The family of Sean Quinn has described as "absolute, scurrilous lies" allegations made by the former Anglo Irish Bank in the Commercial Court yesterday.

In a statement, the family said allegations that it may be hiding €300m in gold and €200m in cash were denied by the family in the strongest possible terms.

The family said the revelations by the Irish Bank Resolution Corporation in court were based on illegally obtained information from unidentified informants with criminal backgrounds and marked a new low in this litigation.    

The family members say they are simply astonished that a State controlled entity would be party to such ethically and legally questionable actions.

The Quinn family said the bank had been led on a wild goose chase by individuals who do not even have the decency to make themselves known to the Courts.  

The family said these individuals were now a party to completely groundless allegations against an International Bank, an Indian businessman and also a close friend of the family, all of whom had absolutely no involvement whatsoever in these matters.

The family said it had disclosed the full extent of its assets to the Court.    

It said a full reading of the sworn statement of the joint special liquidator, Kieran Wallace submitted to the court confirmed no assets had been recovered on foot of this information.

The family said the bank had brought the application outlining these matters to the Commercial court without notice to the family, but clearly with notice to the Irish media.    

It said this illustrated the extraordinary lengths the bank was prepared to go to in its endeavour to gain advantage in the litigation by absolutely decimating the family's name.

The Quinns said it was disappointing that the family had repeatedly offered their assistance to the IBRC since September 2011 but such offers had been ignored on each occasion.