The following is the full text of the statement issued by Seán Quinn last night, speaking for the first time since his Quinn Group was taken into receivership by Anglo Irish Bank.

The decision by Anglo last week to appoint share receivers was the greatest upset for me and my family in my entire business career. My colleagues and I have spent the past year developing a proposal that is economically sustainable and which would allow us to discharge fully all of our family’s obligations to the Irish taxpayer.

During this process we consulted with and secured the support of some of the most respected and experienced individuals in Irish and UK business. I am utterly convinced that our proposal could achieve the retention and increase of skilled employment in the Group. The Quinn Group businesses are among the best and most progressive in the world. I would like to sincerely thank both our customers and staff for their huge contribution to the success of the business and their allegiance to both me and the Group. There is no workforce anywhere that has the talent, commitment, loyalty and determination of the Quinn workforce. They have created and sustained skilled employment in regions where this was not seen as possible before. At this time my concerns are for those who have made such an enormous contribution to the success of the Group.

Our mistake was to place an overreliance on the Irish banking system and the many predictions for continued sustained growth in the Irish economy from some of the country’s leading financial services experts. Ireland needs enterprise and entrepreneurs more than ever at this time but mistakes in business should not result in a life sentence. I value the friendship and support of the many people I have worked with during this difficult time and to the many thousands who have voiced their support in so many ways I say “thank you”.

I would like to acknowledge the support of my family. The Irish family unit is quite unique for support, loyalty and compassion. Despite all that has happened I am fortunate to have the most wonderful family and it has been their steadfast support that has sustained me during a most difficult time.

Understandably there has been extensive media coverage since last week on many aspects relating to me, my family and the Group. Amid all of the coverage there has been inaccurate and false reporting. This is the only statement I have made in relation to the current issues and I would ask that reporting of matters relating to me and my family be based on fact rather than speculation.