Quinn ban to remain
Matthew Elderfield, the financial regulator, was presented with a detailed study of the insurance firm’s British and Irish operations yesterday.
Distressed workers had hoped the ban would be lifted but the problems for the group are much bigger than just the issues in Britain and the North.
Reliable sources told the Irish Examiner yesterday that when the case comes before the High Court on Monday, Mr Elderfield will seek to have the insurance group placed under full-time administration due to the unresolved “solvency issues”.
Seán Quinn said yesterday Quinn could lose up to 80% of its turnover for April due to the action.
Meanwhile, a taxpayer bailout of Quinn Insurance is not being ruled out by Taoiseach Brian Cowen, who indicated that protecting almost 6,000 jobs in the company will be the main concern of Government.
Talks continued yesterday between officials from the Department of Finance and other interested parties to find an alternative plan for the troubled firm.
