Anglo Irish Bank had ‘hotline’ on deal with regulator

The trial of three former Anglo Irish Bank executives has heard there was “a hotline” between the bank and the Financial Regulator about the allegedly illegal Maple Ten deal.

One of the accused, Pat Whelan, told gardaí the regulator’s office was in daily contact with the bank in the run-up to the deal and was given full details of the transactions, including the identities of the Maple Ten.

The former head of the regulator’s office, Pat Neary, previously told the trial he was only told that 10 domestic or international investors were buying the shares. His second-in-command, Con Horan, gave evidence that it was not until the following year that he learned there was lending to the Maple Ten by Anglo.