Michael McGrath (Cork South Central, Fianna Fail)
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To ask the Minister for Finance in view of the recent announcement of job losses at Liberty Insurance, the status of the commitment given at the time of the sale of the company last year that employment levels would be maintained for at least two years; and if he will make a statement on the matter. [52010/12]

Michael Noonan (Limerick City, Fine Gael)
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The sale of the Quinn Insurance Ltd (QIL) to Liberty Insurance was a matter for the Joint Administrators subject to the approval of the High Court. As Minister for Finance I was not a party to the transaction. Consequently, I sought clarification from the QIL Joint Administrators on whether any commitment was given by Liberty Insurance at the time of the sale in relation to the retention of jobs in the company for a particular period of time.

The Joint Administrators have advised me that the employees of QIL were transferred to Liberty Insurance under TUPE (Protection of Employees Rights on Transfer of Undertakings) thereby protecting their terms and conditions at the time.

However, they have informed me that there was no commitment given regarding the maintenance of employment levels for a particular period of time as part of the contractual agreement signed between the respective parties.