THE QUINN FAMILY has said this evening that the 285 job losses announced at Liberty Insurance was “a terrible indictment on the deal agreed by Anglo Irish Bank and the Joint Administrators of Quinn Insurance in April 2011″.
Liberty Insurance, which took over Quinn Insurance, said that he redundancies had been deemed necessary following a review of the market entry moves and its cost base.
In a statement, the family said that in October 2010 – six-and-a-half months after the administrators were appointed to Quinn Insurance – the Irish public were assured the Irish public that ‘there would be no call on the Insurance Compensation Fund’.
However, the Quinns said, the figure now stands at €1.65 billion.
In April 2011, the Administrators assured both the staff of Quinn Insurance and the Irish Public that “all the jobs are preserved in the Republic of Ireland and Northern Ireland.
In August 2012, the Irish Government stated that it had ‘been misled by incomplete information’ from the Administrators. The Quinn family has continuously maintained that the deal agreed between Anglo Irish Bank and the Administrators will have the worst possible outcome for the State.
The family said they had “repeatedly” called for a public inquiry into the Administration of Quinn Insurance and have openly confirmed their willingness to participate in same.
“More recently we have been denied an audience before the Oireachtas Finance Committee to voice our concerns in relation to these and related matters,” they said. “Following today’s developments we feel more than ever that a public inquiry is required.”