independent

Saturday 19 April 2014

What the jury has been told so far

DAY ONE

* Anglo Irish Bank approached clients as they holidayed overseas in a planned €800m deal to unwind a secret stake built up by former billionaire Sean Quinn using Contracts for Difference (CFDs).

* Anglo's former chairman Sean FitzPatrick and MD of lending in Ireland Pat Whelan accepted the bank planned the massive scheme to lend money to borrowers in order to buy shares in the bank.

* Prosecution says the lending scheme was "absolutely illegal".

DAY TWO

* Sean Quinn was an "eternal optimist" when it came to his belief in Anglo shares.

* How Anglo's share price fell from a peak of €17 in 2007 to €6.95 on March 17, 2008, known as the St Patrick 's Day Massacre. The shares were valued at 17 cent in December 2008.

* Sean Quinn revealed to Mr FitzPatrick and Mr Whelan at a meeting in the Ardboyne Hotel in Navan on September 11, 2007, that he had built up a 24pc stake in Anglo. At one point he owned a 29.3pc shareholding.

DAY THREE

* Anglo lent €1.97bn in just seven months, between November 2007 and July 2008, to fund Sean Quinn's CFD margin calls.

* The Financial Regulator was "full square behind" a deal between Anglo and the Quinn family to buy out their interest in the bank's shares.

* That the Quinn Group's former CEO Liam McCaffrey told gardai that he (Mr McCaffrey) was told by Anglo they had taken legal advice to clear the transaction – and presumed that no issues were raised as regards its legality.

Irish Independent

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