Madam, – There was broad welcome for the news that a High Court judge has declined a request by the administrators of Quinn Insurance to hold a private hearing of matters relating to the proposed sale of the insurer, opting instead to adjourn the proceedings to next month so that relevant matters can be held in public (Business, April 1st). One has to wonder why such an effort is being made to prevent information about the proposed sale coming into the public domain, as this is a matter that will impact on every Irish citizen.
If Quinn Insurance is effectively given away to a foreign buyer, the repercussions for the State will be catastrophic in terms of the loss of up to 20,000 dependent jobs, use of the Insurance Compensation Fund, the unbelievable fees charged relating to the sale of the company, loss of payment of Quinn family debt which is currently on offer to the Irish people, and the diminution of crucial competition in the insurance market.
The cost of such a decision would not be inconsequential to every man, woman and child in Ireland.
In the interest of openness and transparency, Irish citizens are entitled to see details of all bids and should be confident that the proposal that is most commercially attractive to the State will be selected. Clarity must be provided on the pros and cons of all proposals, and the agenda of those who hide behind the excuse that “certain commercial sensitive data should not be put in the public domain” does not serve the best interest of the people of Ireland.
The fallout from the demise of the Quinn Group would have the potential not only to decimate our communities but also to kill, as there is an established link between poor health, suicide and unemployment. Never in the history of our country were the stakes so high in regard to the potential loss of such a massive number of jobs and the ruination of our communities. – Yours, etc,