Friday 24 February 2017

Even Anglo 'heroes' couldn't save the day

Handpicked Maple 10 saviours could do nothing to halt bank's inevitable collapse

Gene Kerrigan

Gene Kerrigan

Former Anglo employee Elma Kinane leaves court after giving evidence last Friday in the Anglo Irish Bank trial
Former Anglo employee Elma Kinane leaves court after giving evidence last Friday in the Anglo Irish Bank trial
Witness Elma Kinane leaves court after giving evidence last Friday in the Anglo Irish Bank trial

The second week of the Anglo Irish Bank trial heard from Sean Quinn, the one-time billionaire who gambled away a fortune, unwittingly helping to destabilise the bank. And from some of those who were recruited by the bank to a scheme designed to unwind Mr Quinn's excesses.

Before the court are Sean FitzPatrick (65), of Greystones, Co Wicklow; Willie McAteer (63), of Rathgar, Dublin; and Pat Whelan (51), of Malahide, Dublin. Each of the three faces a total of 16 counts of providing unlawful loans, and Mr Whelan faces seven charges in connection with alleged fraudulent alteration of loan documents. All three men have pleaded not guilty to the charges.

Mr Quinn explained how he built up a 25 per cent stake in Anglo, using "contracts for difference", a financial product designed to increase both gambling power and the size of potential losses. As Anglo share prices fell, Quinn repeatedly lost money – and borrowed from Anglo to pay his losses.

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