Tycoon Sean Quinn today accused the Financial Regulator of getting its sums wrong amid claims his insurance division has a €448m black hole in its books.

Billionaire tycoon Sean Quinn tonight accused the Financial Regulator of putting 5,500 jobs at risk after it penalised his family business for a second time.

Ireland’s largest insurance firm was effectively in the control of the State today after the financial watchdog said it was gravely concerned about the company.