Batt O'Keeffe (Cork North West, Fianna Fail)

On the reopening of the business, the administrators were concerned that they would ensure the value of the business was maintained in order that it can be attractive for potential purchasers. The key factor has been that they reopened the profitable parts of the UK business. The Financial Regulator allowed Quinn Insurance to reopen its private motor insurance business by the end of April. Before taking its decision the Regulator carefully considered the information provided by the administrators on the important improvements in the company's underwriting model and there was significant strengthening of its pricing structure. It also consulted closely with the regulator in the UK.

On the issue of reopening commercial lines of business in the UK, the Financial Regulator decided in September that such a move would not be appropriate as Quinn Insurance would require additional capital which it currently does not have. The Regulator understands from the administrators that the non-resumption of UK commercial business should not have a significant impact on the sales process.

The administrators were put in place by the courts and it would be invidious of me to become involved with them, given that they have to report back to the courts on the policy holders and the business being put on a sound footing. It is an ongoing concern. The process has to consider jobs. We are all well aware of how important it is to try to ensure that any sale retains the maximum number of jobs.

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