The office of the Financial Regulator has been accused of 'cheerleading' an allegedly illegal loans for shares deal by Anglo Irish Bank.
Con Horan, formerly of IFSRA, is being cross-examined 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 shares in July 2008.
Lawyers for Anglo's former Chairman Mr. FitzPatrick have accused the Financial Regulator's office of cheerleading efforts by the bank to offload the 29% interest Cavan businessman Sean Quinn had built up in Anglo.
In July 2008, Anglo is accused of issuing allegedly illegal loans to 16 individuals to buy the bulk of Mr. Quinn's stake in order to stabilise its share price.
Con Horan, IFSRA's former Prudential Director, agreed the regulator was 'close to' and 'positively disposed' to the Quinn unwind, but he rejected the term cheerleading.
He was then asked if people get a dictionary going to work where they exchange these bland terms? He replied that he was not sure if there was a huge difference, but that it depends on how cheerleading is defined.
