Saturday 27 December 2014

Jury in Anglo trial shown charts on bank’s shares in 2007 & 2008

Donal O'Donovan and Dearbhail McDonald

Published 06/02/2014 | 12:51

Pat Whelan. Collins
Willie McAteer. Courtpix
Sean FitzPatrick. Collins

The jury in the trial of three former Anglo Irish Bank directors have been shown charts reflecting price movements in the bank's shares in 2007 and 2008, and heard evidence from the first witnesses in the case.

Witness Claire Pyke, from the Companies Registration Office gave evidence in relation to the history of Anglo Irish Bank, including the time at which directors in the bank were appointed.

Aisling McArdle a manager in the Irish Stock Exchange was asked about the movements in the price of the bank's share in 2007 and 2008.

Charts based in data provided by Ms McArdle were show to the jury.

Witness Natasha Mercer, a former Company Secretary at Anglo Irish Bank was asked about the organisational structure at the bank over the same period, including the breakdown and responsibilities of the board of directors.

UCC based economist Seamus Coffey gave evidence in relation to the workings of financial products known as contracts for difference (cfd).

Former Anglo executives Sean FitzPatrick (65), Pat Whelan (51) and William McAteer (63)  have each pleaded not guilty to 16 charges of unlawfully providing financial assistance to individuals for the purpose of buying shares in the bank in July 2008.

Mr Whelan also denies seven charges of being privy to the fraudulent alteration of loan facility letters to seven of the borrowers.

Irish Independent

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