Sean Quinn debts written off by Anglo.

orourkeda

Did anyone see the report on the front of todays Sunday Business Post reporting that Anglo Irish Bank has written off €2.5 billion euro of the €2.9 billion that it lent Sean Quinn for various projects.

The main reason appears to be that the loans were poorly secured.

beagle001

They can write mine off now then,seems he his friends in high places have payed off his gambling debts.

Seth Brundle

Who honestly thought this wasn't going to happen?

orourkeda

beagle001 wrote: »

They can write mine off now then,seems he his friends in high places have payed off his gambling debts.

Thats roughly 10% of the government bail out money that has been given to anglo.

On debts that were poorly secured and in some cases they probably werent secured at all.

It further highlights the lunacy of this bail out

orourkeda

kbannon wrote: »

Who honestly thought this wasn't going to happen?

We all saw it coming but that doesnt make it right.

Sir Oxman

I'd like my personal, unsecured debt written off now, Mr Lenihan.
Thanks.

johnnyskeleton

orourkeda wrote: »

Did anyone see the report on the front of todays Sunday Business Post reporting that Anglo Irish Bank has written off €2.5 billion euro of the €2.9 billion that it lent Sean Quinn for various projects.

The main reason appears to be that the loans were poorly secured.

I read in the sunday times that they had revalued them at 0, which is not quite the same as writing it off and letting him away with it.

Most likely, they are putting it down as worth nothing on their balance sheet, but if they recover anything off him (which they should at least try to do) then it goes back in as an asset.

Sir Oxman

http://www.independent.ie/business/irish/lenihan-to-insist-quinn-pays-back-euro28bn-debt-2363452.html

However, Lenihan is a spoofer.

jmayo

gambiaman wrote: »

I'd like my personal, unsecured debt written off now, Mr Lenihan.
Thanks.

Need to fulfill a few criteria before that happens.
a) are you member of or are very friendly with high ranking members of ff ?
b) are you contributor to ff (did you visit any tents in Galway) ?
c) are you systemically important (i.e. do you know where the bodies are buried) ?

Liam Byrne

gambiaman wrote: »

http://www.independent.ie/business/irish/lenihan-to-insist-quinn-pays-back-euro28bn-debt-2363452.html

However, Lenihan is a spoofer.

Irish Independent wrote:

Lenihan to insist Quinn pays back €2.8bn debt

Is that they same Lenihan who "insisted" that banks needed a cleanout at the top, and "objected" to their pay rises", but then "insisted" that he had no power to "insist" on such things because they were "a matter for the banks" ? :rolleyes:

Irish Independent wrote:

"You can't draw blood from a stone," said a senior source familiar with the Quinn situation last night.

Funny, that; FF are planning to do precisely that in the budget in November. Wonder why it only applies to us normal people ?

Tipp Man

The title of this thread is a little bit wrong

From what i can see and have read the debts have not been written off at all and Quin is still liable for them

A bad debt provision has been set up which basically means the bank are not expecting to be paid back so are accruing for these potential losses

To be honest the provision should have been set up a long time ago (maybe it was, not sure)

Either way nothing has really changed, Quin owes Anglo about 3billion, whether they (and we) ever get to see that repaid is highly questionable

The Raven.

On Primetime in April 2010, regarding a plan to re-finance the whole Quinn Group by Anglo Irish Bank which would see the company released from guarantees that prompted the appointment of provisional administrators to the insurance division, Quinn claimed that 'the Quinn group has plenty of money', was 'cash rich' and didn't 'need money'.

https://www.youtube.com/watch?v=gvYmrErvG5c

Interesting that when he was asked ‘What is the risk to the Irish taxpayer?’, he developed ‘phone problems’. It sounded more like Quinn hanging up.

Mr.Micro

orourkeda wrote: »

Did anyone see the report on the front of todays Sunday Business Post reporting that Anglo Irish Bank has written off €2.5 billion euro of the €2.9 billion that it lent Sean Quinn for various projects.

The main reason appears to be that the loans were poorly secured.

That is why nothing has been done to explain the 35 billion hole in Anglo...it was probably doled out to the likes of Quinn and several others and they will probably never have to pay back or be pursued. It possibly explains why Anglo had to be bailed out...to save the likes of Quinn and no doubt big FF backers. No wonder Lenihan has not tendered any explanations as to the Anglo debacle.

lucy2010

Im sorry but this is just sick. Theres many a hard working person out there who due to no fault of their own have had their electricity cut off or are in court as they cannot afford to pay a bill. & This prize twat gets 2.9 BILLION written off ??

Seanie Fitz is off playing golf on his " €188" a month...... I know why he hasnt faced a criminal charge - if he does the real story will start to unravel that Cowen & his merry men are all involved. Alan Dukes a former FG is heading it - a politician running a bank.... & the bank they are all pumping it into..... Just just gets better & better...... I want the film writes to this one !!!!!!!

Tipp Man

Tipp Man wrote: »

The title of this thread is a little bit wrong

From what i can see and have read the debts have not been written off at all and Quin is still liable for them

question.....do you think he will be chased up?

Tipp Man

Deleted User wrote: »

question.....do you think he will be chased up?

I have no idea whether he'll be chased up or not as i don't work for Anglo

As a taxpayer though I hope they chase him for every cent he owes and take whatever means necessary to get as much as possible

I was merely pointing out that the loans have not been written off as the thread title suggests and that the position has not changed from what i have read

orourkeda

johnnyskeleton wrote: »

I read in the sunday times that they had revalued them at 0, which is not quite the same as writing it off and letting him away with it.

Most likely, they are putting it down as worth nothing on their balance sheet, but if they recover anything off him (which they should at least try to do) then it goes back in as an asset.

http://www.thepost.ie/news/anglos-writingoff-of-quinn-debts-will-cost-the-taxpayer-almost-25-billion-52050.html

Here's the link I was referring to and you can see quite clearly that it states the debt was written off.

I understand that they will try to recover what they can but what can they realistic expect to get.

orourkeda

Tipp Man wrote: »

The title of this thread is a little bit wrong

From what i can see and have read the debts have not been written off at all and Quin is still liable for them

A bad debt provision has been set up which basically means the bank are not expecting to be paid back so are accruing for these potential losses

To be honest the provision should have been set up a long time ago (maybe it was, not sure)

Either way nothing has really changed, Quin owes Anglo about 3billion, whether they (and we) ever get to see that repaid is highly questionable

The bank believes that they will be unable to recoup the vast majority of the debts which is tantamount to a write off in reality.

Tipp Man

Tipp Man wrote: »

I have no idea whether he'll be chased up or not as i don't work for Anglo

As a taxpayer though I hope they chase him for every cent he owes and take whatever means necessary to get as much as possible

I was merely pointing out that the loans have not been written off as the thread title suggests and that the position has not changed from what i have read

The fact that the bank have effectively made a move that means they wont be chasing him up for more than a few million of of nearly 3 billion.

As a taxpayer this means we will be pumpin about 2 and a half billion into the bank in recapitalisation

He will be chased up for a token amount and I`m betting he wont be go bankrupt.....

http://www.thepost.ie/news/anglos-writingoff-of-quinn-debts-will-cost-the-taxpayer-almost-25-billion-52050.html

Anglo Irish Bank has written off almost all of its Sean Quinn-related exposure, in a move that will realise total losses nearing €2.5 billion for the taxpayer.

The bank, which had lent €2.9 billion to Quinn, his family and business interests, has made a full provision for all its outstanding balances, with the exception of those for which the bank holds specific assets, such as property, as security.

The value of any such security is believed to be very small, however, with sources describing Anglo as having ‘‘not a lot of security’’.

Quinn and his family will still owe the money, and the bank can seek to recoup as much as possible. However, it is a recognition by the bank that it doesn’t believe it will be able to collect the vast bulk of the funds.

dunsandin

orourkeda wrote: »

http://www.thepost.ie/news/anglos-writingoff-of-quinn-debts-will-cost-the-taxpayer-almost-25-billion-52050.html

Here's the link I was referring to and you can see quite clearly that it states the debt was written off.

I understand that they will try to recover what they can but what can they realistic expect to get.

Try not paying back your loans, and suddenly your old TV and sofa are placed in a van by a large man. Funnily enough, they will not take the "sure what could we get off him" attitude with you. I wonder is Quinn sitting on the floor looking at the wallpaper tonight? I doubt it. So that arguement is a total cop out. Not by you, but by Anglo.