Former Anglo Irish Bank Chairman Sean FitzPatrick expressed regret that he was not more personally involved in a transaction to unwind Sean Quinn's interest in the bank, a court has heard.
Matt Moran, who was Anglo's Chief Financial officer in 2008, has said Mr. FitzPatrick also wondered if it was the 'right transaction to do' and whether the 25% recourse on the Maple loans was enough.
The former CFO said this conversation took place in his office after the deal was concluded and that it was as if the former Chairman was 'talking aloud'.
Matt Moran is giving evidence in the trial of Sean FitzPatrick (65) who along with former Anglo directors Willie McAteer (63) and Pat Whelan (51) deny charges of providing unlawful financial assistance to the Quinn family and the Maple 10 group of investors for the purchase of shares in July 2008.
The jury has already heard that he has been granted immunity from prosecution. He has described the unwinding of Mr. Quinn's 29% stake in Anglo Irish Bank as an 'intense period'.
Dublin Circuit Criminal Court has already heard that the former billionaire's interest in the bank had been built up through a financial derivative known as Contracts for Difference (CFDs) and that Mr. Quinn borrowed hundreds of millions from Anglo to meet his losses as the share price of the bank fell.
Financial services firm Morgan Stanley was engaged by Anglo to help unwind Mr. Quinn's interest.
Matt Moran has given evidence of a courtesy conference call on July 12th 2008 to the financial regulator explaining that members of Sean Quinn's family were each to acquire stakes of up to 2.29% of the bank.
10 individual clients of the bank, now known as the Maple Ten investors, would acquire up to 1.3% each.
Mr. Moran said the fact the bank would lend to those parties was highlighted on the call.
The former Anglo CFO has said Con Horan from the office of the regulator expressed the view that lending to the Quinn family might be a 'stumbling block' for the regulator.
Mr. Moran said he believes concerns were raised because Anglo's lending to the Quinn Group was already at a very high level.
