Tuesday 25 July 2017

Quinn family 'has opened discussions' with Anglo

Laura Noonan

Laura Noonan

SEAN Quinn has yet to engage with Anglo Irish Bank on the resolution of his outstanding debts -- but his family has "commenced discussions", the bank's chief executive Mike Aynsley said last night.

The comments came as a spokesman for the Quinn family insisted that no invite to meet Anglo to discuss the debt situation had been communicated to any of the Quinns or their advisers.

"At the conclusion of our meeting with Sean Quinn last Thursday we asked him to consider a document we provided him with, and to contact us when he was ready to commence discussions," Mr Aynsley said.

"Since then we have not heard from Sean Quinn, but we have commenced discussions with the Quinn family through our respective counsels.

"Additionally, we have contacted Sean Quinn through other parties to re-iterate our interest in talking to him when he is ready."

Mr Aynsley added that the bank remains "fully open to discussions with Sean Quinn".

But Mr Quinn's family spokesman insisted it was "totally untrue" to say that Anglo had offered to meet Mr Quinn or his family. He later added that his statement "still stands" -- despite Mr Aynsley's comments.

The spokesman did not respond to queries on whether Mr Quinn was "open" to meeting with Anglo to develop a co-operative approach to deal with outstanding debt.

Empire

Efforts to resolve the debt situation come a week after Anglo seized control of Mr Quinn's manufacturing empire, as well as his property and leisure interests in Ireland and abroad.

The state-owned bank has also been named as preferred bidder for Quinn Insurance, which it is set to take over in a joint deal with US insurance giant Liberty Mutual.

In a statement issued earlier this week, Mr Quinn insisted he and his advisers had devised a proposal that would have allowed them to "discharge fully" all of the Quinn family's loans.

Anglo, however, has described the plan as "unbankable".

Irish Independent

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