Oireachtas Joint and Select Committees

Wednesday, 10 October 2012

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

Quinn Insurance and Insurance Compensation Fund: Discussion

4:30 pm

Mr. Michael McAteer:

The €1.3 billion was a wider loan given to the Quinn Group of which part of the security were of the assets that fell under our remit. Those assets had a value of €450 million. If the €1.3 billion had been called upon, technically all of that €450 million could have been called upon by the banks and bondholders. In lieu of not calling in that €450 million, a payment of €250 million was made.

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