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Meet the members of the Maple Ten

Anglo Irish Bank's former head of lending in Ireland Pat Whelan praised them as ten heroes. Even ...
Newstalk
Newstalk

15.51 17 Apr 2014


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Meet the members of the Maple...

Meet the members of the Maple Ten

Newstalk
Newstalk

15.51 17 Apr 2014


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Anglo Irish Bank's former head of lending in Ireland Pat Whelan praised them as ten heroes. Even Judge Martin Nolan said he was impressed with how the Maple Ten agreed to step up and help the bank and by extension the entire country in a time of need.

So who were these wealthy, loyal customers and why did each of them borrow €45 million from Anglo to buy the bank's shares on terms that would see them personally liable for 25% of the loan if the share price collapsed?

1. Sean Reilly, McGarrell Reilly Property Group

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McGarrell Reilly property group developer Sean Reilly was the first to testify at Dublin Circuit Criminal Court. He said he agreed to buy 1% of Anglo Irish Bank at a half hour meeting with David Drumm and Pat Whelan at the bank's HQ on St Stephens Green. He promised Mr Drumm not to “flood the market” with the shares.

2. Joe O'Reilly, Castlethorn Homes

Property developer Joe O'Reilly, Castlethorn Homes

Meath developer Joe O’Reilly of Castlethorn Homes is probably best known for building the Dundrum Shopping Centre. He agreed to buy shares in Anglo at a meeting with David Drumm and Pat Whelan at a restaurant in Faro, Portugal on July 6th 2008. He said he “trusted the bank” and “got good comfort that they were using one of the leading legal firms in town,” referring to Matheson Ormsby Prentice.

3. Gerard Maguire, St. Laurence Residential Ltd

Gerard Maguire was behind the development of the Laurence Town Centre in Drogheda. He was on holidays in Nice, France when he got a call from Pat Whelan who told him the bank’s shares were under attack from hedge funds. Anglo wanted people to invest in the bank “to inspire a bit of confidence and to fight off the attack.” He agreed to the deal at a two hour meeting with Mr Whelan and CEO David Drumm having been assured the transaction was legal and had the approval of the Financial Regulator.

4. Gerry Gannon, Gannon Homes

Developer Gerry Gannon pictured in 2006 arriving at the Planning Matters and Payments Tribunal, Dublin Castle, to give evidence

Long time Anglo client Gerry Gannon was told in a 'chit chat' with Anglo CEO David Drumm that an opportunity had come up to buy shares in the bank. The developer responsible for the Malahide Marina appears to have been the only member of the Maple Ten not to have been informed that the bank was anxious to unwind a large share position. He said he later bought more shares in Anglo on his own initiative as it was his belief at the time that the share price would recover.

5. John McCabe, McCabe Group

Developer John McCabe said he dealt with Anglo from the 1980s and drew down around €500 million in loans from them over the years for development purposes. Even though he had no experience in stocks and shares he agreed to buy a 1% shareholding in Anglo Irish Bank in July 2008 on the basis that the bank had been ''very good'' to him. He said he was told the deal was ''totally legal.''

6. Brian O'Farrell, N1 Property Developments

Dublin developer Brian O' Farrell proved he was a ''friend to the bank'' when he borrowed €45 million from Anglo to buy the bank's own shares despite being warned that he probably wouldn't make money on the deal. He said Anglo CEO David Drumm told him that if the ''hole wasn't plugged immediately Anglo would be gone within a week and after that they would probably drag down AIB and Bank of Ireland.” O’Farrell, of N1 Property Developments understood it to be a short term plan. The shares would be placed with an institution as soon as possible.

7. Seamus Ross, Menolly Homes

Seamus Ross of Menolly Homes, pictured in 2003, leaving the Mahon/Flood Tribunal after giving evidence

Back in 2008, before Menolly Homes went into Nama, its owner Seamus Ross was worth over a billion euro. He told the trial that he was “delighted” to assist the bank when they asked him to buy Anglo shares to help unwind businessman Sean Quinn’s 29.4% control of the bank. Asked in court about his awareness of the terms of the loan he said the recourse wasn't on his radar because his attention was “100% focused on a major court case” involving pyrite in homes he had built. When it was put to him that he “was a hard-nosed businessman” with a reputation for driving a hard deal with banks he replied “but I was also a nice fella.” 

Finally, 8, 9 & 10

Three of the Maple Ten were not called to give evidence. They are Belfast born businessmen Paddy McKillen and Patrick Kearney ( PBN Holdings Ltd), and Kildare businessman Gerard Conlon.


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