Crowds rally in support of Quinn family in Cavan

Monday 30 July 2012 16.11
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Several thousand people turned out in Ballyconnell
Several thousand people turned out in Ballyconnell
Seán Quinn rejected suggestion he played a role in the collapse of Anglo Irish Bank
Seán Quinn rejected suggestion he played a role in the collapse of Anglo Irish Bank

Several thousand people have rallied in Ballyconnell in Co Cavan this evening to support bankrupt businessman Seán Quinn and his family.

Mr Quinn, the former head of the Quinn Group, his son Seán Jnr and nephew, Peter Darragh Quinn, have been before the High Court in recent months in relation to debts owed to former Anglo Irish Bank.

Earlier, Seán Quinn rejected the suggestion that he played a major role in the downfall of Anglo Irish Bank.

Speaking on RTÉ's This Week, Seán Quinn Snr said his actions did have a destabilising effect on the financial institution but "only earlier than it would have happened".

He said his actions, in secretly buying a 25% share holding in the bank, had "zero effect" on Anglo losing over €30bn.

Mr Quinn also rejected the suggestion that he had played a role in forcing the bank guarantee into place.

He said he had ''absolutely nothing to do with the overall losses in the Irish banking system".

However, the Fermanagh businessman conceded he should have stopped investing in Anglo shares when it became apparent the investment was going wrong.

He admitted that as Chairman of the Quinn Group and Quinn Direct Insurance he should not have borrowed money from both companies to buy shares in the former Anglo Irish Bank.

In the radio interview he conceded that the decision of the Financial Regulator to effectively sack him as Quinn Direct Chairman was "right and proper" and something that he now has "no quibble with".

Mr Quinn said that he had faith in the Anglo Irish Bank model and never foresaw it or any Irish bank going bust.

Commenting on his debts, Mr Quinn said the first and only time he got into trouble with anyone regarding money was with Anglo.

He insisted that his family has not fallen out with Peter Darragh Quinn and said he did not know where his nephew was.

Mr Quinn said people were mistaken if they thought he or his family had "money under the bed", insisting that any profits made from Quinn companies in the past had been re-invested into the business.

He said he had not ''nestled'' money away and that he and his family had been left with nothing as a result of the action taken by the former Anglo Irish Bank, IBRC.