The price went down 28pc on the day the bank’s preliminary year-end figures were published, but went on to drop by 48pc. A stockbroker asked to analyse the results said if €7.2bn were taken from Anglo’s customer deposits, it would have affected the bank’s loan to deposit ratio – a “key metric” for investors. Financial analyst Eamonn Hughes was giving evidence in the trial of Anglo’s former CEO David Drumm, who is accused of taking part in a multi-billion euro plot to defraud during the 2008 financial crisis. Mr Drumm (51) denies conspiring to dishonestly create the impression that Anglo’s customer deposits were €7.2bn larger than they were in September 2008. The case at Dublin Circuit Criminal Court centres on a series of interbank deposits which circulated between Anglo and ILP. The transfers were routed through Irish Life Assurance (ILA), returning to Anglo where they were then treated as customer deposits, which are a better indicator of a bank’s health. Mr Drumm also denies false accounting, by providing misleading information to the market. Mr Hughes, of Goodbody Stockbrokers, told Paul O’Higgins SC, prosecuting, that Anglo’s preliminary results were published and released to the stock market at 7am on December 3…. Read full this story
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