Lobby group calls for Quinn bailout backing

A PRO-QUINN Insurance (QIL) lobby group has called on the Government to endorse a bailout proposal for the business, which would see Anglo Irish Bank take over the business and re-finance the debt which it is owed.

The nationalised bank is owed around €2.8 billion by the Quinn family and the ‘Concerned Irish Businesses’ lobby group said yesterday that the Anglo proposal – which is due to be presented to the Quinn administrators – is the best way to recover all outstanding debt to the Irish taxpayer and for QIL to come out of administration.

Today also happens to be the deadline for bids for Quinn Insurance to be lodged with investment bank Macquarie, which is handling the sale process.

It is understood that while the number of interested parties soared to nearly 50 in the months after QIL went into administration, serious bidders now number between 20 and 30. The likes of Royal Sun Alliance, Aviva, Allianz and FBD have all been speculated upon as potential suitors, in addition to private equity players.


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