Anglo trial judge slams auditors EY for signing off on bank’s results

Judge Martin Nolan said it “beggared belief” EY signed off on results

31st July, 2016
Anglo Irish Bank took legal advice

Anglo Irish Bank took legal advice in 2009 that the bank’s auditors Ernst & Young had no case to answer in relation to the €7.2 billion back to back transaction with Irish Life & Permanent.

Advice from McCann FitzGerald solicitors and counsel concluded that a suit for negligence against the accountancy firm would require evidence Anglo had suffered a loss as a result of the IL&P arrangement.

However, the multibillion back-to-back transaction,...

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