Anglo’s writing-off of Quinn debts will cost the taxpayer almost €2.5 billion

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.

2nd October, 2010
Anglo’s writing-off of Quinn debts will cost the taxpayer almost €2.5 billion
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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...

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