Regulator wanted ‘no mention’ in Quinn deal

The Financial Regulator wanted to keep “plausible deniability” of its knowledge of a plan by Anglo Irish Bank to unwind Sean Quinn’s control of their shares, a court has heard.

Day 13 of evidence in the trial of three former Anglo executives heard that the regulator was putting “extreme pressure” on the bank to finalise an agreement to dispose of Mr Quinn’s stake but that it did not want to be mentioned in the deal.

This related to a deal proposed in March 2008 which would unwind Mr Quinn’s 29% control of the bank’s shares by having an institutional investor buy the stock. This plan fell through when such an investor could not be found.