Northern Ireland

Quinn family 'committed to repay debts'

The family of County Fermanagh businessman Sean Quinn has issued a statement saying it is committed to repaying all the debt it owes.

It follows Sunday newspaper reports that Anglo Irish Bank has written off 2.3bn euros of the almost 3bn euros owed by Mr Quinn and his family.

The Quinn family said it had not sought, nor been offered, "any write-off whatsoever" of any of the debt due.

It said it was the family's "consistent position".

"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 Quinn family statement said.

The Quinn family also said that a proposal from Anglo Irish Bank to take over Quinn Insurance would generate substantial returns.

"The family believes that if the proposal is implemented repayment to the Irish taxpayer will be fully achieved," the statement said, adding that all of the Quinn businesses were continuing to trade profitably.

The Quinns said a significant element of the repayment of debt will result from a realisation of "substantial returns" from Quinn Insurance Ltd, which is currently in administration and the subject of a sale process.

On Monday it was reported that the Irish Finance Minister Brian Lenihan was expected to insist on full repayment.

The Fermanagh-born businessman and his family borrowed the money from Anglo Irish Bank, but that debt is now effectively owed to the Irish taxpayer since the bank was nationalised.

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