Quinn family calls on Government to publish administration documents

The Quinn family has said that it was dismayed and saddened by what it claimed was the undermining of the value of the company since the appointment of administrators.

“On the basis of hundreds of millions being paid to international bondholders and the claims reserves of Quinn Insurance being set at over two-and-a-half times the industry average per claim, it is inevitable that the reported losses will be substantial,” it said.

The family have called on the Government to make public all documents relating to the work of the administrators and the involvement of Anglo Irish and Liberty Mutual.

“The Irish taxpayer needs a full explanation as to how we have arrived at this point considering that Quinn Insurance had over €1.1bn of liquid assets in addition to €464m of property at the end of March 2010,” the statement said.

It added: “If this does not happen then the cover-up of the erosion of value at the expense of the Irish taxpayer at Quinn Insurance will never be revealed.”