Michael Lynn: If I had come up with a 'witches' brew' the banks would have caught it

The former solicitor said this practice was going on as far back as 2003 when he had a similar arrangement with Bank of Ireland

Michael Lynn (pictured), who is on trial accused of the theft of around €27 million from seven financial institutions, told the court that the arrangements were set out in emails which he sent to bankers. File photo: Collins Courts

Former solicitor Michael Lynn has told his multi-million euro theft trial that he had permission from bankers to use his mortgage loan money to pay for his property developments abroad.

Mr Lynn (53) told his Dublin Circuit Criminal Court trial that he wasn't allowed to do what he wanted with the money but that the banks “would have understood it was to purchase a specific site at a present time and repay it”.