that the deposits came from the assurance company and would be treated as customer deposits, which are considered a better measure of a bank's strength than inter-bank loans.

The €7.2 billion deposit was later accounted for in Anglo's preliminary results on December 3rd 2008 as part of Anglo's customer deposits figure.

The prosecution alleged that the entire objective of the scheme was to mislead anybody reading Anglo's accounts by artificially inflating the customer deposits number from €44bn to €51bn, a difference of 16%.