This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/news/world-europe-27022610

The article has changed 4 times. There is an RSS feed of changes available.

Version 0 Version 1
Anglo Irish trial: Sean FitzPatrick not guilty of illegal share scheme Anglo Irish trial: Sean FitzPatrick not guilty of illegal share scheme
(35 minutes later)
The former chairman of Anglo Irish bank has been found not guilty of illegally supporting the bank's share price.The former chairman of Anglo Irish bank has been found not guilty of illegally supporting the bank's share price.
Sean FitzPatrick, 65, was involved in making loans to 10 wealthy customers who used the money to buy shares in the bank in 2008.Sean FitzPatrick, 65, was involved in making loans to 10 wealthy customers who used the money to buy shares in the bank in 2008.
A jury found that Mr FitzPatrick's behaviour had not been illegal. Anglo collapsed in 2009, costing Irish taxpayers more than 30bn euros (£25bn).A jury found that Mr FitzPatrick's behaviour had not been illegal. Anglo collapsed in 2009, costing Irish taxpayers more than 30bn euros (£25bn).
The jury is still considering the cases against Pat Whelan and Willie McAteer.The jury is still considering the cases against Pat Whelan and Willie McAteer.
They are accused of making loans designed to illegally prop up the bank's share price. Pat Whelan, 51, of Malahide, County Dublin, and William McAteer, 63, of Rathgar, Dublin are accused of making loans designed to illegally prop up the bank's share price.
The case concerned a transaction involving the country's then richest man, Sean Quinn.The case concerned a transaction involving the country's then richest man, Sean Quinn.
He had taken a complicated financial bet which meant he, in effect, controlled 25% of the bank's shares.He had taken a complicated financial bet which meant he, in effect, controlled 25% of the bank's shares.
But Mr Quinn's bet had gone horrendously wrong.But Mr Quinn's bet had gone horrendously wrong.
There was the prospect that he would have to dump his huge shareholding on the market that would cause the bank's share price to collapse.There was the prospect that he would have to dump his huge shareholding on the market that would cause the bank's share price to collapse.
The bank's response was to get 10 of its wealthiest customers to buy the Quinn shares.The bank's response was to get 10 of its wealthiest customers to buy the Quinn shares.
The bank lent the investors the money to buy the shares - and did so on favourable terms.The bank lent the investors the money to buy the shares - and did so on favourable terms.
Loans were also provided to members of the Quinn family to take up some of the shares.Loans were also provided to members of the Quinn family to take up some of the shares.
The deal had the desired effect and helped stabilise the bank.The deal had the desired effect and helped stabilise the bank.
The prosecution argued that was a breach of company law, which prevents a firm lending to a customer with the intention of affecting its own share price.The prosecution argued that was a breach of company law, which prevents a firm lending to a customer with the intention of affecting its own share price.
The judge directed the jury that to convict they must be satisfied that the loans had not been made in the ordinary course of the bank's business, that each of the defendants knew about the scheme and did not take steps to stop it.The judge directed the jury that to convict they must be satisfied that the loans had not been made in the ordinary course of the bank's business, that each of the defendants knew about the scheme and did not take steps to stop it.
Mr FitzPatrick's barrister had argued that his client's knowledge and understanding of the scheme was limited.Mr FitzPatrick's barrister had argued that his client's knowledge and understanding of the scheme was limited.