Results 2,661-2,680 of 26,021 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: 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?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)
Kieran O'Donnell: What was €135 million invested in?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)
Kieran O'Donnell: When Grant Thornton was appointed administrator, it was purely for the QIL company as distinct from the entire group.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)
Kieran O'Donnell: QIL has been sold on to Liberty Insurance. What is Grant Thornton's function at this point?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)
Kieran O'Donnell: Were the gifts long-standing inter-company loans? In what years were they made?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)
Kieran O'Donnell: They were written off the year after in 2008. Is that not unusual?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)
Kieran O'Donnell: Does it not fall within Mr. McAteer's remit? Does he not have the power to follow the money trail to recover that money from the companies?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)
Kieran O'Donnell: In that case I will ask the following question. Does it fall within Grant Thornton's remit to follow the money trail of moneys that would have been given by way of intercompany loans from the Quinn Insurance company?
- 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.