Exposed: What the central bank knew about €7bn fraud

Internal emails reveal Anglo Irish Bank said Financial Regulator knew about fraudulent transaction

3rd July, 2016
Internal Central Bank emails discuss just what and when Patrick Neary, the then Financial Regulator, and other officials knew about a controversial 7 billion transaction involving IL&P

Internal emails reveal that – four months after a €7 billion fraud during the financial crisis that led to the criminal conviction of three bankers – the Central Bank admitted it needed to have “something on file which shows our concerns”.

Other internal Central Bank emails show that Anglo Irish Bank said the Financial Regulator was “aware of the transaction” which saw Irish Life & Permanent place €7 billion onto the balance sheet...

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