Anglo to put €700m into Quinn

oppenheimer1 · 08-04-2010 11:21PM #1

Another twist in the tale of the Quinn group saga.

RTE NEWS wrote:

Anglo plan to inject €700m into Quinn

[URL="javascript:showPlayer('quinn_av.html')"] [/URL][URL="javascript:showPlayer('quinn_av.html')"] [/URL]Thursday, 8 April 2010 22:59
State-owned Anglo Irish Bank has proposed injecting €700m into the Quinn Group as part of a financial restructuring package.
The plan, if agreed, would see €150m injected into Quinn Insurance and €550m would be used to pay off bondholders.
Anglo Irish Bank would become majorityshareholder.

The plan faces significant hurdles, however. The Financial Regulator has some concerns but deal would also have to be approved by the European Commission.
Later, speaking on RTÉ's [URL="javascript:showPlayer("/news/2010/0408/primetime_av.html?2733094,null,230")"]Prime Time[/URL], Sean Quinn said that 'the Quinn Group has plenty of money. We don't need money, with regard to solvency and a requirement to pay claims.'
Listen to Sean Quinn's brief statement [URL="javascript:showPlayer("/news/2010/0408/primetime_av.html?2733107,null,230")"]here[/URL]
Mr Quinn said they had about £1bn 'pounds' to pay claims and another €400m on top of that surplus for solvency.
He said: 'All I can tell you is we are not looking for any money from anybody. we don't need extra money but the regulator feels that we need another €100m of solvency.'
Mr Quinn reiterated that they were not looking for money from anyone.
He said the company made €30m in the month of March.
Mr Quinn said in relation to the figure of €600m that is being mentioned, there was no agreement at this stage and he didn't know where the story was coming from.
Mr Quinn did say that current bondholders 'could argue they have some recourse to property within Quinn Direct if anything went wrong with the Quinn Group'.

Interesting times. I wonder whats really going on there. Effectively another nationalised company, one wonders where it will end.

Liam Byrne · 08-04-2010 11:25PM

Anglo don't have €700 million.

Welease · 08-04-2010 11:27PM

i thought the regulator had rejected this?

yop · 08-04-2010 11:28PM

Liam Byrne wrote: »

Anglo don't have €700 million.

But the Irish Gov do, I wonder if the gov since they can't invest directly have with pressure from who ever, are going to use Anglo as a "vehicle" to invest?

Probably way off the mark on this though!!!

Atlantic Dawn · 08-04-2010 11:28PM

Liam Byrne wrote: »

Anglo don't have €700 million.

They seem to have it now, can't believe the billions they required and got just over a week ago and can now just throw down €700 million of our hard earned like it's nothing. I would feel happier if every taxpayer in the country just wrote a cheque to Sean Quinn for €50 a head and that was his €100 million sorted, I don't want any more investments from Anglo in anything, they have ruined this country and it's people for generations to come.

Liam Byrne · 08-04-2010 11:30PM

yop wrote: »

But the Irish Gov do,

Sez who ? :eek: :eek: :eek:

Aren't they waffling on every single day about how they have a massive deficit ?

Welease · 08-04-2010 11:31PM

Atlantic Dawn wrote: »

They seem to have it now, can't believe the billions they required and got just over a week ago and can now just throw down €700 million of our hard earned like it's nothing.

In fairness... it;s our hard earned going to a business that actually makes money.. which is a first in this handout culture...

Atlantic Dawn · 08-04-2010 11:35PM

Welease wrote: »

In fairness... it;s our hard earned going to a business that actually makes money.. which is a first in this handout culture...

It should be our money going to it though, not through any connection with Anglo Irish, with their track record they shouldn't be allowed to exist as a commercial enterprise.

yop · 08-04-2010 11:36PM

Liam Byrne wrote: »

Sez who ? :eek: :eek: :eek:

Aren't they waffling on every single day about how they have a massive deficit ?

I know what you are saying, thats why I said I could be way off the mark BUT where did the money come from to facilitate the reverse in paycuts to top level civil servants?
Where did the money come from to pay off the heads of the banks, pay off the politicians who resigned lately?

There is money there even though they keep telling us there isn't.

Just my 2 cents but I dont believe a word that comes out of their mouths at this stage.

Kristopherus · 08-04-2010 11:41PM

Atlantic Dawn wrote: »

It should be our money going to it though, not through any connection with Anglo Irish, with their track record they shouldn't be allowed to exist as a commercial enterprise.

But is not Anglo 100% owned by the taxpayer. That being so, I would have no issue with Anglo becoming a large shareholder in Q.I. A very good investment IMO.

Atlantic Dawn · 08-04-2010 11:44PM

Kristopherus wrote: »

But is not Anglo 100% owned by the taxpayer. That being so, I would have no issue with Anglo becoming a large shareholder in Q.I. A very good investment IMO.

Yes but bar a handful of people the very same employees are running the bank as were involved in bringing it down, really doesn't make sense letting them continue running the business which they completely ruined.

Liam Byrne · 08-04-2010 11:47PM

yop wrote: »

Just my 2 cents but I dont believe a word that comes out of their mouths at this stage.

Fair point; I'm with you on that opinion.

Welease · 08-04-2010 11:51PM

Atlantic Dawn wrote: »

Yes but bar a handful of people the very same employees are running the bank as were involved in bringing it down, really doesn't make sense letting them continue running the business which they completely ruined.

Yeah but we already let them continue running it

Just for once in this piss poor countries existance lets not firesale a perfectly profitable company while picking up the losses...

Liam Byrne · 09-04-2010 12:08AM

Welease wrote: »

Yeah but we already let them continue running it Just for once in this piss poor countries existance lets not firesale a perfectly profitable company while picking up the losses...

Will we get the profits, though, or will they disappear into the Anglo cesspit ?

Welease · 09-04-2010 12:10AM

Liam Byrne wrote: »

Will we get the profits, though, or will they disappear into the Anglo cesspit ?

lol is anyone brave enough to answer that....

09-04-2010 12:35AM

legalised theft :mad:

wobblyknees · 09-04-2010 12:39AM

I heard Quinn himself said to the regulator that it was his company and he'd run it whatever way he wanted to. I'm guessing they didnt like that approach.

Liam Byrne · 09-04-2010 12:42AM

Welease wrote: »

lol is anyone brave enough to answer that....

Is anyone brave enough to ask it live on radio or TV ?

Welease · 09-04-2010 12:53AM

Liam Byrne wrote: »

Is anyone brave enough to ask it live on radio or TV ?

Would you be allowed to when he is the primary sponsor?

Usual bollox in Ireland.. we all moan the regulator fked the country over.. We get a new regulator in.. and in true Irish form, because some complete prick who mortgaged the country over in Anglo for the next 50 fkin years provides some jobs in Cavan we should forgive him, and harass the new regulator..

What a complete load of ****e..

If Quinn gave a fk about his staff he would'nt have gambled their futures.
If he really gave a fk... he wouldn't have pulled out 200 million for his family (while moaning they were 100m short) a short while ago
If he expects everyone else to pay even fkin more taxes to bail his ass out while not giving up his billionaire lifestyle.. he can fk off...

and why should he be allowed to put other competitors insurance jobs under pressure by under-cutting prices by failing to adhere to liquidity rules?

BostonB · 09-04-2010 12:58AM

Just how rich do you need to be to get a bailout around here anyway?

ei.sdraob · 09-04-2010 01:05AM

700 million

ah sure thats nothing :cool:

09-04-2010 01:09AM

Nobody saved SR Technics, nor did anyone save waterford glass etc etc etc
to hell with your quinn jobs, the high cost of insurance is a big part of why Ireland lost its competitiveness :mad:

North_West_Art · 09-04-2010 01:18AM

the government have 700 million? Im sure you have all seen the Irish Debt Clock.... http://www.financedublin.com/debtclock.php

AlekSmart · 09-04-2010 01:29AM

http://www.independent.ie/multimedia/archive/00546/quinnprotest4_i_546329s.jpg

I`m hopeful that the above picture is of a group of concerned Quinn employees demonstrating in support of the Financial Regulators attempts to save their jobs....That IS the reason is`nt it ...??

I am hugely impressed by the uniform standard of Placard and of Golf Umbrella.

Can it get any better I ask ?? :rolleyes:

oceanclub · 09-04-2010 01:51AM

AlekSmart wrote: »

I am hugely impressed by the uniform standard of Placard and of Golf Umbrella.

Hah; I was just about to comment on that myself. I've never seen such a well-planned spontaneous protest.

P.

Opium led greed · 09-04-2010 02:30AM

yop wrote: »

I know what you are saying, thats why I said I could be way off the mark BUT where did the money come from to facilitate the reverse in paycuts to top level civil servants?
Where did the money come from to pay off the heads of the banks, pay off the politicians who resigned lately?

There is money there even though they keep telling us there isn't.

Just my 2 cents but I dont believe a word that comes out of their mouths at this stage.

Yes they have money, but it is money borrowed from private investors, international bond-holders and european banks. Sooner or later they'll want it back.

WalterMitty · 09-04-2010 02:36AM

Shows how fecked up things went and are that one of the wealthiest and shrewedist business men got involved with anglo and is near bankrupt. What hope had Joe 6-pints when Quinn couldnt see the wood from the trees? Sean Quinn should have read the propertypin back in 2006 :pac:

maninasia · 09-04-2010 06:39AM

Atlantic Dawn wrote: »

It should be our money going to it though, not through any connection with Anglo Irish, with their track record they shouldn't be allowed to exist as a commercial enterprise.

It's another example of 'TOO BIG TO FAIL'. These guys gambled with their own money, ran up massive debts and then expect the regular citizen to bail them out, while they still keep their previous profits and future ones, makes me sick. Invest the money, nationalise it and sell it off on the stock market with new management!

A Primal Nut · 09-04-2010 06:55AM

I assume the 700m would really just be money that Quinn doesn't have to pay back, so instead of owing 4bn he owes 3.3bn?

sellerbarry · 09-04-2010 08:03AM

From a joe soap (knows very little about all this, but is a tax payer and should have his say) point of view. I believe Anglo should have been let go to the wall. Whoever was owed money from them would have to get in line and wait for repayment etc. (tough! bad choice of bank!) It is now a bottomless pit for us to pour money into and still has mostly the same staff. (All management positions should have been sacked on the spot!). Sean Quinn is laughing at us all and now it seems is getting bailed out by a bank (should i even call it that?) that is surviving on handouts itself. Meanwhile, the other banks AIB et al, after being bailed out by the government NAMA (joke) machine have the neck to kick the taxpayers in the bollxx with an interest hike on mortgages?
This Government is a joke . (NO, i did not vote for them)

OK, i'm finished for now. Who's first to slag me off for not knowing enough about politics?;)

oldyouth · 09-04-2010 08:50AM

Deleted User wrote: »

Nobody saved SR Technics, nor did anyone save waterford glass etc etc etc
to hell with your quinn jobs, the high cost of insurance is a big part of why Ireland lost its competitiveness :mad:

Firstly, every persons job is important. The ordinary Quinn worker would not be on big money and would have absolutely no input as to the way the Company was run.

While I am in no way a fan of Sean Quinn, wait and see how dear your insurance will be without him. He is the only person keeping the other Insurers in check, who are chomping at the bit to increase their premiums because of stock market and weather losses in recent years

Anglo to put €700m into Quinn

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