Belfast Telegraph

Wednesday 23 April 2014

Anglo Irish told staff to remove references to IL&P

Anglo Irish staff were told to remove any reference to the controversial Irish Life & Permanent (IL&P) deposits, worth €7.3bn in total, from their daily reports about the bank's funding position at the height of the |financial crisis in September 2008.

The so-called ‘circular deposits' are the leading area of investigation for Gardai and Irish corporate enforcement watchdog Paul Appleby, both of whom are |probing activities at Anglo in the second half of 2008.

An email shows that a senior executive told another executive: “Do not include this name [IL&P] in the daily interbank excess |report you distribute.” The email also referred to keeping information about IL&P within a tighter circle than usual.

Anglo, like other banks, prepares a daily report on inter-bank funding, which is distributed to a large number of key staff.

The email is believed to be among evidence gathered by investigators probing how the deposits were organised and who signed off on them. The subsequent reporting of the deposits in the books of Anglo Irish Bank is also being closely scrutinised.

Thousands of documents are believed to have been taken from Anglo by investigators.

The movement of loans by former chairman Sean FitzPatrick over an eight-year period and the placing of Anglo shares with a so-called ‘golden circle' of investors, mainly developers, are secondary in the garda investigation, with the deposits the key strand of the probe.

The Financial Regulator in February 2009 described the transactions as “completely unacceptable'', but the role of the regulator itself is also |being probed