Advertisement

From boom to bust: the Anglo timeline

2006 - Sean Quinn begins to gamble on Anglo Irish Bank using a financial instrument called Contra...
Newstalk
Newstalk

16.08 17 Apr 2014


Share this article


From boom to bust: the Anglo t...

From boom to bust: the Anglo timeline

Newstalk
Newstalk

16.08 17 Apr 2014


Share this article


2006 - Sean Quinn begins to gamble on Anglo Irish Bank using a financial instrument called Contracts for Difference, famously described as "financial weapons of mass destruction'' by business magnate Warren Buffett.

June 2007 - Anglo Irish Bank's share price peaks at €17.53

11 September 2007 - At a meeting in the Ardboyne Hotel, Sean Quinn reveals to the horror of Anglo CEO David Drumm and the bank's Chairman Sean Fitzpatrick that he has built up a 24% stake in the bank through CFDs

Advertisement

17 March 2008 – The St Patrick's Day Massacre on the stock market sees the collapse of US bank Bear Stearns. Anglo Irish Bank's share price drops about 20% and closes at €6.95. Billionaire Sean Quinn loses around 300 million on his investment almost overnight. He is convinced to unwind his Anglo stake at a meeting with Sean Fitzpatrick and David Drumm.

Good Friday, 21 March 2008 – Patrick Neary, CEO of IFSRA says this is the date Anglo informed him about Sean Quinn's 'very worrying' CFD stake in the bank.

March to July 2008 - Project Maple begins. The global credit crisis bites and David Drumm fails to place some of Sean Quinn's Anglo holding with institutional investors despite extensive road shows in Europe, the United States and the Middle East.

July 2008 - Anglo Irish Bank's lending to the Quinn Group passes the 2 billion euro mark. The bank can no longer fund Sean Quinn's CFD margin calls without breaching banking regulations. 450 million is lent to the Maple Ten to dilute his stake in the bank. €169 million is lent to Sean Quinn's wife Patricia and their five children to go long on a further 14% of his CFD position. Investment bankers at Morgan Stanley execute the transaction.

September 2008 - In the wake of the bank guarantee Sean Quinn is told Anglo Irish Bank is in 'rude health' and he is convinced not to issue legal proceedings by David Drumm and Sean Fitzpatrick in yet another meeting in Buswells Hotel.

18 December 2008 - Sean Fitzpatrick stands down as Chairman of Anglo Irish Bank. 

31 December 2008 - Anglo Irish Bank's share drops to 17 cents, weeks before it is nationalised.

January 2009 - Anglo Irish Bank is nationalised.

February to March 2009 - Gardai seize several hundred thousand documents from Anglo Irish Bank's premises

July 2011 - Anglo Irish merged with the Irish Nationwide Building Society, forming a new company named the Irish Bank Resolution Corporation

July 2012 - The three accused appear before Dublin District Court charged with breaching company law by providing unlawful financial assistance to the Maple Ten and 6 members of Sean Quinn's family in July 2008

31 January 2014 - A jury is sworn in for the trial of Anglo Irish Bank's former Chairman Sean Fitzpatrick, former Finance Director Willie McAteer and former head of lending in Ireland Pat Whelan on charges of providing unlawful financial to 16 individuals to buy Anglo shares.

25 March 2014 - Starbucks Coffee sign erected at Anglo's former headquarters on St Stephen's Green

9 April 2014 - Judge Martin Nolan directs that Sean Fitzpatrick is to be acquitted on 6 charges and that Pat Whelan is to be cleared on 7 separate charges of being privy to the fraudulent alteration of loan facility letters.

16 April 2014 - Former Anglo Chairman Sean FitzPatrick is acquitted on all ten charges against him. He walked free from court having made a statement asking the media to protect his family’s privacy. 
 
17 April 2014The jury finds Willie McAteer and Pat Whelan guilty of providing illegal loans to ten individuals to buy shares in the bankThe jury acquits them of six charges each of lending money to the Quinn family. The trial has lasted 48 days and is a result of the biggest fraud investigation in Irish history. It's also the first time an enlarged jury of 15 heard has been used.
 

 


Share this article


Read more about

News

Most Popular