Sean Quinn shocked by true administration costs

Sean Quinn has expressed his shock and has criticised the joint administrators of Quinn Insurance, after Finance Minister Michael Noonan said the Government was “misled” about the true cost of Quinn Insurance.

Sean Quinn has expressed his shock and has criticised the joint administrators of Quinn Insurance, after Finance Minister Michael Noonan said the Government was “misled” about the true cost of Quinn Insurance.

The real cost of the administration of Quinn Insurance, has now doubled to €1.65bn - a figure which has to be covered by a 2% levy on consumers’ policies.

Sean Quinn said the figures purportedly required by the Administrators from the Insurance Compensation Fun (ICF) are “truly shocking.”

He stated, “The administrators completely sidelined us and effectively set about destroying one of the most profitable companies in Irish corporate history, while blaming the previous management in the process.”

Sean Quinn is now urging the Department of Finance to seek and explanation as to how a figure €1.65 billion was arrived at as the sum needed to cover the cost of the collapse of Quinn Insurance.

In a statement Mr Quinn said, “I welcome Minister Noonan’s comments that he is at a loss to see how such a large underestimation, and the corresponding scale of what is required from the (ICF), could not have been foreseen to a greater extent before now” and that Irish Government was “misled”.

“I have said all along that Quinn Insurance was placed into Administration unnecessarily and on the basis of incorrect assumptions relied on by the Regulator, regarding the effects the Quinn Groups guarantees had on the solvency position of QIL.” Sean Quinn revealed “My biggest regret in all of this is not challenging the provisional appointment of the Administrators.”

Joint administrators Michael McAteer and Paul McCann, rejected suggestions they misled the Government, blaming the culture at Quinn Insurance of suppressing losses.

Quinn support

Although public support for Sean Quinn and his family seems strong locally, a Leitrim Observer Facebook question last week seems to reflect a turning tide against the mighty Quinns.

The Leitrim Observer asked readers “Does Sean Quinn deserve the local support he is getting?” The results were mixed but the No vote certainly won out, and those who said No seemed more adamant in their comments.

Daniel Hurd who said yes, noted Sea Quinn “gave plenty of family’s an income & now the people that should be blamed are blaming him CORRUPTION.” Glen McGovern agreed and asked “Who has done more for the people of Fermanagh, Cavan and Leitrim, Quinn or any government?

But Jamie Murphy commented that “being an employer and giving a few quid to the GAA does not entitle you to a pardon.” He also said, “No one is saying Anglo are innocent players in this but that doesn’t entitle Quinn to have his actions justified or explained away.” Mick Reynolds voted no and said “People complain about Dubs getting preferential treatment by the media, yet feel perfectly entitled to back one of their own because he happens to live a couple of miles up the road from them.”

Michelle Kiernan gave a strong no vote and noted “You would swear he built Cavan wit his bare hands. He was a gambler who lost.”