Press Release from
Mary Wallace TD
19th April 2010

Protecting Quinn Jobs is a top Priority - Wallace

 “The past three weeks have been a very worrying time for our friends and neighbours working in Quinn Insurance and the worry is not over yet” said Meath TD Mary Wallace.

“In Meath we are particularly concerned about the 600 Meath jobs in Quinn Insurance 200 based in Navan and 400 of the Blanchardstown staff also live in Meath” continued Deputy Wallace.

“Protecting the jobs is a top priority”.

“While the Regulator must do the job he has to do in the interest of policy holders, our priority and our No 1 concern is that jobs in Quinn Insurance are protected is so far as possible”.

“The decision this week by Quinn to withdraw its opposition to the appointment of Administrators to the company was better than a prolonged legal battle which would not have been in the interest of employees”.

“The Administrators role by law is to manage the business, trade it as a going concern and ensure that it returns to a secure financial footing. This gives assurance to customers in continuing to do business with the company and this too is essential for jobs. The more people that do business with the company the more secure the jobs at the company are.”

“The time factor here is important as the reopening of the UK Insurance aspect of the business is key particularly to the jobs in Navan”.
 
“The Administrator has confirmed that the Regulator was provided with further information on Thursday last as part of efforts to have the ban on selling to the UK lifted. The Administrator also confirmed that whilst there are losses on the UK side of Quinn Insurance some of the UK lines are profitable”.

“The next step is obviously between the Administrators and The Regulator and an early resolution is very important for the Navan Jobs”.

 “The Administrators have said that they will continue to engage constructively with staff and management at the company as they endeavour to secure its future.”

Ends