Complex financial proposal designed to appease regulator
Anglo Irish Bank has stepped up its attempt to buy the Quinn Insurance and is proposing to inject capital to boost solvency and buy out bondholders, the Irish Post reports.
Anglo needs approval from the Financial Regulator while reducing the bank’s exposure to Sean Quinn and his family.
Under the plan Quinn Group would still own the insurer but it would be operated through a new body controlled by independent directors.
Structure
Anglo would have control of all economic interest in the company, and be paid an annual dividend. If the company were sold, Anglo would be paid before Sean Quinn and the other shareholders.
The move is designed to appease the Financial Regulator, which is concerned about a nationalised bank taking ownership of an insurance company.
Anglo is preparing to write off €1bn of the €2.8bn owed by the Quinn family, and it believes it will be forced to write off another €1bn if the insurer is sold.
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