Quinn blames personal losses on Irish banks for problems
Sean Quinn' has revealed that his €2.8bn debt to the state-owned Anglo Irish Bank is secured on his property and on Quinn Insurance, but the value of these assets is now less than €1bn, the Irish Independent reports.
Quinn claims the shortfall would be "very easily paid back".
In an interview on RTE's 'Prime Time' Quinn said: "We admitted that we had taken money out of Quinn Direct which we shouldn't have. I paid the price for that and I resigned," he added.
On the 900 job losses, Quinn said: "I mean if they were being laid off because they were losing money, then I could understand it. They're laid off by the most profitable insurance company in Ireland for 10 consecutive years, margin-wise... when you're laid off because Sean Quinn, the chairman, lost €3bn in shares, it's tough."
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