Three former senior bank officials have appeared in court charged in connection with an alleged €7.2 billion fraud.

Former chief executive of Irish Life & Permanent (IL&P) Denis Casey and the bank’s former finance director Peter Fitzpatrick appeared today in the Dublin District Court along with the former head of treasury at Anglo Irish Bank John Bowe.

The three men were charged with conspiracy to defraud the public under common law.

The charges relate to €7.2 billion in deposits between Anglo Irish Bank and Irish Life & Permanent and Irish Life Assurance in 2008.

In addition, a separate charge was brought against Mr Bowe for false accounting in relation to these deposits in Anglo Irish bank under section 10 of the Theft and Fraud Act.

The three were arrested this morning between 9.25am and 9.45am before being charged at Bridewell Garda station.

After hearing evidence from Detective Inspector Gerry Walsh of the Garda Bureau of Fraud Investigation, Judge Patricia McMahon remanded the three men on bail until March 12th next when a book of evidence will be required to be produced by the Director of Public Prosecutions.

In each case, the bail conditions included a €1,000 cash bond and a €10,000 independent surety.

Each of the men will also be required to sign on at a Garda station once a week for the period of their bail.

They have also been required to give the Garda Bureau of Fraud Investigation 48 hours notice of their intention to travel outside the jurisdiction.

In the case of Mr Fitzpatrick, an exception was granted for him to travel to Northern Ireland for family purposes.