Quinn Insurance in Administration

Started by An Gaeilgoir, March 30, 2010, 12:15:49 PM

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screenexile

Except Fermanagh's ridiculous training gear!!!!

A Quinn Martin Production

Quote from: orangeman on May 19, 2010, 12:13:37 AM
Poor enough programme revealing nothing new.

Rubbish..a re-hash of what everyone already knows except for the interview with that strange looking "friend" of SQ's.  PLus we learned that Chris Breen is carrying a bit of timber.
Antrim - One Of A Dying Breed of Genuine Dual Counties


orangeman

Quote from: unitedireland on May 20, 2010, 01:26:54 PM
http://www.bbc.co.uk/iplayer/episode/b00sj5bp/Spotlight_2010_2011_Quinn_Insurance/

fermanagh and cavan are fucked

It's amazing the support industries that are needed to support the Quinn operations in Fermanagh etc  -

The programme showed the massive indirect employment that has been created as a result of Quinn's operations -


There was a creche in some town ( not sure which ) which emplyed 21 people. All the children in the creche were ( not literally ) Quinn children.

orangeman

900 apply for redundancy at Quinn
Page last updated at 10:51 GMT, Wednesday, 26 May 2010 11:51 UK
E-mail this to a friend Printable version  Quinn Insurance employs 600 people in County Fermanagh More than 900 workers at Quinn Insurance have applied for voluntary redundancy.

The company was put into administration by the High Court in Dublin in March.

Quinn Insurance is shedding 900 staff at locations on both sides of the border including Navan, Cavan and Dublin.

Two hundred of the jobs will go in Northern Ireland at Enniskillen and Derrylin.

It will be several weeks before the applicants will be told whether or not they will qualify.



sammymaguire

matthew elderfield or sean quinn himself??
DRIVE THAT BALL ON!!

dublinfella

Quote from: sammymaguire on May 26, 2010, 01:08:53 PM
matthew elderfield or sean quinn himself??

Sean Quinn himself of course.

supersarsfields

And would you not apportion any blame as to the way the regulator and administrators have handled things?

dublinfella

Quote from: supersarsfields on May 26, 2010, 01:42:05 PM
And would you not apportion any blame as to the way the regulator and administrators have handled things?

None at all. Quinn broke the law, took client funds and used them to cover gambling losses - twice.

The regulator played a blinder here and saved most, if not all, of the jobs and saw no policy defaults.

sammymaguire

wrong Ron, wrong again Ron, wrong wrong wrong wrong wrong Ron!!!  :P  ::)

good old del boy eh!
DRIVE THAT BALL ON!!

supersarsfields

ok well I'm going to call BS on that.

The problem was around the insurance ratio of QD. He never moved clients funds, he had a insurance ratio of 118% (Average needed throughout europe is 100%), however Ireland is higher with 150%. Despite the fact that Quinn said he would work it up to 150% ( And he was always alot higher than VHS).
But then the regulator stepped in and closed the UK and NI business markets BEFORE the administrator moved in. By doing this the regulator had already prevented the administrators from viewing the full picture, ie it should have been the administrators making the decision on closing areas of the business.

Not only that but the regulator made these decisions without giving Quinns a chance of appeal and forced it through.

On top of that it took them a month to actually work out that the uk markets were profitable and re-open these ( Damage was done at this point). That was after they had decided they had enough information within a day to close them.

Quinn did take a gamble with Anglo but he's taken many a gamble that's worked out not only for him but for the government, the local communities etc. So their handling of the QD was shambolic and destroyed a company that was growing through the Uk and building new jobs within the Irish economy.

By all means SQ will take his portion of the blame on this, but it's not a black and white as you would make out.

dublinfella

Quote from: sammymaguire on May 26, 2010, 02:10:42 PM
wrong Ron, wrong again Ron, wrong wrong wrong wrong wrong Ron!!!  :P  ::)

good old del boy eh!

Eh? What is 'wrong' with what I said?

He got a record fine from the regulator last year and pulled the same stunt. He was on a yellow card and got his early bath

dublinfella

Quote from: supersarsfields on May 26, 2010, 02:22:21 PM
ok well I'm going to call BS on that.

The problem was around the insurance ratio of QD. He never moved clients funds, he had a insurance ratio of 118% (Average needed throughout europe is 100%), however Ireland is higher with 150%. Despite the fact that Quinn said he would work it up to 150% ( And he was always alot higher than VHS).
But then the regulator stepped in and closed the UK and NI business markets BEFORE the administrator moved in. By doing this the regulator had already prevented the administrators from viewing the full picture, ie it should have been the administrators making the decision on closing areas of the business.

Rules is the rules and he was on a yellow card. He then broke the rules, and THE LAW, and the regualtor acted to protect policyholders as they felt the company was systemically broke.

Quote from: supersarsfields on May 26, 2010, 02:22:21 PMNot only that but the regulator made these decisions without giving Quinns a chance of appeal and forced it through.

As his is legal right.

Quote from: supersarsfields on May 26, 2010, 02:22:21 PMOn top of that it took them a month to actually work out that the uk markets were profitable and re-open these ( Damage was done at this point). That was after they had decided they had enough information within a day to close them.

You imply that this was the first run in between the regualtor and Quinn. They didn't do this out of boredom.

Quote from: supersarsfields on May 26, 2010, 02:22:21 PMQuinn did take a gamble with Anglo but he's taken many a gamble that's worked out not only for him but for the government, the local communities etc. So their handling of the QD was shambolic and destroyed a company that was growing through the Uk and building new jobs within the Irish economy.

So you want a return to the days of old where 'clout' trumps the law? His insurance companies were insolvent - even he accepted that. The regualtor had to act and with the press they had recently were always going to hammer the next financial institution that stepped out of line.

Quote from: supersarsfields on May 26, 2010, 02:22:21 PMBy all means SQ will take his portion of the blame on this, but it's not a black and white as you would make out.

A portion? Jesus wept.

sammymaguire

Quote from: dublinfella on May 26, 2010, 02:23:15 PM
Quote from: sammymaguire on May 26, 2010, 02:10:42 PM
wrong Ron, wrong again Ron, wrong wrong wrong wrong wrong Ron!!!  :P  ::)

good old del boy eh!

Eh? What is 'wrong' with what I said?

He got a record fine from the regulator last year and pulled the same stunt. He was on a yellow card and got his early bath

dub, Quinn could have got himself out of this mess as Quinn Insurance was trading very profitably... Doomsday happened months ago when NAMA was invented. Were the banks trading wrecklessly for years before the crash happened (becasue of their endless lending policies) and if the government had not stepped in what would have happened to ALL my savings?

One rule for the City, another rule for the country my old man
DRIVE THAT BALL ON!!