Wednesday 22 November 2017

Quinn deserves more credit than he's getting

In response to Brendan Cafferty (Letters, May 4), 38 years ago Sean Quinn set about building a community business in an era of unrest and conflict, when that was neither common nor fashionable. He was a unique entrepreneur in that he was happy to spread the benefits of his success throughout the island, as well as contributing massively to community cohesion and peace-building.

To say that "it is not a job for the Government to intervene" is inconceivable. From January 2009 to date, the Irish Government has taken €22bn from the Irish taxpayer to pay for Anglo Irish Bank, effectively nationalising it. A further €8bn will be required within the next 12 months.

The state-owned Anglo Irish toxic bank and the Government's takeover proposal of the Quinn Group of companies have given the foreign bondholders a state-backed guarantee of 100pc recovery of their loans, high interest rates and a 25pc 'economic interest' in the group. After the bondholders have recovered their loans we expect them to sell off the assets and at that point we will all lose our jobs.

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