Rathmullan man jailed for 7billion euro Anglo Irish Bank fraud

Former Anglo Irish Bank executive Willie McAteer. Photo credit should read: Brian Lawless/PA Wire
Former Anglo Irish Bank executive Willie McAteer. Photo credit should read: Brian Lawless/PA Wire

Rathmullan native and former Anglo Irish Bank finance director, Willie McAteer, has been jailed for three and a half years for his role in a 7 billion euro fraud at the height of the Irish banking crisis.

Mr McAteer, aged 65, was jailed in Dublin on Friday, July 29, after being convicted of helping set up a circular transaction scheme between Anglo Irish Bank and Irish Life and Permanent over March and September 2008 to artificially boost the former financial institution’s balance sheet.

Seven point two billion euros were transferred from Anglo to IL&P and back again but they were disguised as customer deposits rather than an inter-bank transfer.

Judge Martin Nolan also sentenced another former Anglo executive John Bowe to two years imprisonment, and a former IL&P executive Denis Casey, to two years and nine months.

“By means that could be termed dishonest, deceitful and corrupt they manufactured 7.2 billion euros in deposits by obvious sham transactions,” said Judge Nolan.

“The public is entitled to rely on the probity of blue chip firms. If we can’t rely on the probity of these banks we lose all hope or trust in institutions,” he added.

The three former bank executives were taken to Mountjoy prison.