Wednesday 21 February 2018

Anglo: What they said - day four

Brendan Grehan SC, council for Patrick Whelan, one of the accused men
Brendan Grehan SC, council for Patrick Whelan, one of the accused men

* I thought it was a marvellous institution. It had grown its profits by 30pc compound over 30 years."

Sean Quinn snr on why he invested in Anglo Irish Bank.

*  We thought, 'we are on our own. Obviously no one else thinks it.' We thought we took a very conservative approach." Sean Quinn snr on the same investment.

*  There were brokers left, right and centre talking about Anglo being the best bank in the world." Sean Quinn snr on Anglo Irish Bank.

*  It started off friendly enough but it didn't end friendly." Sean Quinn snr on a meeting with David Drumm.

*  We'd always like to keep under the radar." Sean Quinn snr.

*  I rang David Drumm in the first or second week in December 2007. He asked me what it would take to sort it out. I said about €400m and he was back within the hour, and he'd give me €500m to tidy it up." Sean Quinn snr.

*  We lost €3.2bn through the Anglo fiasco. I was a fool." Sean Quinn snr

*  We didn't mean to go in as deep as we did." Sean Quinn snr

*  In 40 years of the Quinn Group, I was never involved in the administration of the company. I left school at 15, so I leave that to others. I was involved in spending money stupidly." Sean Quinn snr

*  You were scaring him into lending you the money. Is that not the reality?" Brendan Grehan, SC, for Patrick Whelan.

*  Your account of events is coloured very much by your losses." Brendan Grehan.

*  I don't call it a loan. They had invested in our name in their bank." Sean Quinn snr.

*  The bank was in rude health and we shouldn't be pursuing legal proceedings. We'd come to a gentleman's agreement and we'd all live happily ever after." Sean Quinn snr on what he heard at a meeting with David Drumm and Sean FitzPatrick after the guarantee.

Irish Independent

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