Quinn to get €738m payout from state fund

THE High Court has approved a total payment of up to €738 million of public money out of the state’s insurance compensation fund for Quinn Insurance, subject to deciding today whether the proposed sale of the insurer can proceed.

If the High Court approves the sale to a joint venture by US insurer Liberty Mutual and Anglo Irish Bank after a hearing today, his order means €320m will be paid out immediately, with further payments to be made later.

Mr Justice Kearns said that while he was aware of the implications for taxpayers of the €738m payment, the alternative scenario was a liquidation of the insurance group involving costs of up to €1.3bn.