Quinns ‘committed’ to paying Anglo debt

THE Quinn family has said it is “committed” to paying off all the debt it owes and has never sought to have any of its debts written off.

The statement follows media reports that Anglo Irish Bank has written off €2.3 billion of the almost €3bn owed by businessman Seán Quinn and his family.

“In light of recent media comment, the Quinn family would like to reaffirm its commitment to repay all debt that it owes.

“It has not sought, or been offered as part of any consensual restructuring of the family’s indebtedness, any write-off whatsoever of any of the debt due.

“This has been the unequivocal and consistent position of the Quinn family from the outset and remains its firm commitment to the Irish taxpayer,” said the statement.

The Fermanagh-born businessman and his family borrowed the money from Anglo Irish Bank, but that debt is now essentially owed to the Irish taxpayer since the bank was nationalised early last year.

In the statement, the Quinn family also said that a proposal from Anglo Irish Bank to take over Quinn Insurance would generate substantial returns.

“A significant element of the repayment of debt will result from a realisation of substantial returns from Quinn Insurance Limited. These will be generated under the proposal being considered by Anglo Irish Bank which is using highly reputable and internationally acknowledged financial advisers to independently assess and verify this proposal.

“The family believes that if the proposal is implemented repayment to the Irish taxpayer will be fully achieved.”

Seán Quinn, once Ireland’s richest man, was a long-standing customer of Anglo prior to its downfall. His debts arose mainly due to his purchase of a stake of more than 20% in Anglo via contracts for difference. The investment became worthless after Anglo was nationalised early last year.

However, before the bank was nationalised, Mr Quinn offloaded half his stake to 10 major clients of the bank. Anglo lent the clients the funds to buy the shares. The circumstances surrounding this set of transactions are currently under investigation.