The jury in the trial of three former Anglo Irish Bank executives will resume its deliberations on Monday morning. Although 14 jurors heard the evidence over the past 10 weeks only 12 have been selected to decide the case.
Former Anglo Finance Director Willie McAteer (63), former head of lending in Ireland Pat Whelan (51), and the bank's former Chairman Sean FitzPatrick (65) deny providing unlawful financial assistance for the purchase of the bank's own shares in July 2008.
Dublin Circuit Criminal Court heard evidence Anglo Irish Bank lent over €600 million to 10 of its customers known as the Maple Ten and the family of Cavan businessman Sean Quinn.
The jury heard the aim of the 'loans for shares' transaction was to dilute the 29% stake Mr. Quinn had secretly built up in the bank using a financial instrument called Contracts for Difference (CFDs).
The prosecution claims the deal breaches Section 60 of the Companies Act 1963 which prohibits companies from financing the purchase of their own shares unless its in the ordinary course of business.
Jurors told to 'coldly analyse the facts'
In his final address Judge Martin Nolan told the jury it is the duty of every director to stop a company breaking the law.
Before the jury can convict the three accused men they must be satisfied beyond reasonable doubt on a number of points, he said.
They must be satisfied that monies were advanced for the purchase of Anglo shares, that the aim of the finance was to stabilise the share price in relation to the Quinn unwind, that the lending was not in the ordinary course of business, that the three men knew about the scheme and took no steps to stop it.
'If you cannot answer any of those questions in the affirmative in respect of any of the men, the prosecution must fail' he said.
Earlier, Judge Nolan told the jury 'it is very difficult to see how the advancement of these monies could ever be in the ordinary course of business since the main purpose of the share purchase was to stabilise the share price'.
While it may seem 'totally unfair', any belief by the defendants as to the legality or illegality of the scheme 'does not matter', he said.
Any mention of legal advice, the attitude of the Financial Regulator and the involvement of Morgan Stanley in the transaction were irrelevant as a matter of law, the jury heard.
In his charge, Judge Nolan said the jury must 'coldly analyse the facts and try the case impartially leaving aside any view on what some would describe as an 'infamous' bank.
