former executive of anglo irish bank has told the dublin circuit criminal court that the preparation of identical build to suit investors for the so called maple ten was very unusual and never happened before or since the bank. mccloskey was giving evidence that the trial of former chairman of anglo and two former directors were to ninety the eager loans to sixteen people to buy shares in the back. knock and the cost he was a former associate director of india's anglo irish bank. he said in july two thousand and eight it is called into toxic lead into office and asked to compare tainted milk to seventeen matches. these were in connection with those of hundreds of millions of euro to ten men to buy back shares part of the time to unwind sean quinn stake in the bank this to the coast he said it was a very unusual to have to prepare ten identical to the city that just as it never happened before or since. in october two thousand and eight mr mccloskey said he was asked to wear that shirt. changing the tenth of the loans for making the pie was liable to repay twenty five percent to a dyin

property prices collapsed across the world when millions had to file for bankruptcy now the anglo irish bank was ultimately bailed out costing the irish taxpayer and european union tens of billions of euros now the case marks a rare criminal prosecution of banking officials involved in the two thousand a lot of praise this and with hundreds of witnesses millions of documents and a trio of nationally hated figures the trial is. proven to be one of the most complex and controversial in the history of european financial crimes but here's the thing at least ireland is attempting to bring justice to those wrong during the financial collapse and here in the us home of the so-called masters of the free world nothing not one banking executive has been brought to trial sure there have been some fines a couple senate hearings the impression that some form of action is taking place but no real action nothing is taking place in fact jamie dimon he just took on twenty million dollars for a job well done this year at j.p. morgan my new same year that he had to pay billions tens of billions of dollars to t

property prices collapsed across the world when billions had to file for bankruptcy now the anglo irish bank was ultimately bailed out costing the irish taxpayer and european union tens of billions of euros now the case marks a rare criminal prosecution of banking officials involved in the two thousand a credit crisis and with hundreds of witnesses millions of documents and a trio of nationally hated figures the trial is proving to be one of.

former banking exact all face charges relating to a loan scheme which attempted to prop up the anglo irish bank during the two thousand and eight financial crisis sean fitzpatrick will and william mcateer face sixteen charges of unlawfully providing financial assistance for the purpose of buying shares in the anglo irish bank now sean quinn a star witness in the trial was at one time the richest man in all of ireland he borrowed billions from the bank to fund a global problem for the celtic tiger boom years however when property prices collapsed across the world when it was billions and had to file for bankruptcy now the anglo irish bank was ultimately bailed out costing the irish taxpayer and european union tens of billions of euros now the case marks a rare criminal prosecution of banking officials involved in the two thousand a credit crisis and with hundreds of witnesses millions of documents and a trio of nationally hated figures the trial is. proven to be one of the most complex and controversial in the history of european financial crimes but here's the thing at least ireland is attempti

. >>> the three form is bosses of anglo irish bank are charged with helping to unlawfully prop up theice in 2008. it's only the second time bankers involved in the financial crisis huh been brought to criminal trial in europe. first time was in iceland. tim friend reports from dublin. >> reporter: arriving at court william one of three former executives of anglo irish bank. the collapse of which almost bankrupted the entire country. along with shawn fitzpatrick and pat whelan, they all denied the charges at dublin criminal court in a trial that will track ireland's fall from the boom years as the so-called celtic tiger to bust. the three executives are accused of giving unlawful financial assistance to individuals in 2008, in order to buy bank shares to boost the share price. among the alleged recipients, shawn quinn, once ireland's richest man with a huge global property portfolio. but when prices crashed around the world, he was left owing billions. >> although anglo irish bank is the same it's very integral to the irish economy it was in fact the entire banking sector that was in t

property portfolio, but when prices crashed around the world, he was left owing billions. >> the anglo irish banken [ inaudible ] it was in fact the entire banking sector which was in trouble. i suppose that people identify more with the fall, but it was in large part fuelled by the property bust reexperienced here in ireland. >> reporter: it took nearly $40 billion to rescue the bank and the end tire sector. ireland needed an international bailout. >> the collapse cost the taxpayer between 25 and 30 billion euros which in a country of just 4 million people that's an awful lot of money. and it was one of the factors that caused us to needed a bailout. >> reporter: the trial one of the most complex of its kind in europe could take six months. >>> and tim joins us now from dublin. tim, this is a trial, presumably that will provide a fairly foren sick draw -- a painful period, of course for ireland, but also a pretty unusual trial putting bankers in this the dark. >> very unusual. only iceland has really done it before. but the anger here in ireland matches that felt in iceland, and it has clearly b

of the bank hectic weekend and when i get scared they deny giving illegal loans to sixteen people to buy shares in anglo in two thousand today. the former chief financial officer of congo irish bank not more and who has immunity from prosecution continued his evidence today. he told the court is the only direct knowledge of former chairman sean its tactics involvement in the transaction at the center of this case was a conversation he had with him in july two thousand and eight. i know accents money to ten customers of the time to buy some of the shares which businessman sean quinn has an interest that make it and were offered to those of sixty million euro each. ted oppressed and identity to be paid twenty five percent of the down side is that by having recourse to twenty five cents. mr lloyd said mr fitzpatrick came to his office in july sometime after the deal. asked about the transaction as a talking at that. the court was told mr fitzpatrick said. i wonder was off the bike transaction to do specifically in respect of the match the ten borrowers but to be paid. mr moir said mr fitzpatrick made the comments that the midwest it's becoming more personally involved in this i

their futures and their nights the jury had the case involves happens to a second portion of anglo irish bank shares in tonight to test at eight. the prosecution said shares represented baking is in people's lives. they were not something academic the jury was told businessman sean queen and his family built up a stake of more than twenty five percent to nine due to financial instruments called contracts for difference halal pressure to gamble on the share price without actually owning the shares this comes as divine compassion on to making a shirt. they wanted to unwind these two things position but no one wanted to buy the shares. prosecuting counsel poll higgins said sometime in nineteen ninety eight two thousand and eight i decided to do something to be illegal he said it put together a plant and hundreds of millions of euro to the cleaners as ten high necked white individualistic that became known as the matrix hand. they were to buy the shares in the bank giving the impression of stability. he said. poppy korean was very much involved in carrying at the transactions wing enough to tear

own claims not to close the money he owed to brokers with whom he expects that the price of anglo irish bank shares would rise. the mcafee agreed that the finance director nature pocket near eek became concerned about the cast is encircling insurance was in the spirit that we two thousand and eight. sean quinn apologize to making a gesture that the actual state of the company. both sides agreed to keep matches confidential. the second to be seen mr quinn told the mag a shared sean quinn needs to be reined in prison isn't he being greedy in relation to his contract. the difference and i'm no chance that i was first told about the extent of mr quinn's intestine shares as mec of september two thousand and seven trumpets tactic to look like the hunter chief executive david tom asks him to go because he knew sean quinn at martin. mr fitzpatrick told court the day were shocked to find an actual clinic down but i'm more than twenty percent behind those shares see this can be dangerous to the bank as it could make the share price fall attire in march two thousand and eight sean printed on tuesday we

half smaller until it of course the anglo irish bank and the quinn group reached an agreement in march two thousand and eight s apache which is shown great interest to the bank is to clean it down but on the bank's share price to contracts for difference. mr morris said it was concerned that he couldn't pay the money owed to its broker is almost thirty percent that i'm serious that go on the market. it's with the economic secret i know the whole financial system he said. mr martin who has immunity from prosecution said not to make a day she was putting significant pressure on the bank to get a deal done. thou must sen the sd find investors to buy the rest. mr moore and said he understood that i was not getting approval from the tiki nature but guessing no objection senior counsel michael higgins has represented sean fitzpatrick costs is to mourn if he'd ever heard of plausible deniability mr maher and agrees that's a plausible deniability. it's being involved in something arkansas wedding is in some way but not appearing above the waterline. so for this questions about costs they say y

financial world never ever not well until now three senior banking executives from the now defunct anglo irish bank went on trial in dublin this week we'll tell you all about it coming right up and then author and investment banker first whalen is alive on the program today we're talking real estate and housing bubbles both past and present and finally it's friday which means it's viewer feedback today here on boom bust and harrison i address your question fun and concerns with live on the show you know won't want to miss a moment so let's get to it.

the former chief executive of anglo irish bank david drummond raise the possibility of there being any relation with the packing plant in bombing for people to buy its own shares for months before the bank lent money to sixteen people for this purpose. the transaction is subject to criminal charges against her by its former chairman sean patrick and two former directors of the bank practically eminently america two year old prevent has pleaded not guilty. in march two thousand and eight market conditions with drastic kindness former chief financial officer not more and who has immunity from prosecution told the court chill on queen had gambled on the anglo share price rising financial instruments called contracts for difference. he has an intestinal was thirty percent of the time. shares of seed packets day the share price fell significantly. i was trying to finalize applied to the to stick with position this involves bending to the quinn family to buy some of the shares and finding investors to buy the rest. mr morin was shown an e mail sent to him by former chief executive david frum

businessman sean quinn has toed the anglo irish and try out that the bank knew it was in trouble. the short two hundred tasmanians are you into him into this family in connection with investing in england said the bank's former tenant on to our chickens to former bank executives have to clean them and when the mascot year denied giving illegal loans to sixteen people including members are shown queenstown money to buy the shares mr crean has now finished his evidence. time to change sean quinn told the court after being reminded that once the victim identified among the top two hundred richest people in the way out he admits it is attentive offense was colored by his losses to teams did a furious get docked three points to begin your own. at the time his investment was on wednesday night has an eight week aims to find new age of nine months area to the present trouble. the feed mill in the picu with the loss of one sharon and thirty cents. he said the bank gave the don'ts for its own benefits. putting money in his family's name to support the share price. mr quinn said to twenty a