IBRC to 'ring-fence' €50m for costs in Quinn case
IRISH Bank Resolution Corporation (IBRC) will "ring-fence" €50m to pay the legal costs of members of Sean Quinn's family if the bank loses its action alleging they and others conspired to put assets beyond its reach, a court has heard.
Lawyers for the Quinns had expressed concerns over whether the €50m was intended as a fund to meet the legal costs of their case alone or all 840 cases in which IBRC, the former Anglo Irish Bank, is involved.
While the estimated costs of what is referred to as IBRC's "conspiracy" case in Ireland were described yesterday by Mr Justice Peter Kelly as "vastly below" the €50m sum, IBRC has also incurred what are believed to be multi-million euro costs in litigation overseas aimed at trying to preserve its claim to various international property group (IPG) assets valued about $700m. The Quinns dispute IBRC has any valid security over those assets.
Special liquidator Kieran Wallace in an affidavit said €50m would be available towards "the litigation".
If costs orders were made against the bank and were paid from the €50m, that fund would be replenished to ensure €50m would be available at the end of the case. The €50m is a minimum figure, Mr Wallace added.