RTE News says Anglo is willing to invest €700m. and become majority shareholder in Quinn Insurance.
We would have to pay off the other bankers to Quinn with our bonds. [Edit - Brian Carey, Sunday Times Business Editor, says the taxpayer pays out four billion and clears the bondholders, who walk with our money]
Under the proposal Quinn family keeps a shareholding in the Group says David Murphy.
Would need EU clearance.
RTÉ site now says:
[thanks to yoganmahew for this]State-owned Anglo Irish Bank has proposed injecting €700m into Quinn Group as part of a financial restructuring package, RTÉ News has learned. The plan, if agreed, would see €150m injected into Quinn Insurance and €550m would be used to pay off bondholders.
Anglo's proposal would see money injected into Quinn Insurance to address its solvency shortfall. Other banks owed €1.2 billion would be paid off with Irish Government bonds.
Anglo would take a majority stake in Quinn Group,...
Quinn would stay as Group Chairman, says Simon Carswell.
Quinn would stay on as chairman in Anglo rescue plan - The Irish Times - Fri, Apr 09, 2010
thanks to nuj for coining the term Quanglo and John Blake for reminding us of it here