The chairman of Anglo Irish Bank, Alan Dukes, has said the bank expects to get back less than half of the €2.8 billion it is owed by the Quinn family.
Mr Dukes said much would depend on how successfully Quinn Insurance develops and the nurturing of other companies in the group.
He said it was his expectation that Anglo would be able to reduce the provisions made against the debts in the Quinn Group.
Quinn Insurance is to be taken over in a joint venture by Anglo Irish Bank (49%) and the US insurance giant Liberty Mutual (51%) after a deal was struck with the administrators to Quinn Insurance.
Yesterday the administrators disclosed losses of more than €700m at Quinn Insurance for 2009.
Speaking on Morning Ireland, Mr Dukes said the jobs of more than 1,500 staff at the company were a great deal more secure then they would under any other form of conceivable deal.
He said the concern from the beginning had been to ensure the company was reinvigorated and could repay some of the debt owed to Anglo Irish Bank.
Mr Dukes said that Liberty Mutual was taking a very positive view in how the company will develop in the next number of years.
