Sean Quinn has told the Anglo trial that the bank's former chief executive was "very disappointed" after discovering he had a huge stake in the company.
The bankrupt businessman has been giving evidence in the trial of three former executives accused of providing unlawful loans in July 2008.
Sean Quinn said he felt Anglo was a "marvellous institution" when he began to hoover up shares in 2006 through Contracts for Difference.
By the time he met with Anglo's former CEO David Drumm in September 2007, he had a 24pc shareholding in the former bank.
At that meeting, he told the court that Mr. Drumm and his former Chairman Sean Fitzpatrick were "disappointed" with his high stake.
He insists they asked him to reduce his shareholding to single digits once the share price recovered and he agreed to do so.
Between September 2007 and the end of that year, Mr. Quinn was forking out 100s of millions of euro as the share price continued to drop.
The demand for so-called "Margin Calls" from his broker became "extreme" in March 2008 when Anglo's share price dropped by around 30pc.
A plan to unwind his position was then put forward, and while Mr. Quinn says he "wasn't best pleased" with it, he reluctantly agreed to sell his stake.
Mr. Quinn has drawn a few laughs from those gathered in the packed courtroom.
After being described as Ireland's former richest man who featured in the Forbes magazine's rich list, he simply said "How times can change".
