Dukes: Current Quinn Insurance proposal the best way forward

Anglo Irish Bank chairman Alan Dukes has insisted the plan on the table for Quinn Insurance is more "bankable" than any other proposal.

It was revealed yesterday that a joint venture between Anglo and US insurer Liberty Mutual is the preferred bidder for the business arm of the Quinn Group.

Alan Dukes said an internal proposal on the future of Quinn Insurance was not suitable.

He said Anglo Irish Bank would have had to put up €600m to fund the internal plan, which it was not in a position to do.

"It was a proposal that could not be financed and therefore could not be pursued," he said.

Of the joint venture with Liberty Mutual, he said: "We believe it will solidify the position of the insurance company, maintain the employment and is much more bankable than any other proposal that I've seen."