IBRC will keep €50m to pay Quinn costs if needed

The special liquidators of Irish Bank Resolution Corporation (IBRC) have agreed to “ring-fence” €50m in cash to pay the legal costs of Sean Quinn’s family if the bank loses its action alleging they and others conspired to put assets in their international property group beyond its reach.

Lawyers for the Quinns had said it was unclear whether the €50m was intended as a fund to meet the legal costs of their case alone or all 840 cases in which the former Anglo Irish bank is involved.

The full hearing of the bank’s case against the family, plus the hearing of their own action alleging they are not liable for €2.34bn loans made to Quinn companies, remain parked pending the outcome of criminal proceedings against former executives of Anglo.