Jury resumes deliberations in Anglo trial

The jury will resume deliberations today in the trial of four men accused of conspiring to mislead investors and the public in relation to the financial health of Anglo Irish Bank in 2008.

Two of the accused, Willie McAteer and John Bowe, both former Anglo executives, were found guilty last Wednesday, while former Irish Life & Permanent (ILP) finance director Peter Fitzpatrick was found not guilty by the jury on Friday.

The jury is continuing its deliberations in relation to the former ILP group chief executive Denis Casey. The trial concerns circular transactions totalling €7.2 billion in value, between Anglo and ILP.

Yesterday the jury asked for and was given transcripts of two telephone calls which were played to the jury earlier this year as part of the evidence. On Friday Judge Martin Nolan told the jury that that while a unanimous verdict was always preferable, he was directing that it could reach a majority verdict.

The jury has 11 members. A majority verdict means at least 10 must agree. One member of the jury withdrew from the deliberations some time ago, when she became unwell.

The trial is the longest criminal trial in the history of the State. It began in January and the jury began deliberations on day 75. Today will be day 88. The judge delivered his charge to the jury on Tuesday, May 17th.

He has set July 25th next for a sentencing hearing in relation to the two Anglo executives. The men have been remanded on continuing bail.

The former ILP executives, Mr Fitzpatrick and Mr Casey, said they did not know how Anglo would treat in its books certain financial transactions entered into with Anglo in 2008. The prosecution has said they must have known.

Mr Casey (56), from Raheny, Dublin, and Mr Fitzpatrick (63), of Convent Lane, Portmarnock, Dublin, as well as McAteer (65), of Greenrath, Tipperary Town, Co Tipperary, and Bowe (52), from Glasnevin, 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.

Mr Bowe is a former head of capital markets at Anglo, while Mr McAteer is Anglo’s former finance director.