Anglo chief's trial continues with Sean Quinn to take stand

Day three of the trial of former Anglo Irish Bank directors Sean FitzPatrick, Pat Whelan and William McAteer is progressing swiftly with four witnesses called already and 99 remaining.

Again it’s standing room only in Court 19.

This may be because one of the most recognisable names on the witness list, Sean Quinn, is expected to give evidence today.

The Cavan businessman is already in court and sitting behind the jury box. He will have to wait until later to take the stand however as his former CEO, Liam McCaffery, is still been cross-examined by counsel for Pat Whelan.

Mr McCaffery is continuing to explain the large amounts of money Mr Quinn had to pay out in “margin calls” when his investment position in Anglo began to go wrong.

Mr McCaffery agreed with Brendan Grehan SC that Mr Quinn was willing to take money from all the various Quinn companies to fund these margin calls.

The witness has also confirmed that in February 2008 the Financial Authority was unhappy with Mr Quinn over his financial management of inter-company loans used to fund the margin calls.

Mr McCaffery agreed that Mr Quinn was fined a record €3.5 million by the regulator for this.