The Front Pages
Today’s Irish Times front page runs with the headline ‘Regulator signed off on €169m loan from Anglo to Quinn’, as the paper reveals the extent of the Financial Regulator’s involvement in Seán Quinn’s purchase of 15% of Anglo Irish Bank.
In a confidential letter seen by the Times, the prudential director at the regulator signed off on a €169m loan, which was used by the Quinn Group to fund the purchase of Anglo’s shares in July 2008, with the actual loan granted by Anglo also. Under company law, this action is typically prohibited.
The Irish Independent meanwhile, follows up yesterday’s headline regarding Anglo’s possible purchase of ailing department store Arnotts with their main story ‘Arnotts could be sold for €1 as banks tighten grip’. To restructure the store’s debts, Arnotts may end up having to let its new owners Anglo Irish Bank and Ulster Bank buy out all its shares for a nominal sum.
The department store currently owes its new owners €300m but has assured its near-1,000 workers that their jobs are ‘secure’. An Arnotts spokesperson told the Independent that the store ‘continues to invest in the future of the store. We would like to reassure our customers that it is business as usual at Arnotts.â€
