‘Use pension fund to buy shares’

The CEO of Anglo Irish Bank suggested using the National Pension Reserve Fund to buy Anglo shares and unwind Seán Quinn’s 29% control of the bank, a trial has heard.

A document shown to the trial of three former Anglo executives states that former CEO David Drumm also suggested the two biggest banks in Ireland, AIB and Bank of Ireland, be asked to buy shares in the bank.

Yesterday, Con Horan, the former prudential director with the financial regulator’s office, described a meeting of the Domestic Standing Group. The meeting was held on July 8, 2008, a week before the Maple Ten deal went through.