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Quinn's Anglo stake was 'unusual'
27 May 2015 22:10
A former Central Bank deputy governor has told the banking inquiry that Seán Quinn's exposure to Anglo Irish Bank in July 2008 threatened the stability of the financial system.
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Tony Grimes said the businessman's increasing stake in Anglo was highly unusual.
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Mr Grimes was the number two at the Central Bank during the crisis before stepping down in 2011.
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He said a high-level group including the Central Bank and the Department of Finance discussed Mr Quinn's mounting debts to Anglo in July 2008.
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He said the situation was highly unusual and was affecting the stability of the entire financial system.
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However, he said the problem was the responsibility of the Financial Regulator.
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Mr Grimes conceded that the Central Bank's warnings were not sufficiently strong.
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Later, the former head of banking supervision at the Irish Financial Services Regulatory Authority said they were seriously hampered by a lack of staff and were undermined by senior executives.
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Mary Burke said they could not pursue sanctions against banks because of a lack of resources, and this meant the bank did not see them as a serious threat.
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