Thursday 23 October 2014

Deliberations continue for fourth day in Anglo trial

Sarah Stack

Published 15/04/2014 | 17:58

The jury in the trial of former Anglo Irish Bank executives William McAteer, Sean FitzPatrick and Pat Whelan will resume its deliberations today
The jury in the trial of former Anglo Irish Bank executives William McAteer, Sean FitzPatrick and Pat Whelan will resume its deliberations today

The jury on the trial of three former Anglo Irish Bank executives will begin deliberations for a fourth day tomorrow.

Former chairman Sean FitzPatrick  (65), from Greystones, Co Wicklow; William McAteer (63), of Rathgar in Dublin; and Pat Whelan (51), of Malahide, Co Dublin deny 10 counts of providing unlawful financial assistance to net worth Anglo clients – known as the so-called Maple 10 - in July 2008 to buy shares in Anglo.

The loan-for-shares deal involved unwinding Sean Quinn’s secret 29pc stake in the bank, build up through contracts for difference (cfds).

Mr Whelan, Anglo’s former head of lending in Ireland and ex-chief risk officer Mr McAteer also deny six counts each of giving illegal loans to Mr Quinn’s wife Patricia and their five children as part of the same deal.

The three are charged with breaching Section 60 of the Companies Act 1963 by lending money to investors to buy shares in Anglo.

The 12 strong jury was directed by trial judge Martin Nolan on Friday afternoon after hearing ten weeks of evidence at Dublin Circuit Criminal Court.

They have been deliberating for 11 hours, starting shortly before 11am each morning and stopping only for lunch and short breaks.

Earlier today they were handed the court transcripts of evidence given by former Anglo executives Matt Moran and Fiachre O’Neill, as requested.

Mr Moran, then Anglo’s chief financial officer, and Mr O’Neill, former head of compliance, were both granted immunity for prosecution for giving evidence during the trial.

Yesterday they also requested a copy of Mrs Quinn’s loan pack.

Judge Nolan has already already ordered the jury acquit Mr FitzPatrick in relation to the six Quinn loans and he directed not guilty verdicts in respect of seven counts against Mr Whelan in relation to facility letters to the maple 10.

Judge Nolan also urged the seven men and seven women to leave any prejudice they may have at the jury door and to try the men on the charges before them and not for the collapse of the banking system.

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