A court has heard Anglo Irish Bank's former Chief Financial Officer (CFO) Matt Moran has been granted immunity from prosecution in connection with the trial of three of the bank's former executives and 'other matters'.
When called as a witness, Mr. Moran agreed with Paul O'Higgins SC, for the prosecution, that he was giving evidence in specific circumstances and that the decision to grant him immunity followed discussions between his legal representatives and the Director of Public Prosecutions (DPP).
The evidence of the former Anglo CFO is expected to last some time.
Former Anglo Chairman Sean FitzPatrick (65), and former directors Pat Whelan (51) and Willie McAteer (63) deny providing unlawful financial assistance to the Maple developers and the family of former billionaire Sean Quinn to buy Anglo shares in July 2008.
Today Mr. Moran told the court that his role in Anglo was to look after equity investors in the bank. He said he reported to Mr. McAteer, the bank's Finance Director.
Part of his job was to 'market the story of the bank', Dublin Circuit Criminal Court heard.
He said funding began to dry up in 2007 after difficulties emerged in the US sub prime market and with French bank BNP.
By this stage, Sean Quinn owned a fifth of Anglo through Contracts for Difference (CFDs), not shares, and there was concern in the market that his position could impact on the bank's stability, he said.
'Thumbs up for financial regulator's approval'
After the stock market crash on March 17th 2008 - known as the St Patrick's Day massacre - 'funders began to see how the share price was moving and treated it as a proxy for the safety of the bank'. The court heard Anglo's share price finished 15% down that day.
Mr. Moran outlined failed attempts to secure new investment for the bank in the Middle East, the US and with Rabo Bank, which at the time owned ACC Bank in Ireland.
He told the jury that he was a shareholder in Anglo and that he had acquired the shares through borrowings.
He gave evidence that on the evening of July 8th 2008, Willie McAteer told him of a plan by the bank's executives to approach ten clients of the bank and offer them loans to purchase 13% of Mr Quinn's interest.
The court hass heard on the 9th July the bank's CEO David Drumm gave Matt Moran the thumbs up as he told him that he had got the financial regulator's approval for the transaction.
He said he was given the role of engaging with Morgan Stanley over the unwinding of the CFDs.
His evidence will continue tomorrow.
Earlier the jury heard from Declan Quilligan, a former executive on the board of Anglo Irish Bank who said the first time he heard any discomfort about the Maple 10 loans was after the bank was nationalised in 2009.
Mr Quilligan, who was CEO of the bank's UK operations, said people who had been aware of the transaction and were comfortable that it was for the good of the of banking system were 6 months later holding it out as an example of poor governance.
'I never felt that' he said.
