Grant Thornton rakes in €13m from Quinn job
Accounting firm Grant Thornton received an additional €2.8m in fees last year – bringing to €13m the sum the company has received for its work in acting as administrators to the Quinn Insurance group.
In a written Dail response to Fianna Fail's Billy Kelleher, Finance Minister Michael Noonan confirmed that Grant Thornton had received the additional €2.8m (including VAT) in respect of the work overseen by joint administrators and Grant Thornton partners, Michael McAleer and Paul McCann.
The two were appointed as administrators to Quinn Insurance Ltd (QIL) by the High Court at the request of the Central Bank due to concerns over the solvency position of the firm in 2010.
Mr Noonan confirmed that Grant Thornton received fees of €7.5m in 2011, €2.7m in 2012 and the provisional unaudited figures for 2013 showing that a further €2.8m was paid to Grant Thornton last year. The administrators expect the administration of the firm to end in 2016 and that no further money will be required this year from the state-backed Insurance Compensation Fund to meet claims of Quinn policyholders.
The administrators oversaw the sale of Quinn Insurance's Republic of Ireland general insurance business to Liberty Insurance in 2011 and Quinn Insurance's health insurance business to Laya Insurance in 2012.