Robert Dowds (Dublin Mid West, Labour)
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Question 154: To ask the Minister for Finance the extent to which Anglo Irish Bank has been able to recoup moneys owed to it by the Quinn Group; his views that any more money can be recouped by Anglo Irish Bank in the future from the Quinn Group; and if he will make a statement on the matter. [27291/11]

Michael Noonan (Limerick City, Fine Gael)
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Anglo Irish Bank has not recovered any principal monies owed to it by the Quinn Group. However, some recovery of value across the Quinn Group is expected to materialise over time. The companies across the group are in a distressed state, have considerable debt and guarantee burdens and require time and improved market conditions to stabilise before recovery can take place. With regard to the international property, Mr. Sean Quinn is in litigation with the Bank across a number of geographies and the outcome of this litigation is uncertain. We have been informed by the bank that his actions appear to be designed to put the property beyond the reach of the Bank and thus taxpayers. Nonetheless, it has been made very clear to me that the bank intends to pursue recovery, to the greatest extent possible, of the substantial sums owing to it by the Quinn Group.