Review looking at relationship between Anglo Irish Bank and Quinn Group

A "forensic review” of financial results and guarantees within the Quinn Group is at an advanced stage, The Irish Times has reported today.

Ernst & Young was appointed in December to conduct the review.

Sources told the newspaper that Ernst & Young has made “substantial progress on the review, which was requested as part of a refinancing of the €1.28bn of debt which fell due last October.”

Anglo Irish Bank and insurer Liberty Mutual are understood to have submitted a joint bid for Quinn Insurance. The bank is owed €2.8bn in loans by the Quinn family.

A preferred bidder for Quinn Insurance is expected to be named in the coming weeks. Zurich has also been linked with the takeover.

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