Story Over on p.ie
Havent seen this posted
Times has the story too -
irishtimes.com/newspaper/bre … 32_pf.html
wheels coming off Ireland Inc and at an alarming rate
What other bad news can be buried today, one wonders?
Eh, the long slow bleed of Quinn isn’t really news is it?
Time we had another crisis seeing as Brian has sorted out the Banking Sector “for once and for all”…
This is one that the Pin did suspect
If PMPA was anything to go by, this could be huge.
Thankfully they have a sympathetic lender…
And systematic too…
When they say insurance, is it all, ie including Healthcare?
All together now… “We’re fcuked”
RTE says everything bar life insurance…
Is this our AIG moment, can we really bail out Quinn as well?
If Quinn Insurance goes down the tubes, thousands of people in the country will be left with worthless insurance policies. Also, when I think about it, something must have triggered the asset writedowns to put Quinn Insurance into insolvency. Bank/Greek bonds, property/hotels?
Quinn bailout here we come
The policies will be protected. That’s what drove Max H mad about Quinn. The losses will be funded by the state and the cost likely picked up by a new levy.
From the IT Report
Charges to who? For what?
The Financial Regulator put the administrators in so it could be more to do with dodgy financial management rather than a lack of cash or a viable business - still rotten but hopefully it won’t lead to a collapse of the business
EDIT: Scratch the above comment - looks like they’re in money trouble too -
delete - they’re f-ed
Given that they are carrying my (and a lot of others ) professional indemnity insurance I hope so too…
I’d assume this had something to do with it.