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BANKING

ANGLO Irish Bank is to call in nearly €2bn in personal guarantees given by the former head of the Quinn Group, Sean Quinn, inset below.

The bank, now called Irish Bank Resolution Corporation, went into the High Court on Wednesday and lodged documents detailing its decision to call in the guarantees.

The case, which is likely to be heard within a fortnight, may result in the largest ever judgment in Irish legal history.

According the RTE's Prime Time, the loans include amounts of €1.3bn, $820m (€594.50m) and 200m yen (€1.9m) all taken by Mr Quinn personally.

They are also calling in personal guarantees by the 64-year-old and his wife for a home improvement loan of €3.5m.

The loans represent the bulk of €2.8bn in borrowing from Anglo by the Quinn family.

Prime Time also revealed that a new tax investigation is being carried out into parts of the Quinn Group, relating to financial transactions made while Mr Quinn was still in charge.

It centres on the movement of profits and losses between different company accounts in different jurisdictions.

The company's new management is reported to be in advanced negotiations with the Revenue Commissioners for a voluntary tax settlement.


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