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Fmr Anglo director gives evidence
10 Feb 2016 23:11
A former director of treasury at Anglo Irish Bank has told the trial of four former bankers that he believed he was carrying out instructions as part of the "green jersey agenda" that was in operation in the country during the financial crisis in 2008.
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Matt Cullen was giving evidence at the trial of former Anglo executives, John Bowe and William McAteer and former IL&P executives, Denis Casey and Peter Fitzpatrick who have all pleaded not guilty to a conspiracy to defraud.
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The four are accused of conspiring to mislead depositors, investors and lenders by making Anglo's deposits look more than €7bn larger than they actually were in September 2008.
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The court has heard money was placed with Irish Life and Permanent by Anglo and then deposited back into Anglo by Irish Life Assurance so it would look like a corporate deposit.
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It was then returned to IL&P.
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Mr Cullen said he was aware of the "green jersey agenda" from what was being discussed in Anglo Chief Executive David Drumm's office from mid March 2008.
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Mr Cullen agreed with lawyers for former IL&P chief executive Denis Casey that his time in the bank up to early 2008 was a very exciting and extraordinary time where Anglo was growing and receiving accolades and taking on the big boys.
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But in early 2008 there was a problem. Mr Cullen said he became aware of the "green jersey agenda" from an email Mr Drumm sent on 16 March asking people to put some thought into what the Governor of the Central Bank had asked them to look at - how the Irish banks could help each other.
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Mr Cullen said it was "’Ireland Inc’ - you would go upstairs and hear Mr Drumm talking to the CEOs of the other Irish banks.
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He said everyone was involved, everyone was trying to save the Irish banking system.
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Mr Cullen has now finished his evidence.
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