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Wednesday, August 08, 2012
The suggestion yesterday that the potential €1.65bn call on the Insurance Compensation Fund to cover the losses at Quinn Insurance could rise should give all of those who have championed the bankrupt tycoon pause for thought.
The scale of liabilities, which will hit policy holders for decades to come, are astounding.
Finance Minister Michael Noonan has expressed frustration with the spiralling figure. He also criticised the inability of highly paid professionals to reach a final position on liabilities. Indeed, he accused them of misleading the Government.
Every day it gets harder to understand why legislation that would make it possible to impose eye-watering penalties to try to prevent this kind of white-collar scandal has not been brought before the Dáil.
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