Quinn: Anglo chiefs were surprised, not shocked at size of stake

SEAN QUINN has disputed claims by former Anglo Irish Bank chairman Sean FitzPatrick that he was shocked to discover the scale of the businessman’s ultimately disastrous investment in the bank.

Mr Quinn, who was declared bankrupt this week following an application to the High Court by Anglo, now known as Irish Bank Resolution Corporation, said FitzPatrick and Anglo’s then chief executive, David Drumm, were surprised to discover in late 2007 that he effectively owned 25% of the bank, but not as alarmed as they have since claimed.

Mr FitzPatrick said last year that his first reaction to the news, revealed at a meeting with Mr Quinn in September 2007, was negative and that it led to “raised voices”.