Executive refused to sign Anglo loan letter

A former associate director of Anglo Irish Bank refused to sign a letter which he said retrospectively altered the conditions of the Maple Ten loans and weakened the bank’s position.

Giving evidence at the trial of three former Anglo directors, Lorcan McCluskey said he was not comfortable signing the altered loan facility letters.

The first loan facility letter sent in July 2008 set the security on the loan as a personal recourse of 25%. This meant the lenders would be personally liable for a quarter of the amount borrowed.