13/04/2010
Questions Raised Over Failed Quinn
The Irish Opposition party has called for a Dublin minister to face questions in the Oireachtas Finance Committee after Quinn Insurance went into administration.
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."
See: Quinn Formally 'In Administration'
(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."
See: Quinn Formally 'In Administration'
(DW/BMcC)
Related Northern Ireland News Stories
Click here for the latest headlines.
25 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.
01 November 2012
Quinns Due Back In Court
Sean Quinn and his son are due back in a Dublin court later as the inquiry continues as to whether or not the former billionaires have complied with court orders. Sean Quinn was once the richest man in Ireland, but declared himself bankrupt last year.
Quinns Due Back In Court
Sean Quinn and his son are due back in a Dublin court later as the inquiry continues as to whether or not the former billionaires have complied with court orders. Sean Quinn was once the richest man in Ireland, but declared himself bankrupt last year.
23 September 2015
First Minister Called To Appear Before Finance Committee
The Finance Committee has agreed to invite First Minister Peter Robinson to appear before the inquiry to answer serious allegations about the sale of NAMA's northern loan book. Sinn Féin MLA and Finance Committee chair Daithí McKay said it is important openness and transparency are maintained during the inquiry.
First Minister Called To Appear Before Finance Committee
The Finance Committee has agreed to invite First Minister Peter Robinson to appear before the inquiry to answer serious allegations about the sale of NAMA's northern loan book. Sinn Féin MLA and Finance Committee chair Daithí McKay said it is important openness and transparency are maintained during the inquiry.
08 July 2015
Call For Law Society To Come Before Finance Committee Inquiry
The Law Society is being urged to co-operate with an inquiry into allegations made by Mick Wallace in the Dáil last week. Sinn Féin claims the public statements from the Law Society have "added to the confusion" surrounding the allegations.
Call For Law Society To Come Before Finance Committee Inquiry
The Law Society is being urged to co-operate with an inquiry into allegations made by Mick Wallace in the Dáil last week. Sinn Féin claims the public statements from the Law Society have "added to the confusion" surrounding the allegations.
29 August 2013
Calls To Resolve Reform Committee Issues
Environment Minister Mark H Durkan has called for councils to resolve any Reform Committee issues as soon as possible.
Calls To Resolve Reform Committee Issues
Environment Minister Mark H Durkan has called for councils to resolve any Reform Committee issues as soon as possible.
-
Northern Ireland WeatherToday:A sunny but frosty start for many. However cloud increases by midday with a few showers reaching the north coast, these mostly light but spreading inland this afternoon. Chilly. Maximum temperature 8 °C.Tonight:A rather cloudy evening with scattered showers. Becoming drier through the night with some good clear spells developing and a patchy frost away from coasts. Minimum temperature 0 °C.
