Bank expects decision at the end of the week
Anglo Irish Bank is hoping to be given the Irish Government's approval to go ahead with its bid for Quinn Insurance by the end of the week, according to the the Irish Independent.
The National Treasury Management Agency, which looks after the state's banking interests, has been mulling over Anglo's plan to take over the stricken insurer for more than a week.
The plan involves Anglo taking over Quinn Insurance Limited (QIL) in a joint venture with US insurance giant Liberty Mutual, who would stump up a "significant" portion of the €600m investment.
Their bid is believed to be one of the last two or three under consideration by Quinn's administrators and their advisers Macquarie. A decision is expected within a fortnight.
Anglo believes that taking over the company is the best way to secure repayment of a €2.8bn debt pile owed by the family of founder Sean Quinn and his family.
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