“never any question but that the regulator would remain independent in relation to Quinn Insurance”

The Quinn Group’s campaign continues against the Irish Financial Regulator’s decision to appoint administrators to run its Quinn Insurance arm. Its employees have been on the streets and a number of politicians have been holding meetings with just about everyone involved – although its worth noting the careful footwork of the Irish Minister for Agriculture, Brendan Smith, who met the administrators, but not the Regulator. The Financial Regulator Chief Executive, Matthew Elderfield, is emphasising the independence of his position in the face of the political pressure [The interfering “foreigner”… – Ed] He’s not the only one… Meanwhile, an RTÉ report notes

The TDs, Senators and MLAs from Fianna Fáil, Fine Gael, Sinn Féin and Labour stressed the importance of the employment created by Quinn Insurance and, in particular, the urgent need to lift the ban on the company doing business in the UK. For their parts, the Financial Regulator and the Head of the Central Bank acknowledged the economic importance of the jobs in Quinn Insurance but said regulations were there for a reason and they had a job to do. If the ban is to be lifted, then the UK regulator would also have to become involved.

Pete Baker