The Irish Bank Resolution Corporation, the now state owned institution that was formerly Anglo Irish Bank, has described the claims made by Sean Quinn, his son Sean, and his nephew Peter denying that they had breached court orders in relation to international assets as 'incredible' and fantastic.'

According to RTE the IBRC claims the three men are now in contempt of court because they continued to take steps to put certain assets in Russia and Ukraine out of the reach of the bank, despite High Court orders preventing them from doing so.

Senior Counsel for the bank Shane Murphy reportedly told Judge Elizabeth Dunne that on an assessment of the evidence, she would be satisfied beyond reasonable doubt that the Quinns breached the court orders made in June and July last year.

Murphy said the evidence showed a plan had been authorized by Sean Quinn senior to put his assets out of the reach of the bank. The plan was developed by his nephew Peter Quinn and he would demonstrate that Sean Quinn junior was aware of it.

Sean Quinn senior the 'patriarch, master and commander' of the plan, Murphy said. He added that the judge should take into account his anger and animus towards the bank.

Murphy said there was false, misleading and evasive testimony from all three men. Murphy added their plan to put assets out of reach of the bank was executed with determination and resilience and with assistance in many jurisdictions. He claimed it continued beyond the dates of the court injunctions.

However the Quinns' claim that any steps they took in relation to putting the assets beyond the reach of the bank were taken by them before the injunctions were granted. They said they did not know anything about any steps taken afterwards. The court case continues.