Businessman Seán Quinn has said "a very conscious decision" had been made to put assets beyond the reach of the IBRC, formerly Anglo Irish Bank, despite receiving advice to the contrary.
Speaking on Shannonside Northern Sound Radio with his daughter Colette, Mr Quinn said he still feels that it was the right thing to do.
"I'm not the easiest man to advise. We took it on ourselves to do it and we felt that it was the right thing to do, and we still feel that it was the right thing to have done.
"Unfortunately, it’s turned out very badly, and unfortunately it’s ended up in prison."
Mr Quinn said he had thought at the time that they were retaining their assets and that the IBRC were moving in on those assets illegally.
However, he said that the courts obviously did not agree with that position, but the Quinn family are appealing the court’s decision.
Mr Quinn described it as an extraordinary situation that Seán Quinn Jnr is now in prison, but said that his son was coping well.
He said that his nephew Peter Darragh Quinn, for whom there is an outstanding warrant, had done everything in his power to resolve the issue.
Seán Quinn added that he was never one to run away from trouble or to "jump on an aeroplane and head away to some foreign country", but would continue to fight his corner and try to redeem his reputation in some way.
He added that if he had to go to jail, he would.
He said that a lot of the media had fallen "hook, line and sinker for the Anglo story, that Quinn is the bad boy and they are the good guys".
Speaking on the same programme, Colette Quinn said that the media attention around the living expenses of Quinn family members was "about nothing".
Ms Quinn said that the amount of €8,000 a month in living expenses family members had been awarded previously was not set at their request, but was decided by the court.
She said they were not requesting €8,000 a month on this occasion either.
