Belfast Telegraph

Thursday 18 September 2014

Quinn family vows to repay all debts owed by the embattled group

Sean Quinn

The family of Co Fermanagh businessman Sean Quinn has said it is committed to repaying all its debts.

The board of the insurance-to-cement Quinn group - effectively Mr Quinn's family - was responding to newspaper reports that nationalised Anglo Irish Bank had written off €2.3bn of the €3bn owed by the Derrylin-born tycoon and his family.

The statement on the Quinn Group website yesterday said: "In light of recent media comment, the Quinn family would like to reaffirm its commitment to repay all debt that it owes.

"It has not sought, or been offered as part of any consensual restructuring of the family's indebtedness, any write-off whatsoever of any of the debt due.

"This has been the unequivocal and consistent position of the Quinn family from the outset and remains its firm commitment to the Irish taxpayer."

The family also said a proposal from Anglo Irish Bank to take over Quinn Insurance, which was placed into administration in April, would generate substantial returns.

"The family believes that if the proposal is implemented, repayment to the Irish taxpayer will be fully achieved," the statement said.

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