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Anglo Irish threesome go on trial in Dublin

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Anglo Irish threesome go on trial in Dublin

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Three former executives of Ireland’s collapsed Anglo Irish Bank have gone on trial.

CEO Sean Fitzpatrick, Pat Whelan and Willie McAteer face charges of unlawfully providing financial assistance.

They are the first Irish bankers to face criminal charges for their alleged role in the country’s financial crisis.

The three are accused of having provided loans to favoured clients for the purpose of buying shares in the now defunct bank. The idea was to boost the stock price during the credit crunch.

Ireland’s parliament eventually voted to liquidate Anglo Irish.

The country’s banking crisis cost the taxpayers more than 60 billion euros and forced the government to take out an emergency package from the European Union and International Monetary Fund.

The three could face up to five years in prison.