The Irish Times this morning:
Speaking this morning, Enterprise Ireland chief executive Frank Ryan said he met senior management and Mr Quinn on Easter Sunday in Dublin and that all key parties are “fully engaged in an effort to resolve this matter as quickly as possible”.
Mr Ryan said he could not reveal what was discussed during the meeting and that it was too early to say whether Quinn Insurance should stay with the group or be sold.
Speaking on Morning Ireland , he said the key thing for employees now was to concentrate on doing business and focus on the causes of the situation. “There’s been a lot of discussion in relation to the decision of the High Court and the administrator etc – that’s really a consequence not a cause. I can confirm the causes are being focused on now.”
Speaking on same programme, Teresa Lynch, an Quinn Group employee, said the regulator had a job to do but that workers were seeking a compromise that will save their jobs.
“As far as I’m aware, the Quinn Group is making money, as is Quinn Direct, so I don’t see where that problem is. . . . what we’re saying is let the regulator work with us, let him talk to us, allow us that opportunity,” she said.
Enterprise Ireland granted Quinn Packaging €600,000 in 2007 and Quinn Insurance €307,705.29 in 2007. It granted €391,842.01 to Quinn Insurance in 2008 and €419,766.08 to Quinn Therm in the same year, or a total of €1.719m over two years.
There should be rule that everytime time someone claims Quinn Insurance is “profitable” that it’s preceeded with “in current terms” and it’s followed by “like all insurance comapanies” and ” but it’s insolvent if people make any more than the average number of claims”.
“Profit” and “solvency” are getting mashed together in this discussion.
All discussion of Quinn Insurance is vague. Still making 1 million a day profit yet they have had 2 loss making years. The appointment of the examiner was the worst decision in Irish business history then it was technically correct.
Now they are losing €1 million a day as the UK arm is shut down. Curiouser and curiouser.
“Quinn Insurance is hemorrhaging €1 million per day. …
The closing down of this market – which returned profits in the last quarter of 2009 and the 1st quarter of 2010 has severely damaged the prospects of Quinn Insurance”
“”Northern Ireland different to Mainland UK” Harkin tells Regulator”