Revealed: secret €11m money trail
It only recently became aware of the €11m cash extraction, and said it was taking fresh steps to secure the rent roll from Q City and invalidate the mortgage.
The IBRC believes it has been thwarted by Sean Quinn, who it alleges is co-ordinating an audacious asset strip.
It believes Mr Quinn's family are the beneficial owners of a maze of offshore firms in Panama, Belize and the United Arab Emirates whose true ownership the bank has been unable to unmask.
Three Quinn family members have been found guilty of contempt of court for breaking orders not to interfere with the IPG.
Sean Quinn Jnr is in jail, his cousin Peter was sentenced for three months in his absence after skipping across the Border to his native Fermanagh and Sean Quinn snr was kept out of jail, for now, to help the IBRC unravel the global scheme.
IBRC has already brought legal action to stop the onward sale of shares in Mack Soft, the local Indian company that owns Q City, by a Dubai-based company called Mecon FZE.
The shares in the Indian company Mack Soft were transferred to Mecon in June last year. This alerted the IBRC to the possibility of a global scheme to put assets beyond the bank's reach.
Mecon is connected to Michael Waechter, a Swiss-born offshore trust expert whose Dubai firm Senat is co-ordinating the Quinn family's global litigation. Mr Waechter did not respond to queries from the Irish Independent.
IBRC claims that Mr Waechter and his group of companies are central to the global scheme to place assets beyond its reach.
But a spokesperson for the Quinns said that the family have "nothing, directly or indirectly" to do with Mecon and were "never" involved with the firm.
And the family say that despite having no legal team, they will proceed with their alleged fraud case against the IBRC.
The family received a boost last night when a local lobby group said it had received "a substantial level of pledges of financial support" -- believed to exceed €500,000 -- to cover costs of the legal action next year.
Concerned Irish Businesses (CIB) and Concerned Irish Citizens (CIC) said they were in discussions with an established legal and accounting firm to independently establish the fund on a sound legal basis.
The names of the donors are not being released, but a second rally will be held in support of the Quinn family on October 14 in Ballyconnell.
Meanwhile, Ryanair boss Michael O'Leary last night denied that he sent a letter of support to Sean Quinn snr.
During a July rally held in Co Cavan in support of Mr Quinn, a letter claimed to be from the airline chief was read out.
But Mr O'Leary said: "As far as I'm aware there was some demonstration up in Cavan where either a letter or a text message from me was read out. I didn't send a letter or a text message to any rally in Cavan."