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Anglo Day 10-Immunity from prosecution

Wednesday, February 19 08:22:01

Day 10 of the Anglo Trial and news that Matt Moran , the former chief financial officer of Anglo Irish Bank has been granted immunity from prosecution:

Senior counsel Paul O'Higgins for the prosecution told the jury Moran had been granted immunity from prosecution in relation to the charges facing his three former colleagues in this trial as well as in respect of other matters that might be prosecuted in the future. "I was in David Drumm's office and he produced a piece of paper from his desk," he said. On the piece of paper were several "prime brokerage houses" with which Mr Quinn held positions in Anglo shares, he said.

Sean FitzPatrick (65) of Greystones, Co Wicklow, William McAteer (63) of Rathgar, Dublin, and Pat Whelan (51) of Malahide, Dublin, have been charged with 16 counts of providing unlawful financial assistance to 16 individuals in July 2008 to buy shares in the bank, contrary to section 60 of the Companies Act. The Irish Times

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On July 9th, Mr Drumm told Mr Moran that he had spoken to the regulator about the transaction and had received approval. "He gestured to me a thumbs-up," Mr Moran said. Mr Moran engaged "intensively" with Morgan Stanley over the next few days regarding the Quinn CFD unwinding. This was "quite specialised", he said. "None of us had ever been involved in unwinding CFDs," he added. This was in order to set up a position "on Monday morning" to approach the brokers with whom Mr Quinn had CFDs and to convert them to shareholdings for Mr Quinn, his family and "other investors", he said. The Irish Times

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The Circuit Criminal Court heard Mr Moran had acquired Anglo shares on three occasions after he joined in 2002 with borrowings from the bank when share options were opened to him.

"In the summer of 2007 I sold most of my other positions in other banks," he said of his stakes in Bank of Ireland and Allied Irish Banks.

"In Anglo I did make a request to sell off shares but I was requested not to do so by David Drumm." The Irish Independent