Bleak outlook for Quinn group

Anglo Irish Bank, now known as Irish Bank Resolution Corporation, appointed a share receiver to the whole Quinn Group, and its Northern Ireland registered subsidiary, in April 2011.

The financial figures are quoted here in €m. The scale of the turnover, losses and capital impairment are large by any other local comparative standards.

In April 2011, control of this company, its parent and subsidiaries, was taken by the successor company to Anglo Irish Bank, the IBRC.

The table above shows the results of the Northern Ireland registered company, which consolidated the results where Sean Quinn and his family owned a large number of businesses in several sectors across Europe. The Northern Ireland company remains a wholly owned subsidiary of the Irish registered Quinn Group.

Over 45 of the companies, including (until March 2010) the insurance companies, as well as health care, building materials and cement, glass, plastics, heating equipment, hotels, pubs and leisure facilities, are consolidated into this Northern Ireland holding company. The subsidiary companies included six hotels, pubs and leisure facilities.

The emerging picture of heavy loss making in Quinn Insurance was evidenced in the accounts for 2009.

The operating loss, after loan provisions and impairment charges in 2009, was €644m. In 2010, this reduced for the one quarter to €85m.

The non-insurance businesses in 2009 had an operating loss of €244m when adjusted for loan provisions and impairment charges of €274m.

In 2010, this group of businesses recorded an operating loss of €255m after exceptional charges of €255m.