TWO CHILDREN of businessman Seán Quinn had residential mortgages at Irish Nationwide Building Society transferred to Anglo Irish Bank when the two lenders merged in July, increasing the family’s liabilities to the bank.
Mr Quinn’s son, Seán jnr, had a mortgage with Irish Nationwide secured on an apartment at Clarion Quay in the IFSC in Dublin, according to records at the Land Registry. Irish Nationwide had a charge of €300,000 against the property at November 2006.
Colette Quinn, the businessman’s daughter, had a mortgage with Irish Nationwide secured on a property at Drumalee in Cavan.
Ms Quinn is listed on records as a company employee with an address at Greaghrahan in Ballyconnell, where the Quinn family home in Co Cavan is located.
She previously worked for the Quinn Group before Anglo and the group’s lenders took ownership of the business last April.
A Quinn family spokesman said these were investment properties.
Anglo is owed €2.9 billion by the Quinn family, of which €2.34 billion was provided to meet Mr Quinn’s losses on the bank’s share price as a result of the 2008 crash.
Irish Nationwide’s €1.5 billion residential mortgage book was transferred to Anglo when the two lenders were merged in July. The enlarged bank is being renamed Irish Bank Resolution Corporation and is to be wound down over 10 years.
Anglo plans to wind down Irish Nationwide’s mortgages within five years, which will force the Quinns to refinance their loans.
KBC Bank Ireland, the Belgian-owned lender, has mortgage charges against another property owned by Mr Quinn jnr at Farmleigh Woods in Castleknock, Dublin, and another property on the same Castleknock estate owned by his sister, Ciara Quinn.
Meanwhile, divisions are emerging between bank and bondholder lenders to the Quinn Group over the restructuring of the group’s €1.28 billion debts in negotiations with State-owned Anglo.
A decline in forecast earnings at the group, whose interests range from cement to glassmaking, has led Anglo and the lenders to seek a reworking of the restructuring deal agreed earlier this year.
The debt on the manufacturing business was reduced to €682 million with the remaining €588 million to be repaid from asset sales and under a new five-year loan based on a recovery in the group.
Silver Point Capital, a distressed debt investor which holds a large share of the group’s debts, is said to be pushing for a lower level of debt to be left with the manufacturing businesses – below the level sought by other lenders, foreign banks Barclays, KBC and Danske.
