The joint administrators of Quinn Insurance have notified staff this evening that they plan to lay off employees at the company as the Financial Regulator has allowed the company to only partially re-enter the UK market.
According to Fine Gael enterprise spokesman Leo Varadkar, staff at the company received an e-mail today informing them that staff levels will be reduced at the insurer as a consequence of the reduction in the UK business
"The e-mail states that a decision on the number of job losses will be made by Friday 30th of April and that the process of electing employee representatives will now commence."
Stressing his respect for the independence of the financial regulator, Mr Varadkar called on him to allow Quinn Insurance to reopen more insurance products in the UK, as soon as it is viable, so as to save the maximum number of jobs at the company.
Elsewhere, it emerged the plight of Quinn Insurance workers is to be raised with the British financial watchdog by a committee of Assembly members.
The Enterprise, Trade and Investment committee is to discuss with the Financial Services Authority (FSA) restrictions on new policies within Northern Ireland and Britain in an attempt to protect some 600 Quinn workers in Co Fermanagh.
Representatives of the workforce travelled to Stormont today to seek assistance from Assembly members and to call for their intervention with the British regulator.