BANK OF Ireland has sold on Quinn Group for between 60 and 65 per cent of the €97 million face value of the loan following the restructuring of the business by Anglo Irish Bank.

The bank has incurred a loss of about €35 million on the sale of the debt in the markets last Friday but it recouped substantially more than it would have received before to the group’s restructuring.

Quinn Group debt was trading at about 40 cents in the euro earlier this year. However, it has risen in value since the restructuring, given the certainty it brought around the financial position of group.

A spokesman for Bank of Ireland had no comment to make.

The Quinn Group, which has interests in cement, plastics and glass-making, owes €1.27 billion to banks and bondholders.

Anglo took 75 per cent ownership of the group in April with the appointment of a receiver over the shares held by Seán Quinn’s family. The banks and bondholders took over 25 per cent.

The debt was split in the restructuring with about €760 million remaining with the core manufacturing business on a new five-year loan and €511 million staying with the overall trading company.

The banks and bondholders received €80 million under the deal and will be paid a further €125 million from the sale of assets, including the group’s hotels in Cambridge, Krakow and Sofia.

Bank of Ireland was part of the original banking syndicate led by UK lender Barclays that loaned €707 million to the group in 2005.

AIB was part of this group but has also recently sold on its debt.

A further €586 million was raised by the group on three bond issues in US private placements each year from 2005 to 2007.

Bank of Ireland funded the Quinn family’s €270 million purchase of the Belfry, the Ryder cup golf resort in England, in 2005.

Mr Quinn’s wife and children have issued legal proceedings against Anglo over the loss of ownership of the Quinn Group. They are challenging the receivership and the validity of €2.34 billion in loans in 2007 and 2008.