Anglo let fraud accused verify collateral for loans

The trial of Thomas Byrne has heard Anglo Irish Bank relied on the former solicitor to provide proof he was using valid properties as collateral on €4.6m in loans.

The jury were told Mr Byrne applied for and received over €4.6m in loans from now-defunct Anglo. The accused received a €3.2m loan from the bank as a first-time customer in 2006 by using 13 properties as collateral. He claimed he owned the properties and they did not have other loans outstanding against them. A further €1.46m was granted a year later using 19 properties as security.

The court heard it was up to Mr Byrne to verify he owned the properties and to provide details of registration. Anglo hired a lawyer, Andrew Crean Lynch, to handle the verification process but he did not investigate Mr Byrne’s claims.