Emails indicating Cavan businessman Sean Quinn lost 50 million euro overnight on a stock market gamble were sent to the Financial Regulator's office in February 2008, a court has heard.
Patrick Neary, the Chief Executive of the Irish Financial Services Regulatory Authority at the time, claims the information, contained in a series of emails to 3 of his subordinates, was not 'passed up' to him.
It is his evidence that he was unaware until Good Friday, March 21st 2008 of the 'very worrying' news that Sean Quinn had built up a large indirect stake in Anglo Irish Bank by gambling on the share price using a financial instrument called Contracts for Difference.
The jury has heard that he was not informed about the CFD position despite having informal meetings with Mr Quinn and Anglo's Chief Executive David Drumm in the preceding months.
The former regulator said he accepted with 'hindsight' that the correspondence from the Quinn Group was important but denied 'practicing the art of not being told difficult things'.
Mr Neary spent most of his second day in the witness box being cross examined by lawyers for Anglo Irish Bank's former Finance Director Willie McAteer.
Mr McAteer, Anglo executive Pat Whelan and the bank's former Chairman Sean FitzPatrick deny unlawfully providing funding to 16 individuals to buy shares in the bank in July 2008.
The 16 investors were members of Sean Quinn's family and 'high net worth' Anglo customers known as the Maple Ten.
Dublin Circuit Criminal Court has heard the purpose of the transaction was to dilute Sean Quinn's 29% Anglo stake at a time when the bank's exposure to Ireland's richest man had topped 2 billion euro.
Mr Quinn had been forced to borrow hundreds of millions to meet his CFD losses as Anglo's share price tumbled.
In his evidence, Mr Neary also denied any knowledge of a phone call he is alleged to have made to David Drumm in early March while the Anglo Chief was in the Middle East trying to find investors to unwind Mr Quinn's interest in the bank.
It was put to Mr Neary that Anglo's former Chief Financial Officer Matt Moran remembers the call and that he asked Mr Drumm how the investment roadshow was going.
The former Chief Exectuive of IFSRA also told the court that he could not recall any meetings, letters, emails, phone calls between himself and Mr Drumm in the months between September 2007 and March 2008.
Asked by Michael O'Higgins SC for Mr FitzPatrick, about a diary entry from November 6 recording a 'lunchtime meeting with Anglo' he said 'at this remove' he couldn't recall if there had been a meeting.
