Anglo trial hears of conversation over Maple Ten deal

Wednesday 19 February 2014 22.59
(L-R) Patrick Whelan, Seán FitzPatrick and Willie McAteer deny the charges
(L-R) Patrick Whelan, Seán FitzPatrick and Willie McAteer deny the charges

Former chairman of Anglo Irish Bank Seán FitzPatrick regretted not becoming more personally involved in a deal to lend money to ten customers of the bank to buy Anglo shares, the Dublin Circuit Criminal Court has been told.

The loans are part of the transaction which is the subject of criminal charges against Mr FitzPatrick and two former directors of the bank, Patrick Whelan and William McAteer.

The three men deny giving unlawful loans to 16 people to buy shares in Anglo in July 2008.

Mr Whelan denies seven further charges of being involved in unlawfully altering a document.

Anglo's former chief financial officer Matt Moran told the court that Mr FitzPatrick came to his office sometime after the transaction at the centre of the case in July 2008.

The court was told Mr Fitzpatrick said: "I wonder was that the right transaction to do," specifically in respect of the amount the ten borrowers would have to repay.

Mr Moran said Mr FitzPatrick made a comment that he regretted not becoming more personally involved in this issue than he had.  

He said Mr FitzPatrick also questioned whether making the borrowers liable to repay 25% was enough.

Mr Moran also told the court that a letter sent by the Financial Regulator's office to the bank in August 2008, seemed to pull back from what he understood the Regulator's involvement with and knowledge of the transaction to be.

The letter was sent after the bank forwarded its legal advice on the transaction to the regulator.

Day 11: Anglo Irish Bank Trial