Anglo board 'approved loans to Quinn Group in 2008'
THE trial of three former Anglo directors has heard that a series of working capital facilities, or loans, were issued to the Quinn Group as the bank's share price fell in 2008.
The facilities, the 14-strong jury has heard, were approved by the board of Anglo.
To reduce risk, the facilities were, according to Pat Whelan, former MD of lending (Ireland), secured by Mr Quinn and his children offering full personal recourse for the loans – and ultimately by the bank securing power of attorney over the Quinns' shareholding in the Quinn Group.
This issuing of the facilities and the added security resulted in Anglo assuming control over the Quinn Group, the trial has heard.