Maple 10 investor in
He said he was told the
His main reason for getting involved, he said, was that he wanted to co-operate with the bank and to keep doing business with it.
"I was anxious to help when I was asked," he said. "The bank had been very good to me."
These loans were typically at interest rates of between 1.5 and 3 per cent.
The Anglo figures told him that a major investor controlled 25 per cent of Anglo shares and was only willing to redeem 15 per cent. He was later told the identity of this investor.
He was told the bank was looking for four or five long-term clients to buy the remaining 10 per cent of the stock. They wanted
They discussed him borrowing about €60 million to buy the shares, with 25 per cent recourse applying to him over the loan.
"I made all the inquiries I could and was happy with what I heard from those two gentlemen," he said.
He said his main reason for getting involved was that he wanted to co-operate with the bank and to keep doing business with it.
After a meeting that he thought may have lasted about an hour, he agreed to the proposal and signed a facility letter.
He agreed that he made a Garda statement on the matter over three years after these events occurred and had to rely on documents for a lot of the details.
The trial continues.
Most Popular Stories
- Obama Administration Releases Proposal to Regulate For-Profit Colleges
- Apple, HP, Intel May Take a Hit from Slowdown in Smartphone Sales Growth
- Elizabeth Vargas' Husband Marc Cohn Addresses Rumors
- Keurig Adds Peet's coffee, Alters Starbucks deal
- U.S. to Relinquish Gov't Control Over Internet
- Motley Crue's Nikki Sixx Marries Model Courtney Bingham
- FDIC Files Lawsuit on Behalf of Banks Allegedly Hurt by Libor Scandal
- Chinese e-Commerce Giant Alibaba Gears for IPO in U.S.
- Some California Cities Seeking Water Independence
- Quiznos Files for Chapter 11