Ex-financial regulator official ‘unaware’ of investors’ plan

The former prudential director with the Financial Regulator has told the trial of three former Anglo Irish Bank executives that he was not aware the bank was financing the purchasing of its own shares by 10 high net worth investors.

Con Horan, previously described as “second in command” at the regulatory authority, said in July 2008 he told the bank it was up to them to ensure the plan to sell off the bank shares held by the Sean Quinn through a large CfD position was in compliance with all regulatory requirements.

Seán FitzPatrick, Patrick Whelan, and William McAteer have been charged at Dublin Circuit Criminal Court with 16 counts of providing unlawful financial assistance to 16 individuals in July 2008 to buy shares in the bank. The 16 individuals are six members of the Quinn family and the Maple 10 group of investors.