Menu
12/04/2010
Quinn Formally 'In Administration'
Despite resistance from the company's owner and a weekend of lengthy talks, the Financial Regulator has moved to place Quinn Insurance into full administration today.
The company has maintained throughout the past week that it has been in a profitable position and had sufficient cash resources.
Hundreds of jobs in the business are now at risk, on both sides of the border after the Financial Regulator continued to apply pressure to the UK and Ireland insurance provide.
With a deal between Anglo Irish Bank and other lenders failing to come through the company has therefore been moved into administration.
A spokesman for the regulator today said: "The Financial Regulator continues to prepare for a full High Court hearing tomorrow."
The regulator moved against the company after it emerged the Quinn Group was in breach of "Solvency Rules" under which insurers must hold a cash substantial cash reserve. It is believed that despite the owner Sean Quinn insisting the company was holding hundreds of millions in cash, the regulator had their books were €100 million short of its obligated level of holdings.
After being put into 'provisional administration' on Friday, ahead of the crucial weekend talks, a spokesman for the group said: "In order to restore the solvency position to the FR’s 150% requirement the Group estimates that a cash injection of between €100m and €150m is required.
"Whilst this is fresh capital it will improve the [Quinn Insurance] net asset position and is not required to pay claims, or fill any other holes as the company has been a profitable business."
However, this morning the chief of the Financial Regulator Matthew Elderfield said he wanted to proceed with the court case and that chief concern is protecting the 1m Quinn Insurance policy holders.
Finance Minister Brian Lenihan is being kept informed of developments.
(DW/GK)
The company has maintained throughout the past week that it has been in a profitable position and had sufficient cash resources.
Hundreds of jobs in the business are now at risk, on both sides of the border after the Financial Regulator continued to apply pressure to the UK and Ireland insurance provide.
With a deal between Anglo Irish Bank and other lenders failing to come through the company has therefore been moved into administration.
A spokesman for the regulator today said: "The Financial Regulator continues to prepare for a full High Court hearing tomorrow."
The regulator moved against the company after it emerged the Quinn Group was in breach of "Solvency Rules" under which insurers must hold a cash substantial cash reserve. It is believed that despite the owner Sean Quinn insisting the company was holding hundreds of millions in cash, the regulator had their books were €100 million short of its obligated level of holdings.
After being put into 'provisional administration' on Friday, ahead of the crucial weekend talks, a spokesman for the group said: "In order to restore the solvency position to the FR’s 150% requirement the Group estimates that a cash injection of between €100m and €150m is required.
"Whilst this is fresh capital it will improve the [Quinn Insurance] net asset position and is not required to pay claims, or fill any other holes as the company has been a profitable business."
However, this morning the chief of the Financial Regulator Matthew Elderfield said he wanted to proceed with the court case and that chief concern is protecting the 1m Quinn Insurance policy holders.
Finance Minister Brian Lenihan is being kept informed of developments.
(DW/GK)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
09 April 2010
Garda May Be Called As Quinn Group 'Short'
The Quinn Insurance saga has taken another twist with a possibility the case may be referred to the Irish police, An Garda Siochana. There have been allegations that the company is some €100 million 'short' to cover its insurance policies.
Garda May Be Called As Quinn Group 'Short'
The Quinn Insurance saga has taken another twist with a possibility the case may be referred to the Irish police, An Garda Siochana. There have been allegations that the company is some €100 million 'short' to cover its insurance policies.
23 April 2010
Quinn Staff Criticise Regulator Restrictions
Workers at the beleaguered Quinn Insurance in Co Fermanagh and Co Cavan have said some 1,000 jobs are now at risk after the financial regulator's decision to deny the company the ability to fully re-enter the UK market. Administrators in charge of the business warned employees yesterday some of the 2,400-strong workforce were likely to be let go.
Quinn Staff Criticise Regulator Restrictions
Workers at the beleaguered Quinn Insurance in Co Fermanagh and Co Cavan have said some 1,000 jobs are now at risk after the financial regulator's decision to deny the company the ability to fully re-enter the UK market. Administrators in charge of the business warned employees yesterday some of the 2,400-strong workforce were likely to be let go.
14 April 2010
Committee Should Grill Lenihan Over Quinn
The Irish Opposition party has called for the minister to face questions before the Oireachtas Finance Committee after Quinn insurance was taken into administration yesterday.
Committee Should Grill Lenihan Over Quinn
The Irish Opposition party has called for the minister to face questions before the Oireachtas Finance Committee after Quinn insurance was taken into administration yesterday.
04 September 2009
IL&P Fined €600,000 By Regulator
The Irish Financial Regulator has fined the Irish Life & Permanent bank over breaches of "regulatory reporting requirements". The fine comes following an examination by the regulator following a torrid year for the financial services company, which saw an operating loss of €51 million for first half of the year.
IL&P Fined €600,000 By Regulator
The Irish Financial Regulator has fined the Irish Life & Permanent bank over breaches of "regulatory reporting requirements". The fine comes following an examination by the regulator following a torrid year for the financial services company, which saw an operating loss of €51 million for first half of the year.
10 November 2004
Industry urges NI to ‘play safe’ with cash cards
Cash machine users were today advised to keep playing safe when making cash withdrawals, despite fraudulent cash withdrawals in Northern Ireland falling by 8% to £368,000 over the past year. However, despite a fall in Northern Ireland figures the rest of the UK saw an average rise of 85% in fraudulent cash withdrawals over the same period.
Industry urges NI to ‘play safe’ with cash cards
Cash machine users were today advised to keep playing safe when making cash withdrawals, despite fraudulent cash withdrawals in Northern Ireland falling by 8% to £368,000 over the past year. However, despite a fall in Northern Ireland figures the rest of the UK saw an average rise of 85% in fraudulent cash withdrawals over the same period.
-
Northern Ireland WeatherToday:A dry and sunny start but cloud bubbling up with a few showers developing from late morning. Becoming dry and sunny along the east coast in the afternoon. Maximum temperature 12 °C.Tonight:Showers gradually die out to leave good clear spells in the evening and overnight. This will allow a few fog patches to develop in places. Minimum temperature 2 °C.
