Wednesday, 12 January 2011
Department of Finance
At the outset the Deputy will appreciate that owing to considerations of commercial confidentiality it would not be appropriate for me in my role as Minister for Finance to make any comment on the participation of any party in relation to the sale of Quinn Insurance Limited (QIL). Responsibility for the sales process is a matter for the Joint Administrators who were appointed by the High Court. I am also of the view that it is inappropriate to speculate as to what may happen in relation to jobs in that company before any decision is made on the sale of the company. I understand however, that it is expected that the Joint Administrators will decide on a preferred bidder shortly with a view to entering into detailed discussions with them to seek to conclude an agreement on the sale of QIL.
In assessing the bids, the Joint Administrators are required to consider how best the interests of policyholders can be protected and how the company can be returned to a sound commercial footing. The retention and protection of employment is also a very important priority subject to their other responsibilities.
The final decision of the Joint Administrators is subject to the approval of the High Court. It is important to be clear that neither I nor the Government have any input or influence over the administration process, including any decision on the sale of the company.