News Courts

Thursday 18 September 2014

Anglo wanted to take over ACC Bank to raise capital

Dearbhail McDonald and Sarah Stack

Published 18/02/2014 | 11:46

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Patrick Whelan
Patrick Whelan

ANGLO Irish Bank could have raised new capital and "sort the Quinn issue" had Dutch owned ACC bank agreed to be taken over by the niche lender, the Circuit Criminal Court has heard.

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Declan Quilligan, former CEO of the bank's UK business, has told the trial of three former executives that Anglo approached Rabobank -  who own ACC bank - about the possibility of taking over ACC bank in 2008.

This would have allowed Anglo to raise new capital and resolved the Quinn issue, Mr Quilligan has told a 15 strong jury at Dublin's Criminal Courts of Justice.

But ACC declined Anglo's offer.

Mr Quilligan was giving evidence today in the trial of Sean FitzPatrick, 65, from Greystones in Co Wicklow, 51-year-old Patrick Whelan of Malahide in Dublin and 63-year-old William McAteer of Rathgar in Dublin.

The men have pleaded not guilty to 16 charges of unlawfully providing financial assistance to individuals for the purpose of buying shares in Anglo Irish Bank in 2008.

Mr Whelan has also denied seven charges of being privy to the fraudulent alteration of a loan facility letter.

Mr Quilligan, a chartered accountant, was an executive director of Anglo at the time of the alleged offences.

He served as CEO of the bank's UK business when the bank lent sums of money to what became known as the Maple 10.

The Maple 10 was a group of high net worth individuals – some of Anglo's "well regarded" customers – to whom the bank lent money as part of a plan to unwind Sean Quinn's stake.

The trial of the three former executives heard yesterday that senior management travelled to the Middle East, the United States and Holland as they tried to unwind Sean Quinn's 29pc stake that was built up through contracts for difference (CFDs) before the Maple 10 deal was agreed.

The trial continues.

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