Belfast Telegraph

Bank share claims denied by Quinn

Former tycoon Sean Quinn has denied his gamble on shares in the former Anglo Irish Bank collapsed the rogue lender and Ireland's banking system.

The bankrupt ex-billionaire refuted suggestions his secret buying of a 25% stake in the bank led to Ireland's 61 billion euro bank bailout.

Quinn agreed his actions helped to destabilise Anglo earlier than it would have happened.

He said: "If you're asking me, did we have anything to do with the failure of Anglo, definitely not. As regards losing 33 billion euro, we had zero effect on that."

Quinn said he would not accept any responsibility for the Government's controversial bank guarantee in September 2008.

"All of the Irish banks went bankrupt and all of the banks working in Ireland, the Lloyds and Ulsters and that, they all lost a fortune in Ireland," he told RTE's This Week. "The bank guarantee was needed for all of the banks... maybe Anglo was the worst of the three. Sean Quinn had nothing to do with the overall losses in the banking system."

State-owned Anglo, rebranded as the Irish Bank Resolution Corporation, is chasing the Quinns for 2.8 billion euro in debts. The family disputes 2.3 billion euro, claiming the loans were illegal.

Quinn openly admitted they did everything in their power to move assets from under Anglo's nose as he fought back and accused the lender of "daylight robbery" as it tried to take control of up to four billion euro worth of assets.

His son, Sean junior, is serving three months in jail for contempt of court after trying to hide 500 million euro of property assets.

His nephew Peter Darragh Quinn was also jailed but fled and was photographed with his father, former Gaelic Athletic Association president Peter Quinn, at a match on Friday.


From Belfast Telegraph