Department knew of Anglo shares move, claims book

THE Department of Finance was aware Anglo Irish Bank was trying to place shares controlled by businessman Seán Quinn long before the controversial deal became public, it has been claimed.

In a new book, The FitzPatrick Tapes, based on a series of interviews with the former Anglo chairman, Seán FitzPatrick, it is claimed the department knew the bank was seeking to get other buyers for Mr Quinn’s shareholding to prevent a major run on Anglo in 2008 before the story entered the public domain in January 2009. The revelation raises fresh questions about the extent of knowledge of both Taoiseach, Brian Cowen and his successor as Minister for Finance, Brian Lenihan, about the growing banking crisis in 2008.

The book claims Con Horan, prudential director of the Financial Regulator, stated that the Department of Finance knew of the plans concerning the so called Maple 10 – the code word used by Anglo for its plans for 10 prominent businessmen and clients of the bank to agree a €450m loan to buy out Quinn’s shareholding to shore up Anglo’s share price.