Enterprise Ireland seeks meeting with Quinn administrators to save jobs

ENTERPRISE Ireland is seeking a meeting with the provisional administrators of Quinn Insurance as the focus on avoiding potential job losses at the company intensifies.

It emerged at the weekend that the state agency was asked by the Taoiseach to meet with Quinn representatives; who said up to 5,500 jobs were under threat in the aftermath of the insurance business being put into administration.

While it is understood that no contact was made with the administrators by Enterprise Ireland (EI) yesterday, there were meetings between workers and the provisional new management (Grant Thornton’s Paul McCann and Michael McAteer were appointed provisional administrators, by the High Court, to Quinn Insurance last week), which apparently went well. It is also understood that the administrators would facilitate a meeting with the state agency, if one was requested.

The main thrust of yesterday’s round of meetings aimed to lift last week’s ban on Quinn Insurance accepting new business in its loss- making Britain and Northern Ireland divisions. While 45% of its staff work in the Republic, 55% of the company’s business is done in Britain and the North.

EI’s meeting with Quinn representatives, including group chairman, Seán Quinn, took place last Sunday morning. The agency’s chief executive, Frank Ryan said yesterday that all key parties are “fully engaged in an effort to resolve this matter as quickly as possible”, but added when asked if the company should be sold, “it is too early to make that sort of determination”.

Despite around 20 expressions of interest in Quinn’s insurance assets being lodged with the administrators last week, a quick sale is not anticipated. A long stay in administration could be on the cards.

Mr Ryan said, yesterday, that EI is looking to update itself on the Quinn Group’s position and its objective is to see the progress made over the past 30 years continues. He said EI has, in the past year, dealt with around 150 companies in a similar situation to Quinn Insurance – “viable businesses facing a challenge”.

It is thought likely that Quinn Insurance will use the fact that its auditors, PricewaterhouseCoopers, have approved its recent accounts (apparently featuring guarantees the Financial Regulator claims have damaged its financial strength) as part of its claim that it hasn’t breached regulations; when it defends its case in the High Court next Monday.