Talks between executives at Anglo Irish Bank and the Financial Regulator over the bank’s proposal to refinance Quinn insurance are set to continue over the weekend.

Yesterday evening,  state-owned Anglo-Irish Bank moved to strike a deal with the Regulator to secure the takeover of Quinn Insurance.

In a statement released yesterday,  Quinn insurance denied the company was facing a 700 million euro hole in it’s books.

Group Chief Executive Liam McCaffrey revealed that the group needs up to 150 million euro in refinancing.

Anglo, which will ultimately be refinanced by the Irish taxpayer to the tune of 22 billion euro,  is owed 2.8 billion euro by the Quinn family after a complex share deal turned sour.

It is understood the refinancing plan centres on ensuring Anglo secures money it is owed while at the same time keeping Quinn Insurance operating as a going concern.

The regulator’s priority is protecting the insurer’s 1 million customers.