Anglo Irish Bank Corp.’s loans to 16 clients to buy shares in the lender as former billionaire Sean Quinn’s family unwound a derivatives position were a “last roll of the dice,” the bank’s one-time chief financial officer said at a Dublin trial.
Former Anglo Irish Bank Corp. Chairman Sean Fitzpatrick regretted that he wasn’t more involved with loans given to 16 clients to buy shares in the bank in July 2008, the bank’s one-time chief financial officer told a Dublin jury.
Irish financial regulators were informed in March 2008 of Anglo Irish Bank Corp.’s plan to provide funds to the Quinn family to convert a derivative position in the bank into shares, a jury was told today.
Sean Quinn’s family faced cash demands for as much as 300 million euros ($408 million) after a so-called St. Patrick’s Day Massacre hit the value of Anglo Irish Bank Corp. in 2008, the former head of the Quinns’ company told a jury.
Jury selection is due to begin today for the trial of former Anglo Irish Bank Corp. Chairman Sean Fitzpatrick and two other executives facing corporate law charges after an investigation into the failed lender.
On a Sunday morning in October, Simon Kelly sat in the breakfast room of Dublin’s Morrison Hotel, looking eager to chat. Simon, 38, and his father, Paddy Kelly, 66, were once among Ireland’s most audacious real estate developers. During the boom years, they borrowed about 700 million euros ($950 million) from Anglo Irish Bank Corp. to buy golf resorts and build hotels.