€100m repayment to compensation fund approved

A €100m repayment by the administrators of Quinn Insurance Ltd to the State-backed Insurance Compensation Fund, from which €1.158bn has been drawn down to date to meet claims of policy holders, has been approved by the High Court.

However, further draw- downs by the company from the fund are anticipated in early 2016, the court heard.

Arising out of the administration, some €1.158bn has been paid out of the compensation fund, resulting in a 2% levy on all non-life insurance policies. The administration is expected to end in 2016, the court was previously told.