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 in the amount of €416m of debts and obligations due to it by Mr. Sean Quinn. This judgment represents another significant and important step in this debt recovery process by IBRC on behalf of the State. The Bank awaits a decision regarding judgment by the Commercial Court on the remainder of the amounts owed, totalling in excess of €1.7 billion, at a hearing next Monday 28^th November 2011.

IBRC will continue to contest the validity of Mr. Sean Quinn’s Northern Ireland bankruptcy application in the High Court in Belfast tomorrow, 24^th November 2011.

Notes

 IBRC is seeking judgement in the High Court for the following amounts:

1. Against Sean and Patricia Quinn for €3,049,361.33

2. Against Sean Quinn for €372,236,748.15

3. Against Sean Quinn for €1,050,515,072.78 and US$808,962,583.46 and JPY¥ 13,818,511,901

-ENDS-

For press queries please contact:

Peter Fitzgerald  

Head of Corporate Affairs

IBRC

Tel: +353 1 231 6050