Anglo jury meets to continue deliberations

Pat Whelan

The jury in a fraud trial of two Anglo Irish Bank directors over a multimillion loans-for-shares scheme has begun a fourth day of deliberation.

Former chairman of the bust lender Sean FitzPatrick was yesterday cleared of all charges linked to the €619m scheme in July 2008.

Two of his former colleagues Pat Whelan (aged 51) of Malahide, Co Dublin, and William McAteer, (aged 63) of Rathgar, Dublin, pleaded not guilty to providing unlawful financial assistance to a hand-picked group of clients as part of the deal.

Dublin Circuit Criminal Court has been told the alleged scheme was concocted to allow trusted clients to buy a 25% stake in the bank in an attempt to stabilise the share price as it tanked on markets.

The stock had originally been bought up in secret trades by industrialist and now-bankrupt Sean Quinn in a €2.4bn doomed gamble on the bank.

It is alleged the money was lent to Anglo clients known as the Maple Ten and members of the Quinn family.

As part of the deliberation, the jury has been given access to transcripts of evidence from two bankers given immunity in the case, former Anglo directors Matt Moran and Fiachre O’Neill.

The 12 jurors – selected by ballot from a panel of 14 – went out last Friday afternoon and has completed three full days of deliberation, about 13 and a half hours in total.

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