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Thursday 22 February 2018

Anglo 'will force Quinn family to reveal assets'


ANGLO Irish Bank will go to court to force broken tycoon Sean Quinn and his wife and family to deliver a statement of their assets and liabilities if they refuse to provide it voluntarily.

The Sunday Independent understands from informed sources that while the information has already been requested from Mr Quinn, he has so far failed to provide it, or commit to providing it in the future.

A spokesman for the Quinn family last night denied that Anglo Irish Bank had made the request.

That denial, however, is at variance with the information flowing from informed sources at the bank, who insisted to this newspaper that Anglo's efforts to ascertain Mr Quinn's assets, liabilities and net worth were already under way.

The same sources said that the bank was prepared to bring Mr Quinn and his family to court to obtain the information as part of a determined effort to recover as much as possible of the €2.8bn they owe Anglo Irish Bank personally.

The Sunday Independent further understands that Mr Quinn gave wide-ranging personal guarantees on his massive borrowings which, if called upon, could see the former billionaire lose his substantial family home in Ballyconnell, Co Cavan.

While a request for a statement of assets and liabilities is standard practice for financial institutions seeking to recover money owed by their debtors, the pursuit of Mr Quinn has taken on a much larger significance among the Irish public, who have been called upon to shoulder the massive financial burden of Anglo Irish Bank.

Only last Thursday, the administrators of Quinn Insurance announced losses of €706m for 2009, the last full year in which members of the Quinn family were in control of its operation.

With Quinn Insurance's new owners -- Liberty Mutual and Anglo Irish Bank -- refusing to take on these and other liabilities, the shortfall will have to be met with monies drawn from the Insurance Compensation Fund, drawn from a levy on other insurers.

That levy will, in turn, potentially see holders of non-life insurance policies having to pay out up to 2 per cent more on their annual premiums for at least the next decade.

Sunday Independent

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