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.