Menu
14/04/2010
Committee Should Grill Lenihan Over Quinn
The Irish Opposition party has called for the minister to face questions before the Oireachtas Finance Committee after Quinn insurance was taken into administration yesterday.
Kieran O'Donnell, Fine Gael's Deputy Spokesperson on Finance, said Minister Brian Lenihan should appear before the committee at the "earliest possible opportunity" to discuss the situation at Quinn Insurance.
Yesterday, despite resistance from the company's owner and a weekend of lengthy talks, the Financial Regulator moved to place Quinn Insurance into full administration.
The company maintained throughout the past week that it has been in a profitable position and had sufficient cash resources.
However, the Financial Regulator continued to apply pressure to the UK and Ireland insurance provider and with a deal between Anglo Irish Bank and other lenders failing to come through the company has been moved into administration.
A spokesman for the regulator said: "The Financial Regulator continues to prepare for a full High Court hearing."
Responding to the fall out, which could cost hundreds of jobs, Deputy O’Donnell said he had written to the Chairman of the Committee, Michael Ahern asking him to summon the Minister before the Committee, as soon as the High Court case concerning Quinn Insurance has concluded.
Mr O'Donnell said: "Given the high level of concern and uncertainty over Quinn Insurance and the Quinn Group, it is vital that Minister Lenihan gives the Committee a detailed briefing on the issues at the group, and in particular the role of Anglo Irish Bank.
"The new Financial Regulator, Matthew Elderfield, will appear before the Oireachtas Economic & Regulatory Affairs Committee this week. It is therefore important that we also get a full account from the Minister as soon as possible.
"The Committee Chairman has indicated that Minister Lenihan cannot appear before the Committee because of the High Court decision to adjourn the case for a week.
"However, an invitation should be re-issued to the Minister inviting him to attend at the earliest possible opportunity. I have written to Committee Chairman Michael Ahern TD to this effect. I intend raising this matter at tomorrow's scheduled Committee meeting."
(DW/BMcC)
Kieran O'Donnell, Fine Gael's Deputy Spokesperson on Finance, said Minister Brian Lenihan should appear before the committee at the "earliest possible opportunity" to discuss the situation at Quinn Insurance.
Yesterday, despite resistance from the company's owner and a weekend of lengthy talks, the Financial Regulator moved to place Quinn Insurance into full administration.
The company maintained throughout the past week that it has been in a profitable position and had sufficient cash resources.
However, the Financial Regulator continued to apply pressure to the UK and Ireland insurance provider and with a deal between Anglo Irish Bank and other lenders failing to come through the company has been moved into administration.
A spokesman for the regulator said: "The Financial Regulator continues to prepare for a full High Court hearing."
Responding to the fall out, which could cost hundreds of jobs, Deputy O’Donnell said he had written to the Chairman of the Committee, Michael Ahern asking him to summon the Minister before the Committee, as soon as the High Court case concerning Quinn Insurance has concluded.
Mr O'Donnell said: "Given the high level of concern and uncertainty over Quinn Insurance and the Quinn Group, it is vital that Minister Lenihan gives the Committee a detailed briefing on the issues at the group, and in particular the role of Anglo Irish Bank.
"The new Financial Regulator, Matthew Elderfield, will appear before the Oireachtas Economic & Regulatory Affairs Committee this week. It is therefore important that we also get a full account from the Minister as soon as possible.
"The Committee Chairman has indicated that Minister Lenihan cannot appear before the Committee because of the High Court decision to adjourn the case for a week.
"However, an invitation should be re-issued to the Minister inviting him to attend at the earliest possible opportunity. I have written to Committee Chairman Michael Ahern TD to this effect. I intend raising this matter at tomorrow's scheduled Committee meeting."
(DW/BMcC)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
26 August 2010
NAMA Applauded At Stormont
There has been high-level support expressed for the work of the Irish Republic's National Asset Management Agency, (NAMA) and its impact on NI finances.
NAMA Applauded At Stormont
There has been high-level support expressed for the work of the Irish Republic's National Asset Management Agency, (NAMA) and its impact on NI finances.
28 July 2010
Irish Jobs' Response 'Could Be Better': SF
Enhanced co-operation between the Belfast and Dublin administrations could greatly assist existing workers and in helping the unemployed get jobs. Foyle Sinn Féin MLA Martina Anderson has said that the Stormont Executive's response to recent redundancies at Quinn Insurance was not as effective as the measures taken by the Dublin government.
Irish Jobs' Response 'Could Be Better': SF
Enhanced co-operation between the Belfast and Dublin administrations could greatly assist existing workers and in helping the unemployed get jobs. Foyle Sinn Féin MLA Martina Anderson has said that the Stormont Executive's response to recent redundancies at Quinn Insurance was not as effective as the measures taken by the Dublin government.
06 May 2010
Quinn Steps Back As Stormont Steps In
Just hours after news that Sean Quinn is to stand down from the board of the troubled Quinn Group, a Stormont nominee is to step in to co-ordinate the NI Government's response to the situation at Quinn Insurance.
Quinn Steps Back As Stormont Steps In
Just hours after news that Sean Quinn is to stand down from the board of the troubled Quinn Group, a Stormont nominee is to step in to co-ordinate the NI Government's response to the situation at Quinn Insurance.
12 April 2010
Quinn Formally 'In Administration'
Despite resistance from the company's owner and a weekend of lengthy talks, the Financial Regulator has moved to place Quinn Insurance into full administration today. The company has maintained throughout the past week that it has been in a profitable position and had sufficient cash resources.
Quinn Formally 'In Administration'
Despite resistance from the company's owner and a weekend of lengthy talks, the Financial Regulator has moved to place Quinn Insurance into full administration today. The company has maintained throughout the past week that it has been in a profitable position and had sufficient cash resources.
01 April 2019
Over £166k Awarded To Community Groups
Community groups in the Lisburn & Castlereagh area have benefited from over £166,000 through the council's Community Support Grant Scheme. Organisations can put the money towards their running and programme costs, through the initiative that fosters a partnership between the local community and the council.
Over £166k Awarded To Community Groups
Community groups in the Lisburn & Castlereagh area have benefited from over £166,000 through the council's Community Support Grant Scheme. Organisations can put the money towards their running and programme costs, through the initiative that fosters a partnership between the local community and the council.
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
