Tuesday 20 March 2018

The issues Quinn has failed to address

Laura Noonan

Laura Noonan

SEAN Quinn is famously selective about who he'll be interviewed by and what questions he'll entertain. He has given several outspoken interviews since provisional administrators were appointed to Quinn Insurance last week, but here are the questions that still need to be fully answered:

  • Do you accept that your decision to gamble billions of euro on Anglo Irish Bank shares has been a key factor in jeopardising the future of Quinn Insurance, the future of the Quinn Group and the future of 5,500 Irish jobs?
  • Given that, do you think you owe workers at the Quinn Group an apology for your role in the way events have unfolded over the past 10 days?
  • Why have you spent the past 10 days criticising the Financial Regulator's motives and methods instead of constructively addressing his many concerns about Quinn Insurance's financial position and the way the company is being run?
  • Would you be happy for all the country's insurance companies to maintain the same solvency position as Quinn Insurance, given that they would then be in a far better position to compete with Quinn on premium?
  • Do you think Quinn Insurance should be exempt from normal financial regulation because the Quinn Group employs 5,500 people in the country? Or is there some other reason you think the usual market rules shouldn't apply to Quinn?
  • If the Government ministers had intervened, as you demanded last week, do you think such a blatant political attempt to influence financial regulation would have been good for Ireland's international reputation?
  • Would you be prepared to give up any role in the ownership and control of the Quinn Group and Quinn Insurance if such a step was necessary for the group's survival and for the maintenance of those 5,500 jobs?
  • Why do you insist Quinn Insurance needs no money when the insurance company does need to come up with another €100m to €150m to satisfy the Financial Regulator's solvency requirements?
  • If you're so keen to keep Irish jobs, why did you outsource Quinn's entire actuarial function, some of the most skilled jobs in any insurance company, to a consultancy based in Britain?
  • Why did you say the €1.2bn in guarantees was "fully disclosed" to the Financial Regulator when in fact the disclosures made absolutely no reference to how much the guarantees were for?

Irish Independent

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