Minister gives commitment on Quinn proposal

The new finance minister has given a commitment that no decision would be made on the future of the Quinn Insurance and the Quinn Group until all avenues have been explored, including an amended proposal from the Quinn family. An estimated 250 people vented their anger on the issue at a public meeting in Ballinamore on Monday night and called on Minister Michael Noonan to immediately approve the Quinn proposal. The tone of the meeting showed that many believe the survival of Quinn is vital for their communities, and it is imperative that the Quinn proposal is considered before any decision was made on the sale of the company. Speaking to The Anglo-Celt yesterday (Tuesday), John Maguire of local lobby group, Concerned Irish Business said it was obvious that those attending the Commercial Hotel meeting wanted Sean Quinn to remain in control. The amended Quinn proposal was put to the meeting by Kevin Lunny, director Quinn Group ROI Ltd. He outlined that should the joint Anglo Irish Bank bid be deemed unacceptable they would make an alternative proposal with a new financial institution, be it Bank of Ireland or AIB. Those present were interested to hear what Fine Gael TD Frank Feehan had to say. Mr Feehan told the meeting that he would be meeting Mr Noonan on Tueday (March 22) and he was sure the Quinn family would get a hearing. All options within the Quinn family proposal are up for discussion given the importance of job retention in the border region, Mr Feehan told the meeting. The Quinn proposal meets four requirements outlined by the Concerned Irish Business, namely that the Quinn family would repay the €2.8bn debt, they would regain ownership of the company over a seven- or eight-year period, the existing structure of Quinn Insurance and Quinn Group would be retained, as would be the locations, and jobs in Cavan and Enniskillen. There would be a commitment from Quinn that an additional 1,500 or 1,800 jobs would be generated over five years. From a business perspective, the Quinn bid would meet the need to maintain an indigenous, viable insurance underwriter in Ireland to provide competitive insurance for Irish industry and the motor industry. Mr Maguire added that feelings were running high at the meeting and the national media was heavily criticised. Many stated that they should go and see both Mr Noonan and Taoiseach Enda Kenny as commitments were given prior to the election. Mr Maguire said that the cross border political group under the chairmanship of Caoimhghín Ó Caoláin, TD, should pressurise the new administration, as it did on the last one.