Even though Quinn Insurance is now legally defunct, its toxic legacy persists
It is unacceptable that details of the €100 million cost of the administration of Quinn Insurance have not been published, according to Social Democrats Finance Spokesperson Róisín Shortall.
“The collapse of Quinn Insurance cost the State in excess of €1 billion at a time when vicious cuts were being made to public services. Those who have insurance are still paying the cost of the collapse – via a 2% levy on their insurance premiums.
“That levy is likely to remain in place until the end of this decade. Even though Quinn Insurance is now legally defunct, its toxic legacy persists.
“In that context, it is unacceptable that details of the costs of the administration of Quinn Insurance are not a matter of public record. In fact, it appears that efforts are underway to bury the details of those costs.
“More than 20 separate reports, which were provided to the High Court outlining the costs of the administration process, are not in the court’s case file. The administrator, Grant Thornton, has declined to publish them.
“It has been reported that the costs, of winding up Quinn Insurance, are approximately €100 million – but the breakdown of that figure is unknown. This is not good enough.
“This is a matter that falls under the remits of Finance Minister Michael McGrath and Enterprise Minster Simon Coveney. Both Ministers should confirm whether their respective departments have had sight of the reports or if they are in their possession. If they are, they should be immediately released.
“If the reports have not been provided to the Ministers or their departments, they should direct Grant Thornton to release them.
“The Irish public paid a heavy price for the demise of Quinn Insurance. They are entitled to know the full cost of the administration – and where those monies were directed.”
11 May, 2023