Profile: Gerard Maguire

Gerard Maguire: developer

Gerard Maguire: developer

Fri, Feb 14, 2014, 01:00

Gerard Maguire was the third of the Maple 10 to visit the witness stand.

The court heard he was a property developer for some 30 years before the 2008 Maple transaction and that his work largely focused on the northeast region, having pulled out of Dublin in 1998.

Mr Maguire told the court he and his company Parolen had been customers of Anglo Irish Bank since 1995.

He had known Pat Whelan for a similar length and “had time” for him.

While on holidays in Nice in the south of France in July 2008, Mr Maguire said he received a call from his office to say Mr Whelan was seeking to get in touch.

He returned the call and Mr Whelan told him he was seeking his assistance.

Anglo’s share price was coming under pressure as a result of the actions of hedge funds and, having failed to secure institutional investment, it was seeking individuals to invest and inspire confidence in the bank.

Mr Maguire offered to return to Dublin but Mr Whelan said he and David Drumm would come out to him in France the following day.

Mr Maguire said he was not a regular share investor but he was aware Anglo stock was under pressure.

He had seen some 450,000 Anglo shares he bought with personal savings and borrowings the previous year as part of a pension plan fall in value from about €13.50 to €5.30 in the space of eight months.

He had previously bought and sold Anglo shares in 2006 and had turned a profit.