Terence Flanagan (Dublin North East, Fine Gael)
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Question 98: To ask the Minister for Finance the position regarding a company (details supplied); and if he will make a statement on the matter. [31249/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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As the Deputy will be aware, on 15 April, the High Court appointed full time administrators to Quinn Insurance Limited (QIL). This followed QIL's decision to consent to the appointment made by the High Court on application made by the Financial Regulator (FR). The joint administrators have legal responsibility for putting the company on a sound commercial and financial footing. In this regard they are accountable to the High Court.

One of the major concerns of the administrators has been to try and ensure that the value of the business is maintained in order to make it as attractive as possible to potential buyers. Several steps have been taken to date, including getting approval from the FR for reopening the profitable parts of the UK business i.e. the private motor insurance business. This was done in two stages (i) motor insurance cover for provisional driver license holders in the United Kingdom (including Northern Ireland) with effect from 21 April, and (ii) remainder of the private motor insurance business re-opened with effect from 30 April. In addition, proposals for re-opening of certain commercial lines of business in the UK were submitted to the FR and are currently being examined. Furthermore, a major cost cutting programme was put in place by the joint administrators, including a voluntary redundancy programme.

On 3 June the High Court granted the joint administrators of QIL permission to appoint merchant bankers Macquarie Capital Europe Ltd to advise on any prospective sale of QIL. In this regard an information memorandum is currently being prepared and will be circulated shortly to all companies interested in buying QIL. The joint administrators are due before the High Court again on 29 July.