Financial Regulator was fully behind deal to unwind Quinn stake in Anglo, trial hears

Financial Regulator was fully behind deal to unwind Quinn stake in Anglo, trial hears

The Anglo trial has been hearing evidence that the Financial Regulator was "four square" behind a deal to unwind former billionaire Sean Quinn's 29% stake in the bank.

The Cavan businessman is to give evidence on Monday in the trial of former bank executives Sean FitzPatrick, Pat Whelan and Willie McAteer who deny providing unlawful financial assistance to individuals to buy Anglo shares.

The jury has heard Morgan Stanley, the Financial Regulator and Anglo Irish Bank's lawyers were aware of plans to unwind Sean Quinn's 29% stake in the bank.

Former Quinn Group CEO Liam McCaffrey has given evidence that no concerns were raised about the legality of the transaction.

It involved lending money to the Quinn family in July 2008 to buy ordinary shares in the bank - to replace Mr Quinn's more complex interest in Anglo that he had secretly built up by gambling on the stock using a financial instrument called contract for difference.

The prosecution claims these loans, along with loans to the Maple ten group of investors to buy Anglo shares, were illegal and were intended to give the impression of share price stability.

The court heard Mr Quinn lost €2.4bn by taking a punt on Anglo and felt he had been treated unfairly by the bank.

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