Northern Irish insurance and property tycoon Sean Quinn has taken a €1bn (£793m) hit on his 15% stake in Anglo Irish Bank over the past 18 months.
Quinn built most of the holding in the first nine months of 2007, when, according to a report in today’s Belfast Telegraph, shares were selling at an average of €15 each.
The shares have since sunk to just €4 (£3.20) each.
Quinn built the stock via contracts for difference and has now decided to convert them into actual shares.
A 15% stake in the company was worth around €465m (£368m) at close of trading yesterday. The company is valued at €3.1bn (£2.46bn).
Quinn has pledged to keep the investment.
“The [Quinn] family regards these shareholdings in Anglo Irish Bank as long-term holdings with significant opportunity for capital growth over such a period,” he said in a statement.
Quinn is the founder of the Quinn Group, and came third in the most recent Estates Gazette Rich List with a personal wealth of £3,050m.
The Quinn family has amassed more than £600m in assets including hotels, wind farms, pubs and other investments.
