In July of 2008, two directors of Anglo Irish Bank flew to Nice in the south of France to meet the property developer Gerard ‘Gerry’ Maguire to convince him to buy shares in the bank. Those were desperate times – the bank faced collapsing as hedge funds shorted its stock and the Irish property bubble started to burst. Maguire, a low-profile property investor, listened for two hours and agreed to the proposal being put to him by the bank’s chief executive David Drumm and senior executive Pat Whelan. Anglo would provide Maguire with a loan facility of €60 million to…

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