Michael McGrath (Cork South Central, Fianna Fail)
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The sale to Liberty Mutual was agreed on the basis that the State would take care of any residual losses in Quinn Insurance. At that stage the estimate was €600 million. It was on that basis that the State agreed to the sale of the company. Now we know the losses are almost three times greater. The terms of that sale, and how good a deal it was for the State, are very much open to question.