There is an “overwhelming risk” the criminal trials of former Anglo Irish Bank executives could be compromised if the Quinn family’s civil action against IBRC aimed at avoiding liability for €2.34 billion in loans is heard first, the DPP told the Commercial Court yesterday.
Paul O’Higgins SC, for the DPP, said there was no question that the criminal trials would be affected and the civil case should “properly yield place to the one that would be absolutely affected”.
He was making arguments on behalf of the DPP in an application by Anglo’s successor, IBRC, to lift a stay granted last June to the DPP permitting a deferral of the Quinn case to January in light of criminal proceedings against various executives and officials of Anglo.
Martin Hayden SC, for the Quinns, said they wanted their action to be heard as soon as possible and did not want to be restrained in relation to presenting their case.
The Quinn case was put off to January 2016 in the context of criminal proceedings against former Anglo chairman Sean FitzPatrick (pictured), due to start last October but since deferred to late May 2016.
Asked by Mr Justice Robert Haughton what the DPP wanted, Mr O’Higgins said the director wanted the Quinn civil action deferred until after the trial of Mr FitzPatrick, due to start at the end of May.
Even though the further trial of two other executives is scheduled for January 2017, that was a “more discreet” case not at the same level as other trials.
When asked by the judge if he meant a deferral of the Quinn case to October/November next year, Mr O’Higgins said that was anticipated. The judge will give his decision next week.