Anglo trial: Jury’s role is ‘not to satisfy baying of mob’

The jury members in the trial of three former Anglo Irish Bank executives accused has been told they are not there to “satisfy the baying for blood of the mob”.

During his closing speech, defence counsel Brendan Grehan SC said nobody in the country had been unaffected by the collapse of the banks but that this trial was about a separate issue.

He referred to wage cuts, the loss of increments and the things that “really get people angry” like fewer hours for a Special Needs Assistant for a child or home help for a parent.

Mr Grehan, who represents the former head of Irish lending at Anglo, Pat Whelan, said someone told him the other day that a spectator had come into the court, and having watched the proceedings, said: “Give them a fair trial and then hang them.

“You are not spectators, ladies and gentlemen. It is vital that you divorce yourself from that kind of thinking,” cautioned Mr Grehan.

“You are not here to satisfy the baying for blood of the mob.”

Mr Whelan and ex-directors Sean FitzPatrick and William McAteer, are charged at Dublin Circuit Criminal Court with breaching Section 60 of the Companies Act 1963 by lending to investors to buy shares in Anglo.

Mr Whelan, aged 51, of Malahide, Dublin, and Mr McAteer, aged 63, of Rathgar, Dublin, are accused of 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 Ten group of investors.

Mr FitzPatrick, aged 65, of Greystones, Co Wicklow, is charged with 10 counts of loaning money to the Maple Ten.

All three have denied the charges. The jury has already been ordered to acquit Mr Whelan and Mr FitzPatrick of a series of related counts. The Maple Ten deal was designed to unwind the 29.4% control of the bank which businessman Sean Quinn had built up through investment tools known as Contracts for Difference (CFDs).

The 10 investors were loaned a total of €450m by Anglo to buy around 10% of the shares which Mr Quinn controlled. Mr Quinn’s wife and five children were also loaned €169m to buy nearly 15% of the stock.

Yesterday morning prosecuting counsel Paul O’Higgins SC completed his closing speech. Counsel for Sean FitzPatrick, Michael O’Higgins SC also began his closing speech.