Anglo duo to get soft sentences

The first two people to be convicted of crimes related to the collapse of Anglo Irish Bank are likely to receive softer sentences because of the role the financial regulator’s office played in their activity.

Patrick Whelan, Anglo’s former head of lending, and William McAteer, its former finance director, have been convicted of providing €450m worth of illegal loans to the Maple Ten group of investors as part of a share support scheme.

They were acquitted of six charges of being involved in illegally lending €169m to the Quinn family. The pair face up to five years in prison for each of the 10 charges related to the Maple Ten. However, in comments made in the absence of the jury during the trial, Judge Martin Nolan said he accepted the financial regulator’s office was aware of the arrangements. He ruled that this could not be used in the men’s defence, because illegal acts were not excusable just because the regulator was aware of it.