Quinn seeks reasons for estimated €1.65bn cost of insurance business collapse

Sean Quinn has urged the Department of Finance to seek an explanation as to how a figure €1.65bn was arrived at as the sum needed to cover the cost of the collapse of Quinn Insurance.

An official from the Central Bank told the High Court yesterday that he hoped that estimates of what would have to be drawn down from the Insurance Compensation Fund to cover the costs of insurance firm would be "as bad as it gets".