As the Quinns are given more time to disclose steps to remove assets, a new row breaks out between the family and IBRC

Published: 25 Aug 2012 12:050 comments

The Quinns have a week to disclose steps they took to remove assets from the reach of the Irish Bank Resolution Corporation (IBRC).

Sean Quinn.

Former Fermanagh businessman Sean Quinn and members of his family have been granted an extension of time by Dublin's High Court to provide affidavits relating to the International Property Group.

News of the extension came the same day a row broke out between members of the Quinn family and Mike Aynsley, chief executive of the IBRC.

In an interview with RTE on the day his bank had just reported a loss of €724m for the six months to the end of June, Mr. Aynsley denied it has a "vendetta" against the Quinn family.

He said: "When you look at those accounts, PwC-audited accounts, they showed a loss, which includes the insurance group, of €888m, of which €600m was in insurance, which is the largest corporate loss outside the banking sector in Ireland... it clearly wasn't a profitable business."

Mr. Aynsley said the bank was obliged to pursue the Quinns in the courts.

The Quinn family then hit back, describing Mr. Aynsley's comments as "sad and pathetic".

They claimed he was "trying to deflect attention from Anglo's appalling interim accounts, by commenting on the historical performance of the Quinn Group".

In a statement, issued to The Impartial Reporter, the family added: "Anglo is fully aware of the enormous successes of the Quinn Group prior to the banks illegal lending to support its own share price.

Notwithstanding that criminal charges have now being brought against former executives of Anglo for these illegal loans the bank continues to stand over them in defiance of Irish and EU law, maintaining an untenable position.

Mr Aynsley's time would be better served justifying the enormous professional fees and salaries being incurred by the bank, not to forget his own salary of over €850,000, rather than defending the indefensible."

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