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Major Irish bank unhappy at regulator's role in Quinn loan talks
July 30, 2010
Anglo Irish Bank believed the Financial Regulator had a conflict of interest in May 2008 in pressing the bank to reduce its loans to businessman Sean Quinn while urging it to release him from a guarantee that was affecting the financial position of Quinn Insurance.
Internal bank records dating from January 2009 - prior to the nationalisation of the bank - show that Anglo's former management team felt that the regulator was concerned in May 2008 about potential issues with the insurer, which was also a regulated entity.
At the time, Anglo was working closely with the regulator on the unwinding of Mr Quinn's indirect 28 per cent interest in the bank which he had secretly amassed through contracts for difference (CFD), a form of share derivative.
Original Posting At: IrishTimes
Internal bank records dating from January 2009 - prior to the nationalisation of the bank - show that Anglo's former management team felt that the regulator was concerned in May 2008 about potential issues with the insurer, which was also a regulated entity.
At the time, Anglo was working closely with the regulator on the unwinding of Mr Quinn's indirect 28 per cent interest in the bank which he had secretly amassed through contracts for difference (CFD), a form of share derivative.
Original Posting At: IrishTimes
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