Noonan: State was misled on Quinn costs

Finance Minister Michael Noonan told the administrators of Quinn Insurance (QIL) he was frustrated at the “large underestimation” which has seen the liabilities for the insurance compensation fund rise to a possible €1.65bn.

He also said he was concerned at how the Government had been “misled by incomplete information”.

The revelation came in correspondence between the minister and the administrators of QIL that was put before the President of the High Court Mr Justice Nicholas Kearns yesterday.