Quinn claims financial regulator acted ‘illegally’

Seán Quinn last night claimed financial regulator Matthew Elderfield “illegally put an administrator into Quinn Direct” even though it was ” probably one of the most profitable insurers on the island of Ireland”.

He said the company was being run “extremely well” at the time. He questioned why Mr Elderfield did not, as has been done in financial institutions, put someone in for 3-6 months to “have a look at them”.

In an interview with TV3’s Vincent Browne programme, Mr Quinn freely admitted putting assets beyond the reach of Anglo Irish Bank. He denied the assets were collateral for the loans got from Anglo.