Anglo trial hears everything about loans was 'topsy turvy'

he jury in the Anglo trial has been told that almost everything about the loans at the centre of the trial was obviously and spectacularly not in the ordinary course of business for the bank.

In his closing argument, senior counsel for the prosecution Paul O'Higgins said everything about the loans was "topsy turvy" and a lot of what was on the loan documentation was bogus.

Seán FitzPatrick is on trial on ten counts of providing unlawful financial assistance to ten individuals, the Maple Ten, in July 2008 to buy shares in the bank, contrary to Section 60 of the Companies Act.

William McAteer and Pat Whelan also face the same charges along with an additional six charges in relation to loans to six members of the Quinn family.

Mr O'Higgins said there was strong evidence that the loans were exactly the type for which Section 60 of the Companies Act existed to prevent.

It was to prevent a company lending for a purpose which would affect the share price.

What was "absolutely striking" was that it was a done deal from the beginning, he said.

He said if a director of a company is instructed by a CEO to do something against the law it does not offer "one crumb of a defence to any case".

"If a CEO tells you to do something which is illegal it is up to you to say no you can't do that."

He said even if you did not know it was illegal, ignorance of the law was no defence.

Another feature of the loans that really stood out was the lack of attention to the correct dates on the contracts for "vast, vast sums" of €60m, he said.

He added that the bank had legally committed to the lending without its credit committee approving them because the loans were not for the benefit of the borrowers, they were for the benefit of the bank.

Mr O'Higgins said Pat Whelan, an executive director and board member, was fully involved with the plan and had signed not just the loan papers but bogus credit committee documents.

He said he was "up to his neck" and must have authorised or permitted the loans.

He said Willie McAteer must have been "a genius at the modh coinníollach', the conditional tense in school because most of his answers in garda interviews were "I would have or could have".

Mr O'Higgins said these were convenient answers should evidence later emerge.

He said Mr McAteer knew all about the central feature of the scheme.

In relation to Seán Fitzpatrick, he said this was the biggest thing to happen to the bank and concerned the lending of hundreds of millions of euro.

Mr O'Higgins said he knew two crucial things, that huge lending was taking place and that the purpose of the lending was to unwind Sean Quinn’s CFD position and avert the risk to the bank's shares.

He said it was not good enough to palm it off on a compliance department.

He told the jury it must consider the evidence objectively with neither sympathy nor hostility.

There was no reasonable doubt as to whether they were guilty of the charges against them.

Lawyers for one of the three accused have told the jury the trial is not about the collapse of the banks in Ireland and they should not see the accused men as a way to get vengeance for it.

Senior Counsel Brendan Grehan has been making his closing remarks to the jury on behalf of Patrick Whelan, Anglo's former head of lending in Ireland.

Mr Whelan and Mr McAteer are also charged with giving unlawful loans to six members of Sean Quinn's family.