State caused disaster and expense, not Quinn
Published 09/05/2011 | 08:01
WITH reference to the article "Taxpayer once again in the firing line as Quinn-Anglo dispute heads for the court" (Irish Independent, May 5), it is important that the citizens of Ireland know why they will have to pick up the tab, both for associated legal costs and also in the form of the Insurance Compensation Fund.
Quinn Insurance was controversially put into administration in March 2010 due to an alleged solvency shortfall. This arose because the Financial Regulator demanded reserves for Quinn Insurance to be significantly higher than any other insurer.
Since that time, Sean Quinn and his family have worked to develop a proposal that would have repaid the debt to Anglo (the taxpayer) in full, would have maintained the tens of thousands of jobs that are dependent on the survival of the Quinn group, and indeed would have created significant additional employment. It would also have ensured that the taxpayer would not have had to contribute one cent.