Quinns hopeful mediation will bring IBRC deal

High Court mediation will ‘depoliticise’ multibillion-euro dispute

The Quinn family is understood to be hopeful that a process overseen by the High Court, aimed at settling its dispute with the Irish Bank Resolution Corporation (IBRC), will have a greater chance of success than contacts that took place earlier this year.

Fine Gael councillor John McCartin, who was central to some divisions of the former Quinn Group being brought back under local management at the end of last year, said mediation overseen by the High Court might help “depoliticise and de-emotionalise” any talks.

Earlier this week the court was told that the two sides were prepared to try to settle a multibillion-euro case the family is taking against the IBRC, in liquidation, by mediation. Agreement on a person to oversee the process is believed to be close.

Delay

The mammoth case was due to commence earlier this month but has been put back because of the delay in a related criminal trial involving a former senior executive at Anglo Irish Bank, who would be a witness in the Quinn case.

However, it is not clear that the mediation will involve any discussion of a second and separate High Court action, the so-called conspiracy case, which is being taken by the IBRC against members of the Quinn family.

Secret contacts earlier this year, aimed at settling both cases as part of an overall deal that would see the IBRC drop the conspiracy case, were unsuccessful. At the time, there was a lot of media and political speculation about a potential deal.

A spokesman for the IBRC said he had no comment to make on the matter.

Councillor McCartin, meanwhile, said that the divisions of the Quinn Group that are back under local control have seen “extraordinary growth in performance” over the past number of months.