In the forthcoming December budget Irish people will be faced with another harsh budget but yet once again we see a Government prepared to do everything it can to waste Irish Taxpayers money on another farce.
In the separate case involving other members of the Quinn family, IBRC told the court a joint venture arrangement (JVA) between the bank and assets recovery specialist in Russia and Ukraine is urgent and necessary if there is to be any hope of recovering any assets from Quinn IPG.
A payment of €31m will initially be made to the firm, called A1, with further substantial payments of tens of millions if they succeed in recovering assets, the court heard. The JVA is intended to be finalised within days as the situation was urgent if any assets are to be recovered, Paul Gallagher SC, for IBRC said.
The bank was entering into the JVA because it found itself in an "impossible position" in seeking to recover assets, he said.
Each time the bank secured some successes in countries such as Russia and Ukraine, the family has moved to reverse those, counsel said.
Niall McPartland, a son in law of Sean Quinn, said the family had no control over the assets and the bank continues to reject their efforts to assist in recovering them.
The proposed JVA would mean an automatic loss of €31m-51m and possibly more via payments to A1 in circumstances where the Quinn family disputed the bank has any legitimate security over the IPG assets, he said.
"Two wrongs don't make a right. We shouldn't have moved the assets when there was a dispute over the debt but the bank is now doing the same thing, he said.
Mr Justice Peter Kelly noted IBRC had secured the approval of the Minister for Finance to enter into the arrangement with A1.
The court had no role to play in this commercial arrangement but the bank was quite properly updating the court about it, the judge added
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