Anglo Quinnish Bank : QuAnglo

He3

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RTE News says Anglo is willing to invest €700m. and become majority shareholder in Quinn Insurance.

We would have to pay off the other bankers to Quinn with our bonds. [Edit - Brian Carey, Sunday Times Business Editor, says the taxpayer pays out four billion and clears the bondholders, who walk with our money]

Under the proposal Quinn family keeps a shareholding in the Group says David Murphy.

Would need EU clearance.

11.05pm edit:

RTÉ site now says:

State-owned Anglo Irish Bank has proposed injecting €700m into Quinn Group as part of a financial restructuring package, RTÉ News has learned. The plan, if agreed, would see €150m injected into Quinn Insurance and €550m would be used to pay off bondholders.

Anglo's proposal would see money injected into Quinn Insurance to address its solvency shortfall. Other banks owed €1.2 billion would be paid off with Irish Government bonds.

Anglo would take a majority stake in Quinn Group,...
[thanks to yoganmahew for this]

Later edit:

Quinn would stay as Group Chairman, says Simon Carswell.

Quinn would stay on as chairman in Anglo rescue plan - The Irish Times - Fri, Apr 09, 2010

thanks to nuj for coining the term Quanglo and John Blake for reminding us of it here
 
Last edited:


dgl

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Why does Quinn keep any share when the net worth of the company is negative at the moment?
 

He3

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So taxpayers are bailing out Anglo and Anglo are bailing out Quinn. Do we get a say in this sh1te at any point?...
You could try talking to Alan Dukes.
 
B

boo-boo

State Aid

This is State aid. The EU will have to sanction this. The government are now moving into the insurance industry and additional public monies are going to be injected into Anglo. And if anybody thinks that there is not going to be additional insurance levies to cover this aid your fooling yourself.
 

Cassandra Syndrome

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This is a communist state.
 
G

Gimpanzee

RTE News says Anglo will invest €700m. and become majority shareholder in Quinn Insurance.

We have to pay off the other bankers to Quinn with our bonds.

Quinn family keeps a shareholding in the Group says David Murphy.

Would need EU clearance.
I don't think that's entirely a done deal.

Anglo are proposing this deal, but I think there are a load of hoops that need jumping through - not least getting it by the EU and the High Court case next week. It is likely that the government, or rather the only bit of the government that matters - Lenihan - as the major shareholder in Anglo is pushing this though.

Anyway - the big question is how are the Quinn Family being allowed to retain a stake in the Group if this goes ahead and Anglo end up as the majority shareholder? What's the benefit in that?
 

Nipper

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Sure isn't Lenny still trying to work out how much to "compensate" Anglo shareholders .

They forced inmates if institutions to undergo cross examination just to have their story heard.
 

He3

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amended OP to confirm it is a proposal per Gimpanzee
 

asset test

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There is a thread on Quinn Insurance, could they be merged to take in the latest re Anglo and the proposal? Some info might be missed.
 

Ecoguy

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Ireland Inc - now a state that exists simply for Corporate welfare purposes

Come on folks, some sense of perspective here - whats a mere 700million more in corporate welfare on the back of the mugs that pay tax in this banana republic:rolleyes:
 
T

The_Big_Fellow

Why does Quinn keep any share when the net worth of the company is negative at the moment?
Exactly, if he has agreed to sell off some of his assets then I could support it, it might actually be a good investment, if it is managed properly, that is if the grubby FF/PD hands can be kept out of it.

It was interesting to see that it was Regional Minister Foster that is quoted in the report. Does the Min for Finance have nothing to say or the other Brian -any opinions.
 

EoinMn

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If I owed you 2.8bn and couldn't pay it back, would you "invest" another 700m in my failing business?

This is lunacy.
 

escoline

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It looks as if the state is getting into the glass, radiator, cement, sand and gravel hotels, pubs golf courses etc. This is insanity.
 
G

Gimpanzee

If I owed you 2.8bn and couldn't pay it back, would you "invest" another 700m in my failing business?

This is lunacy.
Not as simple as that. We end up owning it - or at least being the majority shareholder (why not lock, stock and barrel I want to know though..) The insurance co is only failing because Quinn is trying to use it to prop up his other schemes. It might make good sense, but you'd really want to see the Insurance co's books and see how much cash it could be expected to generate. But it is a bit unnerving seeing Barclays etc getting paid off (even if it is with the somewhat less than fantastic Irish Government bonds) and the entire risk falling on Anglo. But then again.... that's all down to the position Anglo and Quinn got them selves into in 2008.
 


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