Sunday 28 May 2017

Bank chief condemns attacks on Quinn boss

INDUSTRY

Laura Noonan

Laura Noonan

ANGLO Irish Bank chief executive Mike Aynsley yesterday said he "fully condemned" recent attacks against Quinn Group chief executive Paul O'Brien, and called on "everyone" to get behind the group's new ownership.

The comments came as Anglo revealed that the Quinn Group would get a further influx of new management in mid-October, when a deal to transfer ownership to Anglo and a group of bondholders came into full effect.

Anglo also used yesterday's press announcement to mount a spirited defence of the spate of legal actions the bank is embroiled in with the Quinns, insisting the taxpayer "has the right to expect" the bank to pursue debts "vigorously".

Anglo seized control of the Quinn Group in April, enforcing some of the guarantees behind €2.8bn worth of loans to the Quinn family.

The bank also took control of the Quinn family's €500m international property empire, and sealed a deal to take over Quinn Insurance in partnership with US Liberty Mutual. The Quinn Group deal has met with significant local hostility, including a host of sabotage attacks that culminated in a recent attack on the home of Mr O'Brien, when his car was set alight.

"We fully condemn it," Mr Aynsley said yesterday.

"The most productive path is for everyone to focus on making these strong performing businesses stronger and better performing."

Richard Woodhouse, the Anglo executive handling the Quinn case, said the manufacturing businesses were "fundamentally strong" but "trading in difficult circumstances".

Irish Independent

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