Anglo's €7.2bn interbank loans during financial crisis provided 'optical benefit', court hears

Former Anglo Irish Bank chief executive David Drumm

Andrew Phelan

ANGLO Irish Bank’s €7.2 billion circular interbank loans during the financial crisis created no new cash and only provided an “optical benefit,” a court has heard.

An accountant in Anglo at the time of the bailout has said there was no commercial rationale behind transactions with Irish Life and Permanent (ILP) other than to “present the numbers” as customer deposits.