‘Quinn paid very high price’ for Anglo investment

The trial of three former Anglo Irish Bank directors has heard that the Financial Regulator fully supported the bank’s allegedly illegal plan to protect their share price.

Former Quinn Group CEO Liam McCaffrey told the jury Seán Quinn was forced to agree to Anglo’s plan for him to sell his control over 29.3% of the bank’s shares.

The witness agreed with defence counsel for Pat Whelan, Brendan Grehan, that Mr Quinn lost €2.4bn by betting on Anglo’s share price through Contracts for Difference (CFDs).