On April 24 2008, Brian Cowen sat down for a private dinner with the board of Anglo Irish including chairman Sean FitzPatrick and the chief executive David Drumm.at their headquarters on St Stephen’s Green
A few weeks previously The Maple Project had been set up with the knowledge of the Financial Regulator to reduce businessman Sean Quinn’s financial interest in the bank. Quinn held 28% of Anglo Irish Bank through instruments known as contracts for difference.
Is it credible that the Minister of Finance would have been unaware of this issue when the Central Bank governor and the Financial Regulator had been informed of it?Internal documents from the bank show that over a four-month period in 2008, Pat Neary, the then financial regulator, and his staff were kept abreast of the plan to reduce a secret 28% shareholding held by the insurance tycoon.
Just days before the bank lent €500m to 10 of its most highly-regarded clients to buy almost one-third of the stake controlled by Quinn, David Drumm, Anglo’s chief executive, sent an email to a colleague saying that the regulator was “squared”. Other documents refer to John Hurley, the then Central Bank governor, being briefed on Quinn’s massive exposure to the bank.
‘Anglo 10’ plan known to regulator - Times Online