One of Ireland's biggest house builders during the boom has said he was 'delighted' to give a 'helping hand' to Anglo Irish Bank. Seamus Ross is one of the so-called 'Maple Ten' investors who was lent €45 million by the bank to purchase Anglo shares in July 2008.
He is giving evidence at the trial of former Anglo executives Willie McAteer (63), Pat Whelan (51) and Sean FitzPatrick (65) who deny providing unlawful financial assistance as part of the deal.
It is alleged the loans for shares transaction breached Section 60 of the 1963 Companies Act.
Mr. Ross has told Dublin Circuit Criminal Court he had a 'very strong' 15-year relationship with Anglo Irish Bank. He has given evidence he was called in for a meeting at the bank's Stephen's Green offices on July 11th 2008 by head of lending for Ireland, Pat Whelan.
At this very short 'in and out' meeting it was explained to him by the bank CEO David Drumm that Cavan businessman Sean Quinn had built up a large CFD shareholding in Anglo and that the Financial Regulator wanted Mr. Quinn to sell his shares, the court heard.
Mr. Drumm said the bank was gathering people to buy the shares which the bank would then sell on in a few months time.
Mr. Ross was the last of the so-called 'Maple Ten' to be approached. He was told the deal had the approval of the Financial Regulator and that he would be helping the bank out.
He said he was 'delighted' to give the bank a 'helping hand' but was surprised that he was to be issued with a private loan rather than a business loan. His recollection of the loan terms was that he would not be personally liable for the debt.
However the builder - who is associated with Menolly Homes - told the jury that his recall must be taken in context.
At the time he was fighting a very large High Court action and hundreds of people were 'knocking on his door' about houses falling down with pyrite.
He said the case settled after three years and 165 days at hearing, and that it was a 'good result' which left 2,000 people living happily in their homes.
The trial continues.
