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Friday 29 August 2014

Anglo trial: What they said . . . day three

Published 08/02/2014 | 02:30

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* Sean Quinn needed to be reined in."

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What Sean Quinn, allegedly referring to himself, is said to have told the Financial Regulator in a meeting on February 28, 2008. Mr Quinn is said to have told regulator Pat Neary he had "been greedy in terms of his involvement" with Contracts for Difference (CFDs) according to minutes of the meeting.

* The whole thing at this stage was a house of cards. The whole thing could come crashing down."

Senior Counsel Brendan Grehan, representing Pat Whelan, describes Sean Quinn's position with Anglo in 2008.

* I was told by Anglo they had taken legal advice to clear the transaction and therefore presumed that no issues were raised as regards its legality."

What Liam McCaffrey, former Quinn Group CEO, said in a statement to gardai.

* Would you agree that Sean Quinn lost €2.4bn on this spectacular punt on CFDs?" Senior Counsel Brendan Grehan, representing Mr Whelan, asked Mr McCaffrey.

* He paid a very high price for investing in that bank." The reply from the former Quinn group CEO.

* Like a line in a hospital machine. It goes flat."

Senior Counsel Brendan Grehan, representing Mr Whelan, describes fall in Anglo's share price.

* I'm just wondering how long I'm gonna be here."

Liam McCaffrey, former Quinn Group CEO, draws laughter from the court after five hours in the witness box.

Irish Independent

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