Anglo Irish confirms Quinn Insurance move

ANGLO Irish Bank has formally joined the race to take control of Quinn Insurance (QIL) by lodging an expression of interest ahead of yesterday evening’s bid deadline.

The nationalised bank has for some time been linked with some kind of takeover approach for the entire Quinn Group, given that it is directly owed €2.8bn by the Quinn family. Yesterday was the deadline for bids for QIL, which went into administration earlier this year.

International investment bank Macquarie is overseeing the sales process and although it was not commenting on matters yesterday, it is thought that between 20 and 30 bids were likely from a number of leading Irish and international insurance companies.

However, Anglo confirmed its move, stating further that it is undertaking “detailed work on a proposal designed to preserve and enhance value in Quinn Insurance and to maximise recovery of debts owed to the bank”.

It added: “This is in the best interests of the bank and the taxpayer. Management will continue to liaise with the Financial Regulator and the Department of Finance during the process, to keep them appraised of the bank’s approach.”

The pro-Quinn lobby group Concerned Irish Businesses, which on Thursday called for the Government to push an Anglo-related solution rather than let QIL fall into foreign hands and risk further job losses, has cautiously welcomed Anglo’s move.