Maple Ten deal was ‘abnormal’, says expert

A banking expert has told the trial of three former Anglo Irish Bank executives the €450m worth of lending to the Maple Ten was abnormal in several respects.

Tom Reid, who was a director of Ulster Bank until 2004, told Dublin Circuit Criminal Court he would not have loaned the money to the 10 investors on the terms Anglo did in 2008.

He told the prosecution that one thing that struck him about the Maple Ten transaction was that the borrowers were being given personal loans of €45m each on the basis of only 25% personal recourse.