Maple 10 lender Gannon approached by Anglo

A building developer who was one of the so-called Maple 10 lenders has told the trial of three former Anglo Irish Bank executives that the bank approached him and said an opportunity had come up.

In July 2008, Gerard Gannon drew down a €45m loan and bought 10 million shares in the bank on the basis that he would only be personally liable for 25% of the loan. He did not sell any and the shares became worthless when the bank was later nationalised.

Mr Gannon was giving evidence at the trial of Sean FitzPatrick, Willie McAteer, and Pat Whelan, who pleaded not guilty to all charges at Dublin Circuit Criminal Court.