Results 23,481-23,500 of 26,162 for speaker:Kieran O'Donnell
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)
Kieran O'Donnell: The €1.3 billion guarantee is listed under guarantees given to subsidiary companies. What was the value of loans given by financial institutions? The €1.3 billion was the guarantee but how much money was actually involved?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)
Kieran O'Donnell: It was on subsidiary assets of Quinn Insurance.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)
Kieran O'Donnell: Does Mr. McAteer know for what the €1.3 billion was used?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)
Kieran O'Donnell: The security ultimately fell back on QIL.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)
Kieran O'Donnell: There was €450 million at the end. Mr. McAteer said there was an agreed settlement of €200 million, generating a saving of €250 million. I ask Mr McAteer to link that €450 million back to the €1.3 billion.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)
Kieran O'Donnell: I have questions for the representatives of the Central Bank. Can Mr. Cullinan explain how QIL was able to operate with reserves, which appeared to be significantly less than other insurance companies were providing in the market? Clearly, anecdotally or otherwise, it was significantly undercutting other insurance companies and gaining significant market share. The purpose of regulation is...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)
Kieran O'Donnell: While I am open to correction on this matter, cash may only leave the group in a number of ways. It can happen by way of director's loan or director's salary. It was hardly motor expenses - it would be a bit high. The other way is through inter-company loan. Does Mr. Cullinan believe that this went out to individual directors of the company?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)
Kieran O'Donnell: That concurs with what Mr. McAteer was saying.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)
Kieran O'Donnell: It was. It is an inter-company loan if it is not one company to another company.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)
Kieran O'Donnell: No, but at the end of the 2006-07 accounts was there a balance in the inter-company loan? Obviously there was and then it was written off. It was an inter-company loan that was effectively written off.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)
Kieran O'Donnell: Deputy Mathews, I just want to pursue this.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)
Kieran O'Donnell: I am dealing with a different area. I do not want to lose track of the regulation side. Is Mr. Cullinan saying the regulator would not have conducted its own checks or done its own inspections of the levels of reserves of insurance companies such as Quinn Life? Did it rely entirely on the actuarial report and the auditor's report?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)
Kieran O'Donnell: We are talking about Quinn Insurance.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)
Kieran O'Donnell: I am assuming the Central Bank would have done some sort of risk analysis and review of the reserves of different companies it regulated. Clearly it should have come to light that Quinn was carrying lower reserves. On a risk analysis basis would that not have set off alarm bells in the Financial Regulator's office?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)
Kieran O'Donnell: However, from a managerial viewpoint-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)
Kieran O'Donnell: I thank you.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)
Kieran O'Donnell: I welcome the delegations. I refer to the accounts and the financial operation position upon appointment. It states, "The surplus was after the Quinn family had extracted approximately €200 million over the previous two years by gift". Is that from the QIL group? How was that reflected in the accounts? Was it as a director's loan or inter-company loans? What was the money used...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)
Kieran O'Donnell: So it was an inter-company loan, which was written off.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)
Kieran O'Donnell: I assume this came from the subsidiary company, QIL.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)
Kieran O'Donnell: What was Barlo Financial Services?