Saturday 10 December 2016

Timeline of Quinns' financial turmoil

Published 15/04/2010 | 16:15

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2007:

:: The Quinn family invest heavily in now nationalised Anglo Irish Bank. The holdings, eventually 28pc of the lender, are built privately using complicated and risky stock deals known as contracts for difference.

2008:

:: January - The Sunday Times Rich List estimates Sean Quinn's personal worth at €4.72bn.

:: July - Ten Anglo "golden circle" clients are secretly approached to borrow €450m from the bank, to buy shares in the bank, to support its struggling share price.

:: October 24 - Mr Quinn is fined €200,000 and stands down as chairman of Quinn Insurance after breaching corporate rules by using money from a business to cover costs from the complex but ultimately doomed Anglo share deal.

The insurance firm is fined a record €3.25m.

2009:

:: January 14 - Anglo is nationalised with the €2.8bn Quinn family debts on its books.

2010:

:: March 30 - New regulator Matthew Elderfield puts Quinn Insurance in administration, one of the strongest divisions of the Quinn empire. He claims the business is being run outside strict solvency rules.

:: March 31 - Sean Quinn says the regulator's sums are wrong amid claims the insurance wing has a €448m black hole in its books. Quinn says it needs just €150m.

:: April 1 - Taoiseach Brian Cowen and Sean Quinn speak by phone at the tycoon's request.

:: April 6 - Thousands of workers and Quinn supporters attend rallies in Dublin and Cavan in support of the group and its employees.

:: April 9 - State-owned Anglo moves in to strike a deal with the regulator and potentially invest €700m of taxpayers' money in Quinn Insurance - in one move it could secure the firm's future and potentially the €3bn debt Anglo is chasing.

Press Association

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