Court orders Quinn to pay €1.6bn to former Anglo Irish Bank

The Commercial Court has ordered Sean Quinn to pay around €1.6bn to the former Anglo Irish Bank.

The Commercial Court has today ordered Sean Quinn to pay around €1.6bn to the former Anglo Irish Bank.

Last week, Irish Bank Resolution Corporation secured summary judgment orders for a further €400m from the businessman.

Around €3m of the debt relates to a personal loan taken out in 2006 by Sean Quinn and his wife Patricia.

The rest relates to personal guarantees on unpaid loans issued to the Quinn Group to finance ventures across the world.

Having already been declared a bankrupt in the North, Mr Quinn was not legally represented in court and lawyers for the official receiver indicated they did not wish to take part in today's proceedings.

They informed the court that the receiver, in line with his duties, had afforded Mr Quinn an opportunity to take part in the case, but this offer was turned down earlier today.