Sean Quinn’s family intend on repaying their $3.86 billion debt

Sean Quinn

The family of Sean Quinn, the County Fermanagh businessman who was named the richest person in the country in 2008, have insisted that they intend to repay all their debts.

The family is currently estimated to owe 2.8 billion euro to the troubled Anglo Irish Bank, however reports in the Irish press this weekend suggest that the now nationalized bank may have reduced the sum to zero.

In a statement to the Irish press on Monday the Quinn family said they had “not sought, or been offered, as part of any consensual restructuring of the family’s indebtedness, any write-off whatsoever of any of the debt due."

“This has been the unequivocal and consistent position of the Quinn family from the outset and remains its firm commitment to the Irish taxpayer,” the family added.

The Quinn family anticipate that the most significant element of their repayment plan will result from “substantial returns” from Quinn Insurance Ltd, which is currently the subject of a sale process.

However it remains to be seen if Anglo Irish Bank, which is winding down its operations, would be allowed to take control of Quinn Insurance by the Irish Financial Regulator.

Some observers suggest that yesterday's revelation that Anglo Irish Bank has put aside 2.3 billion is a result of the expectation that the Quinns will be unable to repay the majority of the money owed.

Privately some observers are suggesting that Anglo, and its government shareholder, is facing a huge write-off on the Quinn exposure.