Central Bank official to explain Quinn costs overrun

Central Bank official to explain Quinn costs overrun

A Central Bank official is to explain to the High Court why €1.65bn may be required from the Insurance Compensation Fund arising from the administration of Quinn Insurance.

High Court President Mr Justice Nicholas Kearns last week described the figure as "truly shocking".

The court heard last week that €1.65 billion may be required to meet the claims and costs arising from the administration of Quinn Insurance.

Originally when the case came to court it was told no money from the Insurance Compensation Fund would be needed, but the cost was revised in October to €738m.

An official from the Central Bank, which regulates the industry, is to explain how in a few months the costs have more than doubled.

High Court President Nicholas Kearns noted last week the effect is that the Government levy imposed on policyholders will last “in perpetuity” and not for a limited number of years as originally envisaged.


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