UPDATED 19.45

THREE FORMER TOP bank officials have been charged with conspiracy to defraud €7.2 billion.

The three appeared at Dublin District Court this morning after being arrested by members of the Garda Bureau of Fraud Investigation.

The three are John Bowe (50) , former head of capital markets at Anglo Irish Bank, Peter Fitzpatrick (61) former finance director at Irish Life and Permanent (ILP) and Denis Casey (54) , former chief executive of ILP.

All three were charged with conspiracy to defraud €7.2 billion with John Bowe also charged with false accounting which related to the period between March and September 2008.

All three were granted bail to appear in court again on 12 March or service of a book of
evidence.

Details of the charges relate to giving a false and misleading impression of deposits from a non-bank entity to Anglo by making them appear larger than in reality.

It is alleged that this was done to induce prospective depositors and investors to make decision on assumptions that the bank was in receipt of larger deposits than it really was .

All three were bailed on bonds of €1,000 and independent sureties of €10,000.

Bowe, who gave an address in Glasnevin, had his surety posted by his wife Frances Fearon.

Fitzpatrick’s wife Maria Fitzpatrick posted the surety in his case, and his address was given in Portmarnock.

Casey, whose address is listed in Castleknock, had his surety posted by his brother.

Judge Patricia McNamara advised that today’s proceedings were separate to the upcoming trial of three other Anglo executives and issued a warning to the media to consider this.