Anglo Irish Bank has dismissed a claim by businessman Sean Quinn that the Minister for Finance Michael Noonan was misled in relation to Anglo's deal to take control of Quinn manufacturing group.
This evening the bank attacked a statement by the businessman, who has lost control of his business, as "blatantly incorrect" and "misleading".
It also rejected a claim by Mr Quinn that the bank was pursuing a "vendetta against Mr Quinn or his family."
The bank blamed Mr Quinn's "reckless gambling" for the troubles in the Quinn Group.
Earlier, Mr Quinn alleged the Minister had been wrong to suggest bondholders who lent money to Quinn had suffered a write-down of debt of 50% as part of the deal with Anglo to take over the businesses.
In a statement Mr Quinn said: "Who misled the Minister for Finance? Why was he misled?"
He also claimed the deal agreed by Anglo with the banks had now seen the Quinn Group's interest payments "soaring" by over 300% to approximately €100m per annum.
Mr Quinn said: "It is my view that Anglo's actions and agreements with the international banks and bondholders represents the worst possible 'deal' that could have been negotiated on behalf of the Irish taxpayer, the Quinn Group and its employees."
He added: "The 38 years of hard work to build the Quinn Group with the unending support of staff and the wider community has all but been destroyed by Anglo in less than five months.
"It is absolutely apparent that Anglo's priority is to pursue a vendetta against me and my children - while totally ignoring its obligations to the Irish taxpayer, the Group and its employees."
After the statement was issued by Mr Quinn, Anglo said it "strenuously objected" to the allegations.
It said the bank had not misled the Minister or anyone else. It said his statement was designed to destabilise the workforce. The bank said it had worked tirelessly with other creditors to ensure a socially responsible outcome.
It said the problems of the Quinn group stemmed from Sean Quinn's reckless gambling.
It said the restructuring of the Quinn Group debt has been designed to reduce the debt burden of the Quinn manufacturing group to a sustainable level.
The manufacturing business is to have its debt to banks and bondholder reduced from €1.28bn to €682m.
Anglo said it was not pursuing a vendetta against Quinn, rather it was trying to defend the security of its position from attempts by members of the Quinn family to place certain assets beyond reach of the bank and therefore the taxpayer.
