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Help Us Save Quinn. Join Our Rally!

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  • 02-04-2010 11:46am
    #1
    gahalarules
    Registered Users Posts: 10 ✭


    Quinn Employees Rally organised for Tuesday 6th March.

    Dublin
    Buses leaving Quinn Glass & Head Office Derrylin car parks at 8am.
    Buses leaving Kilmore Hotel at 8.30am.

    Meeting at Buswell's at 11.45am for a march at 12pm to Taoiseach's and Finance Ministers offices, Merrion Square.



    Cavan
    Meeting at Cavan Cathedral at 11.45am for a march at 12pm to Brendan Smith's office.

    Buses leaving QIL Enniskillen at 10.15am.


Comments

  • Options
    #2
    Ddad
    Registered Users Posts: 441 ✭✭Ddad


    And here' me thinking that's what the financial regulator was doing?:confused:


  • Options
    #3
    gahalarules
    Registered Users Posts: 10 ✭gahalarules


    The job of the regulator is to appoint administrators who will run the business as a going concern.The have stopped insurance writing any new business in the UK.How is running a business into the ground helping it, or running it as a viable going concern???


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    #4
    Ddad
    Registered Users Posts: 441 ✭✭Ddad


    The regulator has a duty to those that Quinn underwrites. Quinn has failed to provide sufficient unattached cash reserves to cover all of it's liabilities. In the interim the regulator has stopped Quinn recruiting new business in the UK. I'd imagine that this would have soemthing to do with the doubts about the ability of the Quinn insurance group to cover it's outstanding liabilities let alone new ones. I accept that what is happening to Quinn is unfortunate and I feel a great deal of sympathy fro those whose jobs are in danger but petitioning the regulator is shooting the messenger. We all know where lax regulation Has led us and correspondense between Quinn and the regulator from the recent past illustrates the fact that the management of Quinn insurance has played hard and fast with the regulations governing the industry.

    I would suggest that the fault for this debacle lies not with the regulator but with the management of Quinn. They either ignored the funding rules or thought that they were above them or were unable to comply due to financial difficulties or perhaps a combination. They have not met the funding rules to protect their customers and that is why the regulator has stepped in and restricted the business; not I'd imagine out of malice.


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