Questions Raised Over Failed Quinn

The Irish Opposition party has called for a Dublin minister to face questions in the Oireachtas Finance Committee after Quinn Insurance went into administration.

Kieran O'Donnell, Fine Gael's Deputy Spokesperson on Finance, said Minister Brian Lenihan should appear before the committee at the "earliest possible opportunity" to discuss the situation at Quinn Insurance.

Yesterday, despite resistance from the company's owner and a weekend of lengthy talks, the Financial Regulator moved to place Quinn Insurance into full administration.

The company maintained throughout the past week that it has been in a profitable position and had sufficient cash resources.

However, the Financial Regulator 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 said: "The Financial Regulator continues to prepare for a full High Court hearing."

Responding to the fall out, which could cost hundreds of jobs, Deputy O’Donnell said he had written to the Chairman of the Committee, Michael Ahern asking him to summon the Minister before the Committee, as soon as the High Court case concerning Quinn Insurance has concluded.

Mr O'Donnell said: "Given the high level of concern and uncertainty over Quinn Insurance and the Quinn Group, it is vital that Minister Lenihan gives the Committee a detailed briefing on the issues at the group, and in particular the role of Anglo Irish Bank.

"The new Financial Regulator, Matthew Elderfield, will appear before the Oireachtas Economic & Regulatory Affairs Committee this week. It is therefore important that we also get a full account from the Minister as soon as possible.

"The Committee Chairman has indicated that Minister Lenihan cannot appear before the Committee because of the High Court decision to adjourn the case for a week.

"However, an invitation should be re-issued to the Minister inviting him to attend at the earliest possible opportunity. I have written to Committee Chairman Michael Ahern TD to this effect. I intend raising this matter at tomorrow's scheduled Committee meeting."

See: Quinn Formally 'In Administration'

(DW/BMcC)