Lobby group proposes way out for Quinn Insurance
A group of businesses lobbying to save Quinn Insurance said it has held a “constructive” meeting with the Republic’s Financial Regulator Matthew Elderfield.
Concerned Irish Businesses, a group of firms who are customers or suppliers to the Quinn Group, presented a series of proposals aimed at saving 900 jobs marked for redundancy at the company, which has been in administration since March.
A spokesperson said: “The best solution for the Irish people is for an institution to issue the required funding, and the only way this can be achieved in the present financial climate is through the issue of a bond or surety from the government.
“This would facilitate Quinn Insurance to return to normal trading and over the next 7 years generate the profits and potential company value to repay the Quinn family debt with Anglo Irish including interest.”