Administrator Grant Thornton earned €20m from Quinn Insurance collapse

Finance Minister Michael Noonan has confirmed that Grant Thornton has received over €20m in fees and costs arising from the administration of Quinn Insurance.

In a written Dáil reply to Fianna Fáil’s Michael McGrath, Mr Noonan confirmed that the €20.25m, including Vat, has been paid out in fees to Grant Thornton since 2010.

Michael McAteer and Paul McCann were appointed as administrators to Quinn Insurance Ltd by the High Court at the request of the Central Bank, due to concerns over the solvency position of the firm in 2010.

In the reply, Mr Noonan said that the fees paid to Grant Thornton for the first three quarters of last year totalled €480,000.

The figures show that the vast majority of fees were paid out in the early stages of the administration process.

The detailed figures show that €1.1m was paid out in 2014; €2.85m in 2013; €2.6m in 2012; €7.53m in 2011, and €5.6m in 2010.

Mr McGrath said yesterday: “Every time a motorist or a householder receives their insurance renewal in the post, there is a stark reminder of the failure of regulation in the form of the 2% levy we are all paying on each policy to deal with the legacy of Quinn Insurance.

"Customers want to see this issue brought to a conclusion as quickly as possible.”


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