Administrators appointed to Quinn Group- Update: Quinn declared bankrupt by High Court

[Pat De Baker]

The High Court has appointed two joint provisional administrators to the Quinn Insurance Group.

Mr Justice John Cooke made the order following an application by lawyers on behalf of the financial regulator. The application was made under the 1983 Insurance Act.

The court heard the Financial Regulator took this action following serious concerns about the way the group was managing its affairs.




http://www.rte.ie/business/2010/0330/quinn.html

[mutley]

I have not really been follwing Quinn, was this expected?

[Xray]

My heart goes out to the ordinary people working in it, I hope jobs and incomes are secured.

[mutley]

My heart goes out to the ordinary people working in it, I hope jobs and incomes are secured.

Judging from the article, it is going to be run as a going concern

[Cassandra Syndrome]

It is unexpected. As we havn't enough balls to jungle this week.

[mutley]

It is unexpected. As we havn't enough balls to jungle this week.

A good day to dump bad news?

[ang]

This is another part of the Anglo scenario:-

The simple truth is that it has been decided by the Government that Anglo will be kept going, and that is pretty much the end of the matter. The reasons for this dogmatism, however, are becoming a little clearer.

A clue lies in the answer to the question: if Anglo Irish Bank is going to be a business bank once it has dumped its €36 billion worth of toxic loans into the National Asset Management Agency (Nama), then who will be its biggest customer?

The answer is the Quinn Group. Once the bank has been “cleansed” of its land and development loans, its loan book will shrink to €36 billion. A good portion of this – perhaps up to €10 billion – will be hived off into a run-off vehicle, and the remainder will form the basis of the new business bank.

Quinn Group – which owes Anglo about €2.8 billion – will account for well over 10 per cent of the new bank’s loan book.

Anglo’s single biggest activity under Aynsley’s plan will be to provide finance to the Quinn Group, and its loans to Quinn will exceed the bank’s capital base.

http://www.irishtimes.com/newspaper/...267276470.html

[ZANU-FF]

Elderfield will take no prisoners

the begining of the end of crony capitalism

in the good old days Quinns sponsorship of The Lite Lite Show would have bought him discretion from RTE FFTV

The internet will destroy FF and their crooked ways

Has Dukes ever mentioned Quinns obligations to the taxpayer owned Anglo?

[ZANU-FF]

paying the bills with premiums

treating the premium pool as personal cash

Hang Neary Now, Elderfield uncovered this and he is only how long in the job?

I want FIRINGS from the Regulators Office. NOW

[Pat De Baker]

Hang Neary Now,

Questions need to be asked as to what this guy was fecking doing and who put in there

[MPB]

It is unexpected. As we havn't enough balls to jungle this week.

Yeh, this will be a nice distraction from the NAMA rip off.

With regard to Quinn, it seems the high court action was brought by clients.

Anglo is owed something in the region of 2.8 billion from Quinn, so not hard to imagine who contacted the regulator.

It looks like everything this country did in the last 10 years was connected to Anglo. Imagine, we now have to pay the debts of what amounted to a private members club of well connected chosen ones.

Great little country.

[Cassandra Syndrome]

paying the bills with premiums

treating the premium pool as personal cash

Hang Neary Now, Elderfield uncovered this and he is only how long in the job?

I want FIRINGS from the Regulators Office. NOW

Don't mean to be fussy here, but Paris is my favourite city. Can me please, please use guillotines as well?

[ZANU-FF]

Don't mean to be fussy here, but Paris is my favourite city. Can me please, please use guillotines as well?

Absolutely

Call Sarkozy

[ZANU-FF]

Elderfield deserves an Irish Passport

INSURERS will only get "pass marks" if they have done their homework right, under Ireland's new approach to financial regulation.

Speaking at the European Insurance Forum 2010 yesterday, Matthew Elderfield, Head of Financial Regulation in Ireland, said the country had "started a process of overhauling (its) approach to financial regulation" to bring in a more effective mix of both rules-based and principles-based regulation.

Mr Elderfield said, in relation to regulating insurance companies, his office was "prepared to hand out pass marks, but only if insurers have done their homework properly".

He was "cautious about over-learning the lessons of the banking crisis for the insurance industry" as insurance was "inherently different".

But he stressed that insurers should learn, from the banks' experiences, to "take a sceptical and challenging view" of risk management practices.

http://www.independent.ie/national-n...s-2116742.html

[DCon]

Quinn Insurance has Liabiliities over assets of 200M