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
3:20 pm
Mr. Michael McAteer:
The money was held in sterling to meet sterling claims, but under the deal that was done with Liberty Insurance when the Republic of Ireland claims moved across there, all of the cash reserves, including sterling, moved at the same time, leaving us with no sterling. There was an actual hedge when the company was trading.