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Friday 29 August 2014

Anglo trial: In quotes

Published 17/04/2014 | 16:04

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A round-up of quotes from the Anglo trial

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  • “A lot of people if they were on holidays and saw their bank manager might head for the nearest sand dune,” Prosecuting counsel Paul O’Higgins SC on how one of the Maple 10 was in Nice, France when approached by Anglo officials about the deal.

                                                   

  • "He told me that you will probably make no money in this transaction, but you will be a friend to the bank." Maple 10 Brian O'Farrell on Drumm’s selling him the loan for shares deal.

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  • “If the bank went, I went.” - Maple 10 borrower Brian O’Farrell on his motivation for helping Anglo.

                                                

  • “Sean Quinn needed to be reined in” - Mr Quinn referring to himself in the third person regarding the CFD position he had built up.

                                                  

  • “I was at home looking after the children, I have no involvement with anything here, I’m sorry.” -  Patricia Quinn when asked what she knew about the lending.

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  • “It was one of those moments you will never forget in your life.” – Former Anglo Divisional Director of Lending Michael O’Sullivan on hearing about the extent of Mr Quinn’s control of Anglo.

 

  • “I saw it very vividly. The problem was we had a loose cannon that had invested for the purpose of a financial gamble,” Anglo director Michael Jacob on Mr Quinn’s CFDs.

 

  • “I was never in his house, he was never in my house, we never socialised together.” Mr FitzPatrick on his relationship with Mr Drumm.

 

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  • “If I tried to run the show with senior executives there would be absolute disharmony, murder and divided loyalty and they would be telling me to bugger off,” Mr FitzPatrick on letting Mr Drumm assume power as the bank’s new CEO.

 

  • “He asked, as if talking out loud, 'I wonder was that the right transaction to do', specifically in respect of the recourse to the ten borrowers,” Anglo Chief Financial Officer Matt Moran describes what Sean FitzPatrick said to him after the Maple Ten went through.

 

  • Matt, I spoke to Willie about moving the game forward tomorrow with a select group of clients - he will brief you. Time for Action". Email from Mr Drumm to Mr Moran July 8, 2008 regarding on Maple plan

 

  • “I could have signed off on them but I could also have been on holidays.” - William McAteer when asked if he approved the July 2008 loans.

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  • “Mr Quinn was entitled as a private citizen to have all the investments he wanted to have. I respect that and I did not feel it would be fair or appropriate for me to tackle a person about his own investment portfolio.” – Former Financial Regulator Patrick Neary on why he did not question Mr Quinn about his control of Anglo.

 

  • “I also take the view that the Financial Regulator took no steps to discourage the scheme or in anyway stop it. And it seems from regulator witnesses that they were somewhat relieved when the scheme went through and that the CFD issue was alleviated and regularised.” – Judge Nolan’s view on the role of the regulator.

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