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Sunday, 2 August 2015

Anglo Irish Bank officials jailed for offences related to financial crash

The Guardian

The bank’s failure played a major part in forcing the government to seek help from the EU and IMF.

Three officials from the bank that almost bankrupted Ireland have become the first bankers to be jailed for offences related to the Republic’s financial crash.

The failure of Anglo Irish Bank, which became synonymous with the casino-style lending practices that drove Ireland’s “Celtic Tiger” boom and subsequent bust, cost the state €30bn (£21bn), part of what forced the government to seek a bailout from the European Union and the International Monetary Fund.

The trio worked at the now defunct bank and were found guilty on Friday afternoon at Dublin’s circuit criminal court of hiding accounts related to bank boss Sean Fitzpatrick and of conspiring to defraud the tax authorities.

On Friday the court sentenced former chief operations officer Tiarnan O’Mahoney, 56, to three years in prison and former company secretary Bernard Daly, 67, to two years. Aoife Maguire, a former assistant manager, was given 18 months.

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