Proceedings taken by IBRC to recover debt on foot of personal guarantees and indemnities given by Mr. Sean Quinn

IBRC welcomes today’s Commercial Court decision by Mr. Justice Peter Kelly awarding judgment to the Bank for the additional amount of €1.74 billion of debts and obligations due to it by Mr. Sean Quinn. This judgment, together with last week’s judgement of €416 million, now means that judgments totalling €2.16 billion against Mr. Sean Quinn have now been secured by IBRC on behalf of the State.  

IBRC remains committed to fully contesting Mr. Sean Quinn’s application for bankruptcy in Northern Ireland and will do so at a hearing now scheduled for the 19^th December 2011.

Commenting on today’s judgment Mike Aynsley, Group CEO, IBRC said:

“Mr Quinn gave the Bank guarantees and indemnities in respect of extensive borrowings which benefitted Quinn companies and Quinn family members.  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.”   

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