Sean Quinn – coming up smelling of roses or something nastier?

Sean Quinn the quiet man originally from Derrylin in Fermanagh and NI’s only rep in the Sunday Times Rich List ( 12th overall) is probably the biggest name in Irish business, running a maze of companies at home or abroad over the last 35 years, based literally on the foundation of Fermanagh and Cavan quarry stone. Until recently worth around £3.5 billion, Quinn fortunes may be in the balance as he was intimately tied up with Anglo Irish bank. in the manner of others of the new Irish property and finance establishment, now rocking on their heels. Quinn is the subject of a careful article in the Irish Times, suggesting he could still make a packet , courtesy of Irish government takeover of the bank. In other words, courtesy of the Irish taxpayer.

Quinn and his group are known to owe the bank more money than any other individual or group of companies and it can be assumed that Quinn and his group have very large sums on deposit with the bank. The amount involved must be very large indeed, no doubt in the hundreds of millions and possibly a billion or more.

Quinn’s could become the paradigm story of the recession An NI Crunchtalk post hints it could go either way.

  • Dave

    Good luck keeping this thread free of libellous comments given the amount of socialist headbangers on Slugger and the current anti-capitalist hysteria!

    The Quinn Group got a raw deal from the government on risk equalisation. Whatever made this deranged government make the taxpayers responsible for the debt of private business, love for Mr Quinn had nothing to do with it.

  • RepublicanStones

    IIRC i read sowmehre where it said he had a 15% stake in AIB which in good times would have been worth over a billion. But with the nationalisation he would be lucky to see 28 million !!!!

  • RepublicanStones

    somewhere*

  • OC

    “[B]ehind every great fortune there is a great crime.”

    http://en.wikiquote.org/wiki/Honoré_de_Balzac

  • Dave

    Simon Jenkins has a great quote from Sir Montagu Norman, governor of the Bank of England during the UK depression, wistfully lamenting the impotence of the government’s corrective monetary and fiscal policy at that time: “We achieved absolutely nothing except that we collected a lot of money from a lot of poor devils and gave it to the four winds.”

    This government will achieve nothing by the nationalisation of Anglo Irish Bank except collecting a lot of money from hard-pressed taxpayers and giving it to property millionaires. And given that Spain lost its AAA credit rating yesterday, the other ‘gain’ for Ireland as a result of this insane policy will be a downgrade in its credit rating, resulting in higher interest charges on its debt repayment.

    Most taxpayers do not have funds in excess of 100,000 on deposit with a bank (the amount that applied under the old Irish Deposit Guarantee Scheme). Ergo, making this guarantee unlimited only benefits the wealthy in society at the direct expense of those hard-pressed taxpayers. They gain nothing from an unlimited guarantee except the debts of wealthy people.

    In addition, Anglo Irish Bank did not enjoy protection under the 100% deposit guarantee scheme, being included instead under the old 100,000 protection limit. Now, however, it enjoys better terms of protection than any of the six banks who were covered by the 100% deposit guarantee scheme (as it won’t have to be a bank of first default to the other six).

    Somebody is gaining out of this racket, but it isn’t the taxpayers.

  • Dave

    Err, actually, Anglo Irish was covered by the 100% scheme. The other five being Irish Life & Permanen, Allied Irish Bank, Irish Nationwide Building Society, Bank of Ireland, and the Educational Building Society.

    OC, you might find that Sean Quinn has created thousands of jobs, whereas the Shinners have bombed thousands out of jobs and created no new jobs except ones for party hacks that are paid for by the taxpayer.

  • Glencoppagagh

    The Irish Times piece is a classic example of making a little go a long way. If the Irish govt intend to continue running Anglo Irish as a bank then it can’t block movement of deposits.
    Sean Quinn took a very reckless punt on Anglo Irish and paid a heavy price and he will live with it unlike some of the small but probably not impoverished shareholders whose instincitve reaction is to scream for compensation.
    This man has built businesses from stratch — Quinn Insurance is an extraordinary achievement as anyone who understands the insurance business will know — unlike the various wheeler dealers and horse pimps who mostly populate Ireland’s ‘Rich List’.