'Anglo 10' owed almost €400m to bank in January

The 10 businessmen who bought a 10% stake in Anglo Irish Bank as part of a scheme to protect its share price reportedly owed almost €400m to the bank just before it was nationalised in January.

Reports this morning say the so-called "golden circle" owed sums ranging from €9.7m to €56.5m.

Three quarters of the total sum borrowed by the 10 men is backed only by the shares that they bought, which are now virtually worthless.