Sunday 17 December 2017

Meetings referred to by former Quinn Group CEO Liam McCaffrey

September 2007

Sean Quinn tells former Anglo CEO David Drumm and its then non-executive chairman Sean FitzPatrick that he had built up a 24pc stake in the bank using complex derivatives known as Contracts for Difference (CFD).

February 20, 2008

Sean Quinn and Liam McCaffrey, CEO of the Quinn Group, attend a meeting with Financial Regulator Pat Neary and other officials to discuss problems about Quinn Insurance Limited (QIL), part of the Quinn Group.

Mr Quinn apologised about difficulties at QIL and said, "anything told to the regulator from now on would be 100pc true" and that monies taken out would be restored to QIL immediately.

The regulator was informed at the February 20 meeting about Bazelly, the offshore company used by Mr Quinn to build his CFD position in Anglo, but Mr McCaffrey said there was no mention of the CFDs at this meeting.

February 28, 2008

Sean Quinn has a second meeting with Mr Neary.

Allegedly referring to himself, Mr Quinn is said to have told the financial regulator: "Sean Quinn needed to be reined in."

Mr Quinn is said to have told Mr Neary he had "been greedy in terms of his involvement" with CFDs.

March 31, 2008

Quinn Group CEO Mr McCaffrey meets with the financial regulator and officials to explain details of a plan to borrow €640m from Anglo to close out the CFDs in an orderly fashion.

This follows a Heads of Agreement reached between the Quinn Group and Anglo which had to be approved by the board of Anglo and the financial regulator.

Mr McCaffrey said in his evidence that the financial regulator was "four square behind" this deal and was fully aware that Anglo was funding the proposed purchase of the group's shares.

Irish Independent

Promoted Links

Today's news headlines, directly to your inbox every morning.

Promoted Links

Editor's Choice

Also in Irish News