Buying CFDs is a high-risk way of playing the stock market because it means you are betting on the future price of a share as opposed to its current market rate.Īnd as the bank share price began to fail, it emerged that Ireland’s former wealthiest man had acquired a 25% shareholding in Anglo Irish Bank through CFDs.Īs the bank’s share price dropped, Séan Quinn continued to bet on it going up and, as a result, loans were given by the bank to help cover the then-billionaire’s losses. Up to €2.34bn of these massive loans was used to buy shares in the doomed bank through a process called contracts for difference (CFDs). The Quinn children initiated legal action in 2011 against the IBRC when the bank sought repayment of loans totalling €2.89bn given by the former Anglo Irish Bank to the Quinn group of companies. The IBRC took over the controversial Anglo Irish Bank after the so-called ‘bad bank’ was nationalised in 2009. Quinn Country is a landmark documentary series by RTE, to be broadcast over three consecutive nights from Monday 28 November 2022 on RTE One and RTE Player at 9.35pmĪ source familiar with the process said: ‘The judgments against each of the children has never been paid and it probably never will.’ Sean Quinn at home in Ballyconnell, Co.Cavan

But sources confirmed this weekend that despite the fact that a €440m judgment was secured against the businessman’s children three years ago, not a cent has yet been paid back to the State.Ī judgment of €88m was secured against each of Cavan-based Quinn’s children, Seán Jr, Ciara, Colette, Aoife and Brenda, following a legal battle between the family and the Irish Bank Resolution Corporation (IBRC), formerly Anglo Irish Bank.

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