Take over of the Quinn Group – one year on

Saturday, April 14 marks the one year anniversary of the seizing of the mighty Quinn Group north and south by Anglo Irish Bank.

Saturday, April 14 marks the one year anniversary of the seizing of the mighty Quinn Group north and south by Anglo Irish Bank.

That fateful day will be etched in the memory of the people in the border counties forever, especially as it also marks the anniversary of the day that several coach loads of people travelled to the capital with the petitions of 90,571 people to ask the decision makers in the Central Bank and the Government to give fair and proper consideration to the group’s proposal which involved paying back the det owed as well as creating more jobs.

According to the Concern Irish Citizen group, “What materialized on that day was beyond comprehension and will go down in history as one of the darkest days in the history of the Cavan, Fermanagh, Leitrim area and indeed the entire debt ridden nation.

“It defies belief that a proposal that would have guaranteed the return of all monies to the taxpayers (despite the question of the legitimacy of the debt) was discarded without due diligence or fair and proper procedure in favour of a strategy that has not, and never will see the return of one cent for the citizens of Ireland but has instead increased our bill by hundreds of millions of euros.”

The Concerned Citizens say that Sean Quinn “invested in good faith” in an Irish Bank that was regulated by the Financial Regulator and supervised by the Government.

They say, “He did nothing illegal or improper. He has been lacerated for the last two years for reckless gambling etc. but it now seems apparent from recent High Court actions that it was in fact Anglo who was gambling with the Quinn Group and the Quinn properties as they “shovelled” enormous amounts of money at Quinn and were in effect managing the Quinn account.”

Quinn Insurance was put into administration due to an alleged solvency shortfall. Spokesperson for the CIC Patricia Gilheaney stated, “We were led to believe that the Government could not afford to invest this amount in the enormously profitable company, something that would have resolved this entire debacle, and yet in much worse economic conditions the Government has made 1.3 billion Euros available to purchase Irish Life. Over 900 jobs were lost straight away and Quinn Insurance was later effectively sold for one euro.”

Twelve months on the CIC state, “Not alone has one cent not been recouped for the people of Ireland and never will, under the current strategy, but hundreds of millions of euros have been added to our bill. Recent reports in the national media estimated that two million euros of taxpayer’s money is being spent per WEEK on legal costs alone for Anglo in their pursuit of Quinn.

“Love or loathe Sean Quinn, there is one certainty in all of this. Under his proposal and even in the most pessimistic set of circumstances, the taxpayers would be better off by hundreds of millions of euros today and the border area would have in excess of 2,000 additional jobs.”

The group want to know why was the takeover of the Quinn Group and the ensuing enormous cost to the taxpayers both in legal costs and PR for Anglo etc. facilitated PRIOR to the legitimacy of the debt being established in a court of law and why is this enormous cost to the Irish Citizens being allowed to continue on a daily basis without question?

To mark the anniversary of the takeover of the Quinn Group, Concerned Irish Citizens are asking every politician in the country who wish to protect taxpayers money to contact CIC on or before April 14 by emailing patriciagilheany@eircom.net or call (087) 1497787 to confirm their concern, to protect the best interests of the electorate, and to indicate their willingness to get accountability for the citizens of Ireland.

The absence of contact will be regarded as satisfaction with the Anglo strategy to remain without question.