Former board member ‘horrified’ at Seán Quinn’s bank stake

A former Anglo Irish Bank board member was “horrified” when she discovered that businessman Seán Quinn controlled nearly a quarter of the bank’s shares.

Anne Heraty told the trial of three former Anglo executives she and the rest of the board were concerned that Mr Quinn intended to take over the bank when they found out in September 2007.

The former non-executive director also said that in July 2008 she was told by Anglo chairman Seán FitzPatrick that “10 high net worth individuals” would be buying 9.7% of Anglo’s shares in an attempt to unwind Mr Quinn’s stake in the bank. She only discovered their identities when they were leaked to the newspapers after the bank was nationalised in 2009.