It is believed that the Anglo Irish Bank gave out loans to a select group of people, who in return bought shares in the bank as its share price fell in 2008.

The bank gave loans to the family members of former billionaire Sean Quinn as it tried to build up stake in the bank. The bank lent money to 16 people including six Quinn family members in order to unwind Sean Quinn's 25 per cent share in Anglo.

The former chairman of Anglo and its former head of lending have admitted that the bank lend money to people to buy shares in the bank. Sean FitzPatrick, 65, Patrick Whelan, 51, and William McAteer, 63, have pleaded not guilty of lending money to people to buy shares in the bank when the shares fell in 2008.

Whelan is facing seven charges of fraudulently changing loan facility letters that were related to share purchases sent to seven borrowers. FitzPatrick admitted to being a non-executive director of the bank and that the loans were made to unwind Sean Quinn's stake in Anglo during the opening day at Dublin Circuit Criminal Court.