Quinn 'losing €1.5m per day'
Published 14/04/2010 | 14:10
Embattled Quinn Insurance is losing up to €1.5m a day over the ban on writing new business in the UK, workers claimed.
Employees said a business plan to resume trading was submitted to Ireland's Financial Regulator last Thursday but the restriction has not been lifted.
The workers are planning a rally at the regulator's office in Dublin on Friday claiming the ban is not sustainable for the company or the country.
"Northern Ireland/UK business represents over 50pc of Quinn Insurance's book and we are losing between €1m - €1.5m per day as a result of not being able to trade in NI/UK," a statement from the workers said.
"As Quinn Insurance is the only Irish insurer trading in this market this is lost export business and as such the Irish economy is losing millions in tax revenue."
The rally coincides with the deadline for tycoon Sean Quinn to finalise his case for fighting administration, a move imposed by regulator Matthew Elderfield amid fears the company cannot cover an influx of claims.
The company, which should find out the watchdog's thoughts on its in-house refinancing plans today, is facing a High Court showdown next Monday over administration.
Employees said a business plan was submitted to the regulator by the administrators last Thursday supporting lifting the ban after meetings between cross-border, cross-party politicians, the administrators and the financial regulator.
They claimed Mr Elderfield promised the issue would be a priority, but has returned to the administrator for further clarification.
"As a result of this we the employees feel we have no option but to hold a rally on Friday at noon outside the regulator's office at the Central Bank in Dublin," the statement added.