Quinn Insurance in Administration

[Lawrence of Knockbride]

Fuckin hell Boojangles, calm yourself.
I admit I don't know the facts and I question (not condemn) an organisation for acting in a way that befits that the Quinn Group is completely innocent. I don't think that's narrow-minded. If a company was shut down for using child labour would the Chamber of Commerce come out and rally against the closure because other people's jobs would be at risk or would they take all the facts and use their influence for the best all-round outcome?
The thing is, some bad findings my come out of this whole issue in the coming weeks and the likes of the Cavan Chamber might look a little silly.
I think I'll stay quiet on this as even pleading ignorance seems to irk you.

[boojangles]

Fuckin hell Boojangles, calm yourself.
I admit I don't know the facts and I question (not condemn) an organisation for acting in a way that befits that the Quinn Group is completely innocent. I don't think that's narrow-minded. If a company was shut down for using child labour would the Chamber of Commerce come out and rally against the closure because other people's jobs would be at risk or would they take all the facts and use their influence for the best all-round outcome?
The thing is, some bad findings my come out of this whole issue in the coming weeks and the likes of the Cavan Chamber might look a little silly.
I think I'll stay quiet on this as even pleading ignorance seems to irk you.

You didnt plead ignorance Lawrence, you questioned the Chambers decision to support QDI on the Cavan thread without any evidence to back up what you were implying.At the moment I do not trust the current government in any way, and I think most people have the right to feel the same.
I posted that email to let people make their own mind up as I see it as a way of supporting fellow Cavan people.

Child labour?? Bit of an extreme comparsion do you not think.The Chamber will not look silly I can guarantee you that.They are supporting their own and Fair play to them I say. If some bad findings come out of this then I'l apologise to ya.But I am 90% sure that this action from the Regulator will be proved to be wrong.
I'm sorry for coming across angry but this has hit a nerve.

[Lawrence of Knockbride]

It obviously has hit a nerve and that's fine, I don't know your position.
But in questioning the chamber it may have come across as if I was criticising them. Maybe they do know more than I do but it seemed like a lob-sided statement from them. So in questioning, I was doing just that so I don't think I need evidence when I am seeking it with the question.
No need to apologise. Keep that aggression for Sunday in Cootehill

[anglocelt39]

In fairness Lawrence it tends to be the job of chambers countrywide to make lopsided statements at the best of times, which this isn't You're hardly expecting the Cavan Chamber to appoint itself as a quasi financial regulator on this one? Though mind they mightn't do a worse job than what we've had on that front over the past several years.

I haven't been able to get myself familiar with the story yet  so really can only limit myself to the blindingly obivous. Absolute potential hammer blow for an area that has been ignored by successive governments for god knows how long. Potentially serious social and sporting consequences and I don't blame local groups one bit for trying to mobilise support. I know that over the past several years Sean Quinn had been sucked in by the schiesters that made up the Anglo Irish Bank set and clearly he has taken an absolute monster hit, The fact that the business is in a private company and handling something as far reaching as the insurance sector has probably got the regulators extra worried, unfortunately.

Anyway, my very best wishes to all affected by this and hoping for some sort of a satisfactory outcome.

[Lawrence of Knockbride]

Fair enough lads but all I'm saying is that bodies involved in disputes such as this would usually take a rounded view of all apects before making a statement. Now maybe they have more to say and they will in the future but it just seemed a little odd to me. Anyway, time will tell.

[orangeman]

I was listening to the economics correspondent for the Irish Independent this morning on rte radio 1 and he was saying that this has been talked about for about 2 years and is NOT the bolt out of the blue that Sean Quinn claims that it is.

He said that he did have sympathy with Sean Quinn's position but that the state of Quinns other businesses were not as profitable as they once were and that the guarantees given by the insurance arm in respect of other loans to other businesses were the problem.

He said that Sean Quinn is well aware of the problems with the ratios in relation to Quinn Insurance.

He reckoned that it is the debt to Anglo Irish of €2.8 billion that is the big concern, i.e that Anglo don't get their money back.

The thing that strikes me is this : why did Sean Quinn give his children €200m between them just a few months ago

[no mo do yakamo]

Because he could.

[orangeman]

Because he could.

That may be alright.

But would this €200m not have sorted a lot of this current mess out ?

[no mo do yakamo]

I suspect if other insurers were investigated  similar problems would exist due to the general drop in land and share prices. I think someone is trying to get one back at Quinn.

[mylestheslasher]

I have a lot of time for Sean Quinn. He rose from modest beginnings to head a huge empire and employ 1000's of people. He never moved to far from where he came from and until very recently lived in a modest home. Now no doubt he was at some dodgy dealings but unlike many of the others he has the ability to pay it back. I have no doubt he will and he'll continue to make money and jobs. QD is a very profitable company and I can't fathom why this was done, a shot across the bows of the high flyers perhaps? But at the end of the day the regulator is messing with 1000's of jobs and it seems like a rash decision to me. What say Cavans useless minister Smith or should I say what is he reading from his pre prepared script?

[orangeman]

I suspect if other insurers were investigated  similar problems would exist due to the general drop in land and share prices. I think someone is trying to get one back at Quinn.

Correct.

[armaghniac]

I suspect if other insurers were investigated  similar problems would exist due to the general drop in land and share prices.

Quinn Insurance may be profitable and generally solvent but they've given guarantees on €1.2 billion in loans advanced to Quinn Group as a whole. They've taken money that should have held to meet insurance potential claims and used it to bail out other parts of Quinn. This is reckless by any measure and the Reguator was right to step in.

[muppet]

I suspect if other insurers were investigated  similar problems would exist due to the general drop in land and share prices.

Quinn Insurance may be profitable and generally solvent but they've given guarantees on €1.2 billion in loans advanced to Quinn Group as a whole. They've taken money that should have held to meet insurance potential claims and used it to bail out other parts of Quinn. This is reckless by any measure and the Reguator was right to step in.

I think this is correct. The conspiracy theory about someone out to get Quinn doesn't wash. It seems he is struggling to survive proper regulation and I suspect there will be a lot of other Irish-based companies who will also struggle with tighter regulation.

I would like to see this new breed of competent oversight extended to other industries.

[orangeman]

I don't know the answer to this question so I'll ask it :


Was the regulartor obliged / not obliged to inform Quinn Direct that it was going to the High Court to appoint administrators to the business ?


Quinn says they were not informed otherwise they would have told the court that the Regulator was wrong -


When is the next court hearing ??

Surely Quinn can challenge the High Court order if he thinks he's right in what he is saying ?

Otherwise the Regulator is right and Quinn is spouting.

Let's see what happens.

[muppet]

I don't know the answer to this question so I'll ask it :


Was the regulartor obliged / not obliged to inform Quinn Direct that it was going to the High Court to appoint administrators to the business ?


Quinn says they were not informed otherwise they would have told the court that the Regulator was wrong -


When is the next court hearing ??

Surely Quinn can challenge the High Court order if he thinks he's right in what he is saying ?

Otherwise the Regulator is right and Quinn is spouting.

Let's see what happens.

If that were the case surely Quinn could have sought an Injunction?