Quinn warns of staff cuts over UK issue

STAFF WILL be let go from Quinn Insurance if the restriction on its writing insurance in the UK is not lifted by next week, the chairman of the Quinn Group said yesterday.

In an interview with the Anglo Celtnewspaper Seán Quinn said he was confident the group would come up with a plan that would secure jobs.

He said he didn’t see the removal of the administrators as the most important immediate objective, stating that he and the Quinn Group were working towards the more long-term task of getting the company back into the full ownership of the Quinn Group and the Quinn family.

“What would be more hurtful to me personally is the number of jobs that were created in the area for the last 30 years and to see them being lost.

“That would be a bigger problem for me than it would to have a few pound extra,” he told the Cavan newspaper.

Meanwhile, the provisional administrators appointed to Quinn Insurance have told staff it is essential the Financial Regulator is not viewed as “bowing to external forces”.

A letter from one of the administrators, Michael McAteer, was circulated to staff yesterday and addressed their wish that the restriction on the insurer from writing new UK business should be lifted.

He said a business plan was submitted to the regulator on Thursday, following which queries were raised by the regulator on Saturday.

He hoped the queries would be responded to by yesterday or today at the very latest.

At that point the regulator could give full consideration to the plan and if required raise any further questions, he said.

“Whilst I can understand that there is huge frustration and all staff would wish to have the restriction on UK business lifted immediately, it is essential that the regulator can independently review this plan and it is not viewed that he is being put under undue pressure or bowing to external forces.

“It is in everyone’s interest that this plan is moved forward, however it is also essential that we are seen to act in a professional and responsible manner in this regard.”