Bank's action 'pointless', says Quinn

Businessman Sean Quinn, today ordered by the Commercial Court to repay more than €2 billion to the Irish Bank Resolution Corporation (IBRC) has described the bank's action's as "totally pointless, self-serving and vindictive".

In a statement issued late this afternoon, Mr Quinn, who was once Ireland’s richest man, said IBRC's action would not help the bank's prospects in recovering money for the taxpayer.

The Cavan businessman, who voluntarily declared himself bankrupt in Northern Ireland earlier this month, said he had been unable to defend himself during the proceedings because of his bankruptcy.

Last week, Mr Quinn was ordered by the Commercial Court to repay about €417 million to bank, representing the largest summary judgment amount ever entered in the courts here against an individual.

In a statement after today's ruling, IBRC, formerly Anglo Irish Bank, said it remained committed to fully contesting Mr Quinn's application for bankruptcy in Northern Ireland at a hearing scheduled for December 19th.

Mr Quinn said the bank's attempt to overturn his bankruptcy was "further evidence of their disregard for public funds," and suggested the IBRC was pursuing a "personal vendetta" against him.

"I have absolutely no doubt that maximising recovery is not Anglo’s first priority, due to their actions over the last couple of years," he said.

"It is becoming all the more apparent, that there is absolutely no regard for the wasting of public funds to pursue pointless legal appeals which is of no possible financial benefit. It is clear that the motivation for this appeal is to ensure that I could never possibly create another single job again in my lifetime, as they may feel that this would be a PR embarrassment that they could not afford".

Mr Quinn said the bank's attempt to overturn his bankruptcy would not lead to gains for taxpayers.

"As Anglo has now taken control of all Quinn companies Anglo alone can now determine how much will be recovered," he said.

Mr Quinn claimed ministers had interfered in the legal processes by attempting to persuade overseas Governments to intervene in ongoing legal cases abroad. The businessman said he was "shocked" by these actions, which he said were "an abuse of public office".

IBRC chief executive Mike Aynsley said today’s Commercial Court judgment gives clear, unambiguous recognition to the legal obligations of Mr Quinn in relation to these guarantees and that is welcomed today by IBRC.

"Given the massive cost to the Irish people in preventing this bank from collapse, it is imperative that we seek to recover as much of this debt as feasible for the Irish taxpayer,” he said.