Sunday 23 July 2017

Many to blame for new €600m levy

THE Quinn family, headed by Sean Quinn, is entitled to the view expressed in its statement yesterday that a profitable insurance company was taken from it by the banks and Financial Regulator and turned into a loss-making one, for which all insurance customers will now pay.

The facts seem to speak otherwise.

Nevertheless, the Quinn view may well receive a sympathetic hearing, as everyone with a non-life policy faces the prospect of paying for at least €600m in losses at Quinn Insurance. There will be even more of a sympathetic disposition among the many hundreds whose jobs and incomes depended on the Quinn operations.

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