Sean Quinn has been taken to prison to begin a nine-week sentence for contempt of court.
He was taken from Dublin High Court in a police van to begin the term handed down earlier on Friday.
Lawyers for Quinn told the court that he had chosen not to apply for stay on the prison sentence.
The 66-year-old former billionaire, once Ireland's richest man, will be due for release on January 4.
He asked the court for compassionate leave in December to attend the christening of one of his grandchildren.
Ms Justice Elizabeth Dunne said the request was a matter for the prison authorities.
Before he was led away Quinn said he was 'never one to walk away from a decision, I've always been a proactive person, I may as well be getting on with it."
He described the legal battle with IBRC, the former Anglo Irish Bank, as a 'charade'.
"They took all my money, my company, put my son in jail, put me in jail and they have proven nothing'"
Addressing reporters, he said: 'You people have bought their story and sold it on to the Irish people."
Sean Quinn was asked if he was looking forward to spending Christmas in prison.
'If you have a wife and five children and grandchildren you don't need to ask that' he replied.
The bankrupt former billionaire and his family have been embroiled in a high-profile legal battle with the bank, which was bailed out by taxpayers.
In making her decision to jail him, Ms Justice Elizabeth Dunne referred to the three findings of contempt against the 66-year-old at the same court in July, and her rejection of his evidence in the contempt hearing as 'not credible, evasive and unco-operative'.
The judge said she had noted the "impassioned plea" not to jail the businessman, made by lawyers for Mr Quinn on Thursday, and the negative impact the case has had on his family.
"In my view he has only himself to blame" she said.
Sean Quinn was sitting amongst a group of his supporters as the ruling was being read out, his son Sean Quinn Jnr and son-in-law Niall McPartland were also in court this morning.
The Supreme Court last month dismissed an appeal by Sean Quinn jr against his three-month sentence for contempt of court.
The Malta Financial Services Authority (MFSA) has dismissed reports that Sean Quinn has a Malta-based insurance licence for his new insurance company, Q2.
MFSA chairman Joseph Bannister said that the regulator had received no application from Q2 and that there was no licenced insurer under the name of P Elliot & Co.
He confirmed that Cavan-based building firm P Elliot & Co had applied for a licence in 2007 but said the firm then withdrew its licence in 2009 due to the economic downturn.
Q2 is not registered with Company House in Malta either, according to Mr Bannister.
"You cannot buy a licence in Malta. Any licence granted would require extensive due diligence and the MFSA is in regular contact with other regulators," he told Insurance Age.
Sources: BBC, Insurance Age