The gang of 22: The PWC files: what they reveal
A mere 22 men and their associated companies ended up owing the Irish banks €25.6 billion by the time the country’s property bubble burst. As revealed in detail today in the PwC dossier, each of the men faced huge financial pressure when the report was produced.
Total borrowings:€2.85 billion
Ireland’s former richest man, Sean Quinn tops the borrowing pile, owing €2.7 billion to Anglo Irish Bank and €145 million to Bank of Ireland. PwC states the Quinn Group also owed €1.37 billion to its banks and bondholders. The accountants state it is “likely” the Quinn Group will have to be broken up, but they also note that the Fermanagh businessman had “resisted”.
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