Anglo director was in 'complete shock' at level of Quinn stake in Anglo

The Anglo trial has heard evidence from a senior director at the bank who said he was in "complete shock" at finding out former billionaire Sean Quinn had built up a 28% stake in the bank.

Michael O'Sullivan has told the jury he had responsiblity for the Quinn working relationship which he believed to be very good.

He has said in November 2007 the then Anglo CEO David Drumm informed him that Mr Quinn had built up an interest in Anglo through Contracts for Difference and needed finance to meet his losses.

He has said he was contacted again about providing additional finance to meet Mr Quinn's margin calls on St Patrick's Day in 2008 and that he was aware by this stage that attempts were being made to unwind his CFD position.

Mr O'Sullivan, a former divisional lending director, is giving evidence at the trial of former Anglo executives Sean FitzPartrick, Pat Whelan and Willie McAteer who deny unlawfully providing financial assistance to individuals buy bank shares in July 2008.

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