Speaking to the Sunday Independent, Ms Quinn said: "The Government and new management of Anglo must feel that trying to deny and conceal what happened at the bank is a less embarrassing way of addressing Anglo's past wrongs, when they know these loans are in breach of Irish and EU law. It is an outrageous stance to take considering the Government are trying to portray they are cleaning up corporate Ireland's image, whilst trying to cover up market abuse of the past.
"It is now generally accepted that Anglo, with the consent and knowledge of the Central Bank, Regulator and Government, manipulated its share price in 2007 and 2008. The current management and Government have compounded this by enforcing loans that are in clear breach of Irish and EU law. People have been arrested over these loans and Anglo is still trying to stand over them."
Asked to explain her father's 2010 pledge to repay everything -- including the €2.3bn now at issue -- in view of the family's position now, she said: "The bank was advised as far back as 2008, that the loans and related security were illegal. The family has consistently maintained this position. My father, however, accepted that we had the ability and the willingness, despite the illegality, to repay all the monies advanced by the bank. Shockingly, the bank refused to acknowledge any of Anglo's previous wrongs and refused to work with us."
Yesterday, Sean Quinn Jnr entered into his fourth week of imprisonment in Mountjoy. Asked how her husband was faring as she left the prison after visiting him, Karen Woods told the Sunday Independent: "He's keeping fine under the circumstances. Thank you for asking."
Sean Quinn Jnr faces at least another two months in jail should he fail to purge his contempt. Even after Mr Quinn's three-month jail term, he could find himself back behind bars for an indefinite period should the court determine that he has not complied sufficiently with its orders to assist the IBRC in reversing the asset transfers he and other members of his family engaged in.
Commenting on the Government's support for the efforts of the IBRC to enforce on the loans, Aoife Quinn said: "I find their position indefensible. Anglo themselves have admitted in court documents that they lent for CFDs (Contracts for Difference).
"In the interests of transparency, the Government should clarify if they were aware of the legal issues relating to these loans; before they sanctioned the hostile takeover of our companies."
Asked how much of the blame for the problems of Anglo Irish Bank she takes, she said: "Personally I take no blame, as I never sought any loans from Anglo, I never discussed these loans with anybody from Anglo, and I never received any money from Anglo.
"My siblings and I had absolutely no knowledge of what was occurring at the bank. There is no doubt that the vast majority of the blame lays with Anglo and those who sanctioned the transactions, such as the share support schemes, falsification of their annual accounts and the back-to-back deposits. My father has already accepted responsibility for his involvement."
- RONALD QUINLAN
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