Bloomberg News

Irish Regulator Still Preparing for Hearing on Quinn Tomorrow

April 11, 2010

Ireland’s financial regulator continues to prepare for a full High Court hearing tomorrow, in relation to the appointment of provisional administrators for Quinn Insurance, a spokeswoman for the regulator said by phone today.

Anglo Irish Bank Corp. is preparing a 700 million-euro investment in Quinn Insurance as part of a takeover plan of the company, aimed at preventing court approval of the appointment of provisional administrators tomorrow, the Sunday Business Post said today.

The High Court in Dublin will rule on the appointment of provisional administrators to Quinn Insurance after the regulator appointed them to the closely held company on March 30. The watchdog ordered Quinn Insurance to cease writing new business in the U.K. in order to prevent “further financial losses.”

The financial regulator’s spokeswoman declined to be identified and didn’t comment further.

To contact the reporter on this story: Colm Heatley in Belfast at cheatley@bloomberg.net

To contact the editor responsible for this story: Colin Keatinge at ckeatinge@bloomberg.net


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