The heat was on former Financial Regulator Patrick Neary as he took the stand at the Anglo trial this week.

He was grilled as to what knowledge he had about events surrounding an allegedly illegal loans for share deal at Anglo Irish Bank in July 2008.

Former Anglo directors Willie McAteer and Pat Whelan, along with the bank's former Chairman Sean FitzPatrick, deny providing unlawful financial assistance to 16 individuals to buy shares in the bank in July 2008.

The multimillion euro loans were issued to the family of Cavan businessman Sean Quinn and to ten Anglo customers, known as the Maple Ten.

It is alleged by the prosecution that the loans were outside the normal course of lending and that the three accused men were in breach of their obligations under company law.

Pat Whelan has also been charged with being privy to the fraudulent alteration of loan facility letters to seven individuals in October 2008.

The jury's heard the purpose of the Maple transaction was to dilute the 29% indirect stake Mr Quinn had built up in the bank by gambling on its share price using a financial instrument called Contracts for Difference.

There were concerns Mr Quinn's large interest was destabilising the bank, particularly in the wake of the collapse of US bank Bear Stearns in what became known as St Patrick's Day massacre of 2008.

Dublin Circuit Criminal Court has heard as Anglo's share price fell Mr Quinn's losses increased.

His borrowings from Anglo topped 2 billion euro as he tried to meet his margin calls on the CFDs.

Mr Neary, the former regulator, says he only found out Ireland's richest man had taken such a huge punt on Anglo on March 21st despite having met with Mr Quinn earlier in the year.

Mr Neary described an informal meeting in January 2008 in which the businessman mentioned he had small CFD positions in Ryanair and Anglo Irish Bank which he didn't intend to keep.

Under cross examination by Pat Whelan's lawyers as to why he did not ask Sean Quinn outright about his holdings at that meeting, Mr Neary replied that he did not think it was right to ask a private citizen about his investment portfolio.

His evidence is that he was also kept in the dark about the CFDs by Anglo's Chief Executive David Drumm who had been made aware of Sean Quinn's position at a meeting in the Ardboyne Hotel on September 11th.

Mr Neary described a 'low key' meeting with Mr Drumm the following day where CFDs were discussed in a general way.

He said he did not take a note of their discussion.

Mr Neary has yet to be cross examined by lawyers for Anglo's former Finance Director Willie McAteer.

Earlier in the week, his former colleague in the regulator's office, Con Horan took the stand.

The former Prudential Director said that the regulator's office strongly encouraged the bank to find a solution to the Quinn problem.

He was aware Anglo was providing short term funding to the Quinn family to convert CFDs to ordinary shares but he said he did not know Anglo was providing funding to all of the remaining investors.

Week six of the trial at Dublin Circuit Criminal Court also heard from Kevin Cardiff, a senior Department of Finance official.