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Willie McAteer leaving the Dublin Circuit Criminal Court this afternoon. Sam Boal

Here's what the judge in the Anglo trial had to say about the Financial Regulator

Hint: It wasn’t good.

IN DECIDING THAT Pat Whelan and Willie McAteer should not receive a custodial sentence, Judge Martin Nolan made a concise 20 minute judgement, much of it focusing on what he saw as failings by the Financial Regulator.

“By not taking action on Anglo they gave a green light to providing shares to lending for the purpose of share purchase,” he said amid numerous references.

Here are some more of the withering things he had to say:

It seems to me incredible that the regulator did not take advice from other state agencies.
I find it incredible that red lights didn’t go off in the office.
It seems to me that (Con) Horan and (Pat) Neary were more eager to solve the problem (Sean Quinn’s stake) than deal with legalities of law…….they felt their primary role was to ensure safety of the bank.
I am totally surprised that the regulator did not give some warning to Anglo Irish Bank.

Former CEO of the financial regulator Pat Neary and prudential director Con Horan both gave evidence at the trial.

The judge said that, “Mr Horan was candid and did his best” during the course of this evidence but that Neary “seems to have limited recall” and “difficulty in recalling several events”.

Adding that it seemed “the situation in Anglo both frightened and disturbed Mr Horan”.

Neary told the court last month that when he met Sean Quinn in January 2008 he “didn’t ask him straight-up” about his holdings in Anglo Irish Bank despite knowing about concerns since the previous autumn. He didn’t do so because he “didn’t think it was appropriate”.

Anglo Court Cases Patrick Neary arriving to give evidence last month. Laura Hutton / Photocall Ireland Laura Hutton / Photocall Ireland / Photocall Ireland

Legal advice

On the issue of the legal advice the men may or may not have been given by Matheson Ormsby Prentice, the judge said that it was not necessary for him to make up his mind on what advice witness and solicitor Robert Heron thought he gave.

Rather, “what’s important is what Whelan and McAteer thought”, noting however that, “I cannot be certain the Whelan or McAteeer knew there were in breach of S60, but they were nonetheless in breach”.

Ignorance of the law is not a defence when charged with a crime but it can be considered in mitigation when deciding on a sentence.

Referencing the regulator, Judge Nolan said that it would be ‘unjust’ to impose prison sentences on the Anglo pair because a State agency “led them into error and illegality”.

The judge also spoke about former CEO David Drumm during the judgement, saying:

“I’ve also come to the conclusion that David Drumm was the instigator and author of the scheme.”

Read: No jail time for convicted Anglo pair, judge says prison sentences would be ‘incredibly unjust’ >

Read: Ireland sees first bankers convicted of giving illegal loans >

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    Mute conri
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    Feb 23rd 2016, 8:06 PM

    Get well soon Ceejay

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    Mute Paddy o'brien
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    Feb 23rd 2016, 11:48 PM

    This story proves that all we humanoids are really children

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    Mute Seán J. Troy
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    Feb 23rd 2016, 8:02 PM

    We need more of this in the world.

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    Mute Johnneary
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    Feb 23rd 2016, 8:47 PM
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    Mute jenni
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    Feb 23rd 2016, 8:11 PM

    Oh what a nice reason to smile..well done Garda Ceejay. Get well soon.

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    Mute Mark Ryan
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    Feb 23rd 2016, 8:33 PM

    Beautiful tribute! Fair play to the Gardai and other police forces. It often goes unnoticed just how much charity work and work they do in their communities. And best of luck to young ceejay!

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    Mute The Girl
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    Feb 23rd 2016, 8:03 PM

    Keep fighting lil man and get well soon.

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    Mute Fear Uisce
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    Feb 23rd 2016, 8:05 PM

    The future looks bright for the force. Get well soon little man

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    Mute ken
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    Feb 23rd 2016, 8:09 PM

    Good man, Ceejay

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    Mute Patrick
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    Feb 23rd 2016, 8:08 PM

    Ceejay…hero! Get well little man

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    Mute Catherine Mc
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    Feb 23rd 2016, 8:18 PM

    Wiping away the tears how beautifully sweet, get well soon little man.

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    Mute Cathal P Forde
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    Feb 23rd 2016, 8:34 PM

    This is a great article, great to know people around the world care. Get well Ceejay, you will make a great Garda

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    Mute Meehawwl O'Buachailla
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    Feb 23rd 2016, 8:52 PM

    Ahh janey mackers….in such a cynical world these days some stories do melt your heart sometimes. Top work by all who sent him these messages. Get well soon Ceejay lad. :)

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    Mute Deborah Behan
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    Feb 23rd 2016, 8:34 PM

    Well done Sargent Ceejay, get well soon.

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    Mute Jimmy Murphy
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    Feb 23rd 2016, 8:46 PM

    Superb story. Best of luck young man.

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    Mute Jenny Reid
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    Feb 23rd 2016, 8:46 PM

    What a brave wee man x

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    Mute Mary Murphy
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    Feb 23rd 2016, 9:29 PM

    Well done to all the police family. Now Ceejay go kick some ass xx

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    Mute Peter Daly
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    Feb 23rd 2016, 9:45 PM

    Best wishes Garda McArdle.
    Showing great bravery, like any great cop.

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    Mute Alan O Reilly
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    Feb 23rd 2016, 9:37 PM

    Ah God,best of luck wee man.

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    Mute Kerry Blake
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    Feb 23rd 2016, 10:53 PM

    Ceejay stay on patrol my man!

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    Mute Gerry Campbell
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    Feb 24th 2016, 1:01 PM

    Just brilliant , get well soon..

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