Sean Quinn (right), founder and chairman of the Quinn Group; pictured in 2006 with Ian Pearson, Northern Ireland Minister for Enterprise; and Viola McBride, call centre agent, at a Group call centre in Enniskillen.

Businessman Sean Quinn and family announced today that they are in the process of unwinding their interests held in Anglo Irish Bank through Contracts for Difference (CFDs) and as part of this process individual family members are purchasing long holdings in the bank’s ordinary shares which will represent close to 15% of Anglo Irish Bank’s ordinary share capital.

Commenting on the move, the Chairman of Quinn Group, Sean Quinn, said:”The family regards these shareholdings in Anglo Irish Bank as long term holdings with significant opportunity for capital growth over such a period. In recent years, we have been highly impressed with Anglo’s ability to outperform the banking sector in terms of profit growth and we are confident this trend can be maintained over the longer term notwithstanding the current difficulties being experienced in international banking.”

The Quinn Group has interests in the cement, insurance and hospitality sectors.