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Quinn 'must repay 2.1bn euro debts'

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Sean Quinn has been ordered to repay the rebranded Anglo-Irish Bank more than 2 billion euro

Sean Quinn has been ordered to repay the rebranded Anglo-Irish Bank more than 2 billion euro

Sean Quinn has been ordered to repay the rebranded Anglo-Irish Bank more than 2 billion euro

Bankrupt former business tycoon Sean Quinn has been ordered by an Irish court to repay the rebranded Anglo-Irish Bank more than 2.1 billion euro (£1.8 billion) in debts.

The 64-year-old has been hit with two separate judgments of 1.74 billion euro (£1.49 billion) and 416 million euro (£357 million) by the Commercial Court in Dublin over loans from the now nationalised lender.

And management at the bank, renamed the Irish Bank Resolution Corporation (IBRC), vowed to pursue Mr Quinn for the full amount even though he applied for bankruptcy in Belfast earlier this month.

The one-time cement, insurance, hotels and industrial magnate claimed he was the victim of a personal vendetta.

"Today's action by Anglo Irish Bank in my view is totally pointless, self-serving and vindictive. In no way does it improve the bank's prospects of recovering money for the taxpayer," he said.

"I have absolutely no doubt that maximising recovery is not Anglo's first priority, due to their actions over the last couple of years. It is becoming all the more apparent, that there is absolutely no regard for the wasting of public funds to pursue pointless legal appeals which is of no possible financial benefit.

"It is clear that the motivation for this appeal is to ensure that I could never possibly create another single job again in my lifetime, as they may feel that this would be a PR embarrassment that they could not afford."

The IBRC said it remained committed to fully contesting Mr Quinn's bankruptcy application in Northern Ireland.

The case goes to a full two-day hearing starting on December 19 in the High Court in Belfast, with Mr Quinn expected to attend in case a judge calls on him to clarify his bankruptcy application. He has claimed he only has 11,000 euro (£9,440) in the bank.

Mike Aynsley, chief executive of the IBRC, said: "Today's Commercial Court judgment gives clear, unambiguous recognition to the legal obligations of Mr Quinn in relation to these guarantees and that is welcomed today by IBRC. Given the massive cost to the Irish people in preventing this bank from collapse, it is imperative that we seek to recover as much of this debt as feasible for the Irish taxpayer."

PA