Monday 20 November 2017

'Do you think . . . em . . . Sean Quinn is still a wealthy man?'

Gavin Sheridan and Tom Lyons

John Bowe: Well you could be very negative, couldn't you?

John Bowe: Well you could be very negative, couldn't you?

David Lyon: I don't know how much more negative you can be.

Bowe: Well, you could go back to soup kitchens. In theory, we are just in a sort of very negative spiral at the moment.

Lyon: That's right.

Bowe: And it's, the optimist in me says you know there has still a lot of wealth that has been created, even if assets devalue that the man in the street, as long as he's got his job, is going to feel philosophical about it.

Lyon: Well, as a long as he's got his job. The job cuts are only just starting.

Bowe: Well, what is interesting about this particular cycle is that the job cuts are coming much later in the cycle than they normally would.

Lyon: Hmm.

Bowe: But I think now retail spending seems to be the new battleground.

Lyon: Yeah, well it is diving over here.

Bowe then discusses getting additional funding from Barclays off the back of the State bank guarantee. Both men discuss how hard it will be for all Irish banks to get funding going forward and the challenges for the National Treasury Management Agency of raising more money to fund the country.

Suddenly, Bowe interjects – something seems to be breaking.

Bowe: Have you seen RTE, www.rte?

Lyon: Ahmm.

Bowe: Have you seen that? Have you got your computer in front of you?

Lyon: Do let me open it up.

Bowe: OK,

Lyon: Yeah.

Bowe: And click the business tab.

Lyon: Oh, Sean Quinn steps down. My goodness, my goodness. Yeah. My goodness. It was always going to be something like this wasn't it.

Bowe: Yeah.

Lyon: Do you think, em, Sean Quinn is still a wealthy man?

Bowe: Yes, yes.

Lyon: [Laughs.]

Bowe: In my terms and your terms he is a wealthy man.

Lyon: Yeah.

Bowe: He put a big chunk into it [Anglo] in the last 12 months.

Four years later, Quinn would be declared bankrupt in the High Court in Dublin on January 16, 2012. Unable to repay debts of €2bn to Anglo, Ireland's once richest man was bust.

Sunday Independent

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