Anglo trial: Regulator accused of 'cheerleading' loans for shares deal

The Financial Regulator's office has been accused of 'cheerleading' an allegedly illegal loans for shares deal by Anglo Irish Bank.

Witness Con Horan, formerly of the Irish Financial Services Regulatory Authority (IFSRA), was being cross-examined today at the trial of former Anglo executives Willie McAteer, Sean FitzPatrick and Pat Whelan who deny providing unlawful loans to 16 individuals to buy the bank's shares in July 2008.