Quinn denies it needs €700m rescue package

THE Quinn Group late last night denied it needed €700m in cash to meet the solvency requirements of the financial regulator.

The group made the statement after it emerged Anglo Irish Bank wants to pump €700 million into Quinn Insurance as part of a financial restructuring package.

Anglo Irish Bank, which is owed €2.8 billion by the Quinn family has proposed taking control of the business – a plan the Financial Regular is understood not to be in favour of.