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12/04/2010
Quinn Group Goes Into Administration
Despite resistance from the company's owner and a weekend of lengthy talks, the Financial Regulator has moved to place Quinn Insurance into full administration today.
The company has maintained throughout the past week that it has been in a profitable position and had sufficient cash resources.
However, the Financial Regulator has continued to apply pressure to the UK and Ireland insurance provider and with a deal between Anglo Irish Bank and other lenders failing to come through the company has been moved into administration.
A spokesman for the regulator today said: "The Financial Regulator continues to prepare for a full High Court hearing tomorrow."
The regulator moved against the company after it emerged the Quinn Group was in breach of "Solvency Rules" under which insurers must hold a cash substantial cash reserve. It is believed that despite the owner Sean Quinn insisting the company was holding hundreds of millions in cash, the regulator had their books were €100 million short of its obligated level of holdings.
After being put into 'provisional administration' on Friday, ahead of the crucial weekend talks, a spokesman for the group said: "In order to restore the solvency position to the FR’s 150% requirement the Group estimates that a cash injection of between €100m and €150m is required.
"Whilst this is fresh capital it will improve the [Quinn Insurance] net asset position and is not required to pay claims, or fill any other holes as the company has been a profitable business."
However, this morning the chief of the Financial Regulator Matthew Elderfield said he wanted to proceed with the court case and that chief concern is protecting the 1m Quinn Insurance policy holders.
Finance Minister Brian Lenihan is being kept informed of developments.
(DW/GK)
The company has maintained throughout the past week that it has been in a profitable position and had sufficient cash resources.
However, the Financial Regulator has continued to apply pressure to the UK and Ireland insurance provider and with a deal between Anglo Irish Bank and other lenders failing to come through the company has been moved into administration.
A spokesman for the regulator today said: "The Financial Regulator continues to prepare for a full High Court hearing tomorrow."
The regulator moved against the company after it emerged the Quinn Group was in breach of "Solvency Rules" under which insurers must hold a cash substantial cash reserve. It is believed that despite the owner Sean Quinn insisting the company was holding hundreds of millions in cash, the regulator had their books were €100 million short of its obligated level of holdings.
After being put into 'provisional administration' on Friday, ahead of the crucial weekend talks, a spokesman for the group said: "In order to restore the solvency position to the FR’s 150% requirement the Group estimates that a cash injection of between €100m and €150m is required.
"Whilst this is fresh capital it will improve the [Quinn Insurance] net asset position and is not required to pay claims, or fill any other holes as the company has been a profitable business."
However, this morning the chief of the Financial Regulator Matthew Elderfield said he wanted to proceed with the court case and that chief concern is protecting the 1m Quinn Insurance policy holders.
Finance Minister Brian Lenihan is being kept informed of developments.
(DW/GK)
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16 April 2010
Quinn Workers Future 'Priority'
There have been further calls from Northern politicians to re-open Quinn Insurance for normal trading. SDLP MLA for Fermanagh and South Tyrone, Tommy Gallagher said the retention of the 600 jobs at Enniskillen has to be the top priority regardless of who is in control of Quinn Insurance.
Quinn Workers Future 'Priority'
There have been further calls from Northern politicians to re-open Quinn Insurance for normal trading. SDLP MLA for Fermanagh and South Tyrone, Tommy Gallagher said the retention of the 600 jobs at Enniskillen has to be the top priority regardless of who is in control of Quinn Insurance.
29 January 2013
Mobile Users Warned About 'Missed Call' Scam
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Mobile Users Warned About 'Missed Call' Scam
Mobile phone users are being warned about an apparent missed call scam, which emerged over the weekend. The Communications Regulator say consumers received missed calls that appeared to be from an 086 number, but when they returned the call, they were connected to a premium rate service that appears to be based in Slovenia.
19 December 2007
Irish Texters Send 1.89 Billion Messages
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31 March 2010
Quinn Insurance Taken Into Receivership
A multi-million pound Irish business that began in 1973 as a small gravel pit on the Quinn family farm in the border county of Fermanagh is in trouble. There was widespread shock and concern yesterday at news that the Quinn Insurance Group has been put into administration by the High Court in Dublin.
Quinn Insurance Taken Into Receivership
A multi-million pound Irish business that began in 1973 as a small gravel pit on the Quinn family farm in the border county of Fermanagh is in trouble. There was widespread shock and concern yesterday at news that the Quinn Insurance Group has been put into administration by the High Court in Dublin.
09 April 2010
Garda May Be Called To Quinn Group
The Quinn Insurance saga has taken another twist with a possibility the case may be referred to the Irish police, An Garda Siochana. There have been allegations that the company is some €100 million 'short' to cover its insurance policies.
Garda May Be Called To Quinn Group
The Quinn Insurance saga has taken another twist with a possibility the case may be referred to the Irish police, An Garda Siochana. There have been allegations that the company is some €100 million 'short' to cover its insurance policies.
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