Quinn Insurance in Administration

[boojangles]

No renewals or new business can be taken on by Quinn Direct in NI or the UK as a result of this administration. Some major companies in the North are going to have to look elsewhere for insurance. We'r talking about tens of millions.
Jobs are gonna go.Cavan/Fermanagh/Monaghan/Longford/Leitrim is gonna be hit hard unless this decision is reversed.
But sure who gives a f**k about the border counties.

[seafoid]

Imagine Anglo Irish bank was based in Carrick on Shannon. Which would be more important? Jobs in Leitrim or the interests of the taxpayer?  Sean Quinn is obviously a mighty man but he seems to have been playing around with corporate governance rules for some time.

[Emmett]

No renewals or new business can be taken on by Quinn Direct in NI or the UK as a result of this administration. Some major companies in the North are going to have to look elsewhere for insurance. We'r talking about tens of millions.
Jobs are gonna go.Cavan/Fermanagh/Monaghan/Longford/Leitrim is gonna be hit hard unless this decision is reversed.
But sure who gives a f**k about the border counties.

Glasgow Celtic Football Club are currently insured by Quinn Direct.

I work in QDI and my first call today was at 8.01am from a middle-aged "lady" demanding to speak to a manager. She refused to speak to me or a supervisor, it had to be a manager.
I reluctantly passed her through to an A.M. and he spoke to her. He called me and informed me that her exact words were "I would just like to say that I am absolutely f**cking delighted with what is happening to QD. You's are all just a shower of b**tards and I hope that you's go bust and all lose your jobs". She then hung up straight away.
The mentality of some people is bewildering

[muppet]

No renewals or new business can be taken on by Quinn Direct in NI or the UK as a result of this administration. Some major companies in the North are going to have to look elsewhere for insurance. We'r talking about tens of millions.
Jobs are gonna go.Cavan/Fermanagh/Monaghan/Longford/Leitrim is gonna be hit hard unless this decision is reversed.
But sure who gives a f**k about the border counties.

Glasgow Celtic Football Club are currently insured by Quinn Direct.

I work in QDI and my first call today was at 8.01am from a middle-aged "lady" demanding to speak to a manager. She refused to speak to me or a supervisor, it had to be a manager.
I reluctantly passed her through to an A.M. and he spoke to her. He called me and informed me that her exact words were "I would just like to say that I am absolutely f**cking delighted with what is happening to QD. You's are all just a shower of b**tards and I hope that you's go bust and all lose your jobs". She then hung up straight away.
The mentality of some people is bewildering

Iris Robinson?

[Hardy]

Sounds more like Mary Coughlan.

[T Fearon]

Assuming this lady was not a customer of QDI, was this phone call a case of Third Party Ire and Effed!

[orangeman]

No renewals or new business can be taken on by Quinn Direct in NI or the UK as a result of this administration. Some major companies in the North are going to have to look elsewhere for insurance. We'r talking about tens of millions.
Jobs are gonna go.Cavan/Fermanagh/Monaghan/Longford/Leitrim is gonna be hit hard unless this decision is reversed.
But sure who gives a f**k about the border counties.

Glasgow Celtic Football Club are currently insured by Quinn Direct.

I work in QDI and my first call today was at 8.01am from a middle-aged "lady" demanding to speak to a manager. She refused to speak to me or a supervisor, it had to be a manager.
I reluctantly passed her through to an A.M. and he spoke to her. He called me and informed me that her exact words were "I would just like to say that I am absolutely f**cking delighted with what is happening to QD. You's are all just a shower of b**tards and I hope that you's go bust and all lose your jobs". She then hung up straight away.
The mentality of some people is bewildering

Where is the nearest asylum ?. 

[boojangles]

Imagine Anglo Irish bank was based in Carrick on Shannon. Which would be more important? Jobs in Leitrim or the interests of the taxpayer?  Sean Quinn is obviously a mighty man but he seems to have been playing around with corporate governance rules for some time.

So come in and put a perfectly functioning company that is making over 1 million a day into administration? Quinn Direct is perfectly solvent FFS.
The Financial Regulator is trying to make Quinn pay for his indiscretions in relation to Anglo-Irish because he is probably about the only man who has anything left. What is the Regulator doing with the rest of these large developers and Fianna Fail cronies who owe Anglo-Irish millions??

Is there an alterior motive here that the Government may be looking to take the whole operation over or is that possible?

[FarneyMan]

What about Mr. Quinn yesterday, he's openly admitting that he and his family lost 3 billion not the 1 billion assumed in the press from the Anglos share fiasco !!  Also he stated that he owes Anglo over 2 billion and that he had every intention of paying that back, with a plan in place.......QDI was making between 400-500 million a year !
But now this move by the regulator puts all that in jeopardy.................crazy decision in my eyes.............

[Billys Boots]

Sean Quinn is obviously a mighty man but he seems to have been playing around with corporate governance rules for some time.

Is this not the issue?  We'd be crying if they couldn't pay their claims. 

[bcarrier]

On "discovery" of the 448m of guarantees to other companies in the quinn group the assets of the insurance co went from approx +200m to- 200m. -200m is insolvent.

[boojangles]

On "discovery" of the 448m of guarantees to other companies in the quinn group the assets of the insurance co went from approx +200m to- 200m. -200m is insolvent.

200 Million in assets?? Where you getting these figures from?
The Regulator wanted QDI to be about 150% solvent, QDI was still 100% solvent. Either that or Sean Quinn lied to millions last night on RTE and made a liar out of the Regulator.

[pintsofguinness]

Sean Quinn is obviously a mighty man but he seems to have been playing around with corporate governance rules for some time.

It's just amazing what greed does to people. Started the business from scratch but not happy with being a multi millionaire. 

[Billys Boots]

Either corporate governance rules apply to everybody (including Quinn) or nobody - Anglo is in the mess it's in because the Regulator ignored flagrant breaches of these rules (by folk including Quinn).

[phpearse]

The reality is lads this is about the banks again. The banks are again putting the squeeze on business to make sure their own balance sheets look better. For months now I have heard of banks closing profitable business by the wothdrawal of facilities previously granted to them. Was chatting to an accountant the other day and he is loosing quite a few customers who have been trading profitably for years and suddenly banks have withdrawn overdraft facilities overnight. One business had it's overdraft facility withdrawn on a Friday and was forced to close on a Monday, despite an excellent trading history. Banks are purely acting in self interest.

What we now have is the banks putting the squeeze on big business as well as the SMEs. What is seems has happened here is that guarantees from Quinn Direct to other businesses in the Quinn Group, if called up could put pressure on the liquidity of QD. QD is not even technically insolvent, there exists the possibiliy in the future of being insolvent if all the guarantees to other businesses in the group need to be paid. But sure every business has the possibility of being insolvent at some stage in the future. Unless the Regulator knows something about the other Group businesses and their standing, it seems a curious move on the Regulators hehalf.

My feeling is that it is the banks that are pushing for this. The banks need to get cash and capital back into their balance sheets. The need to reduce their liabilities and what better way to do that than to withdraw lending facilities to SME and get cash in from big businesses that can afford to pay. They can't get money from the failed speculators (property developers - big and small) so they go after real businesses.