The Junior Finance Minister Brian Hayes has described supporters of Sean Quinn as "blinded and misguided".
Mr Hayes said he can understand why thousands of people, particularly in Co. Cavan, would have an affinity with the bankrupt businessman.
However, he also said they are blinded by the fact that Mr Quinn has been found in contempt of court for putting assets, needed to repay the IBRC, out of the bank's reach.
The 66-year-old former billionaire is now serving a nine-week prison sentence.
It has also been reported today that the former Anglo Irish Bank is understood to have made a complaint to the Garda Fraud Squad over allegedly fraudulent actions by members of the Quinn family.
Minister Hayes said he has no sympathy for Sean Quinn and his supporters need to face the facts.
Mr Hayes said: "They are misguided and they are totally blind to the facts that this issue has gone on for far too long, there has been an attempt to really put these assets away from their rightful owners in this case.
"Not only is it all of us will be paying for this in terms of the cost in our insurance for many years to come, but the Irish people have the right to these assets.
"They will do something in terms of bridging the gap between tax and expenditure over the next number of budgets were we to obtain them back through IBRC."