Dukes: Anglo will recover less than half of Quinn loans

THE chairman of Anglo Irish Bank Alan Dukes said he expects the bank to get back less than half of the €2.8 billion it is owed by the Quinn family.

Mr Dukes said, however, that the deal with US insurer Liberty Mutual ensures that the Irish taxpayer will do much better than if this arrangement had not been put in place.

Without the lifting of guarantees within the wider Quinn group that involved the insurance business, he said, it would not have been possible to put the joint venture in place to recover at least some of the monies owed by Sean Quinn and his family to Anglo.