Developer claims crash forced him to leave Ireland

One of Ireland’s wealthiest boom-time developers and key Anglo customers has insisted “I too lost” because the crash forced him to emigrate to Switzerland and Abu Dhabi to repay debts.

Derek Quinlan made the claim as he admitted he stopped investing in Irish property by 2003 – but he refused to accept a property bubble existed.

The man dubbed “Europe’s realty tsar” by US media told the bank inquiry that after the crash KPMG told him to live abroad to “maximise” debt repayments.

During the boom the developer held properties worth €10bn including the Four Seasons Hotel in Ballsbridge and the iconic Savoy Hotel in London which was ultimately sold to a Saudi prince.

Mr Quinlan emigrated to Switzerland after retiring in 2009. He now lives in London and Abu Dhabi. Asked whether he “reflected on how much Quinlan Private cost the taxpayer”, the 67-year-old countered, saying “I miss Ireland, every day” because his adult children are here and argued: “I too have lost”.

Mr Quinlan earlier told Labour senator Susan O’Keeffe his firm was “not buying property in Ireland after 2003” because “other options were more attractive”. However, he refused to say a property bubble existed other than to confirm “prices fell more than anywhere else”.

He rejected Mr Higgins’ assertion that a few acres of land he bought for €32m in the early 2000s which rose to €85m due to planning permission was ‘a bubble’.

Telling the inquiry “we believed in a soft landing”, Mr Quinlan said he only realised a crash was happening when Lehman’s closed in September 2008.

Outlining the atmosphere of the time, he said developers were so sought after by banks that he knew of one “very senior” official who parked outside rival Anglo’s offices noting who arrived.

Mr Quinlan said he gave €20,000 to the Conservatives and attended “dinners and golf outings” for Fianna Fáil, Fine Gael and the PDs. However, he stressed: “I have never lobbied any politician, and that includes Mr Cowen.”