High Court gives reasons for approving Quinn Insurance transfer

The President of the High Court has said the transfer of Quinn Insurance represents "a floating ship in turbulent seas where shipwreck and abandonment appeared to be the only alternatives".

President Nicholas Kearns has today given his reasons for approving the sale of Quinn to a joint venture of US insurer Liberty Mutual and Anglo Irish Bank.

The decision, made last week, means €738m of public money will be paid out to the insurer from the State's insurance compensation fund.

The High Court President has set aside numerous objections and has found the transfer preserves the position of employees, policyholders and the business as it currently stands.