Quinn ordered to repay €417m in Anglo debt

Businessman Sean Quinn has been ordered to repay debts of over €400m to the Irish Bank Resolution Corporation (IBRC), formerly Anglo Irish Bank.

The bank today secured summary judgment orders in the Commercial Court against Mr Quinn, who was recently declared bankrupt in Belfast. The €417m sum however represent only a fifth of the monies the bank claims it is owed by Mr Quinn.

Mr Justice Peter Kelly made the ruling in the bank's favour noting that the businessman had admitted the liabilities which arose from guarantees on loans issued to the Quinn Group.

The judge said he was inclined to make a ruling on the remaining €1.6bn allegedly owed by Mr Quinn.

However he has put it back because of a row over Mr Quinn being declared bankrupt in the North.

IBRC wants the bankruptcy annulled claiming the businessman's interests are on this side of the border.

The case will return to court in Dublin on Monday.