Talks under way in action against former Anglo banker Tom Browne

Talks are under way in the High Court action against former Anglo Irish Bank executive Tom Browne over debts of some €30 million arising out of loans he got when he worked for the bank.

The case was brought by the special liquidators of Anglo's successor, Irish Bank Resolution Corporation (IBRC), for repayment of the loans.

He has counterclaimed, saying the loans were void by reason of fraudulent misrepresentation through silence by Anglo about the involvement of the Quinn Group in the ownership of the bank.

IBRC denies this and disputes his claim he was not aware of the Quinn position when he was leaving Anglo in 2007.

The case has been going on over the new Trialview videolink system for five days before Mr Justice O’Moore, and cross-examination of Mr Browne began on Wednesday afternoon.

Time for talks

On Thursday, the judge was asked to allow time for discussions.

John Rogers SC, for Mr Browne, sought a further adjournment on Thursday afternoon, until Friday, saying there had been “substantial progress” but there was another party who needed to be consulted and they could only meet their counsel later on Thursday.

Mr Justice O’Moore said he was determined the case would proceed along the timeline he had set.

“In the event the parties don’t compromise or the other party does not agree to the settlement, we are in a position to finish,” he said.

The court is considering an application by the Browne side to substitute certain scheduled witnesses with three gardaí who gave evidence in the criminal trials of former Anglo executives convicted with certain offences connected with the collapse of the bank.