Comments on sale of Quinn 'were out of line'

SEANAD REPORT:IT WAS outrageous that one of the joint provisional administrators appointed to Quinn Insurance had stated – within minutes of his appointment – that the decision on whether or not to sell the company would be made in the future, Diarmuid Wilson (FF), Government Chief Whip said.

“I call on him to withdraw that statement and to clarify the situation. This is an administration, not a liquidation.” The administrator had also noted that the regulator was now in the company’s offices in Cavan. “If it was not for Seán Quinn, the regulator and that Mr McCann, from Grant Thornton, if they came to Cavan, would be looking at waste ground and bogland.” Mr Quinn was a patriot whose initiative, risk-taking and investment had created more than 7,000 jobs, he said, noting that the Quinn Group was angry about the appointment of administrators.

Stressing the importance of the Quinn Group to the economy, Mr Wilson said it was equivalent to five Dells and should be given the time and support necessary to continue. Joe O’Reilly (FG) urged that a Minister make a statement to the Seanad to create confidence in the insurance industry.

The proposed deal between the Government and social partners would be difficult to sell to union members, Joe O’Toole (Ind) said. He commended union leaders for putting the economy and country first.