Full statement from Quinn employees
At 15.30 today, April 30th, exactly one month after the announcement of both a NI/UK ban and administration being imposed on Quinn Insurance, we the employees are being addressed by the appointed administrators regarding imminent redundancies.
We strongly believe that these are unnecessary job losses. On the 30th March 2010 the Regulator took two separate actions. At 9am he imposed a ban on Quinn Insurance writing new policies or renewing existing policies in NI/UK. Two hours later the high court granted his request to place the firm in provisional administration. This process ensured two things. The Quinn Insurance Board could not appeal the ban imposed and the administrators were restricted in their duty to place the company on a sound financial footing as 55% of the company's market had been closed.
We believe the Regulator was fundamentally wrong in doing this and as such has potentially placed thousands of jobs in jeopardy. The right procedure would have been to appoint administrators, allow them to analyse the accounts, and let them make an informed decision on the UK market. The administrators would have discovered that Quinn Insurance have outperformed their competitors in the UK market every year since 2005.
Indeed the administrators have since recommended the lifting of the ban which further proves our point. However the regulator is drip feeding the reintroduction of these markets and applying severe pricing restrictions thus effectively making these products unmarketable. The Regulator is suffocating Quinn Insurance and directly impeding our ability to compete in the UK / NI markets.
It must be made known that the direct result of the regulators actions is that 1500 jobs are directly at risk and employees are being been formally notified of impending redundancies today.
We have formally submitted an appeal to the Irish Financial Services Appeals Tribunal regarding the implementation of the ban and in particular the fact that it was imposed immediately prior to administration.
We call for the Regulator to immediately reintroduce the full NI/UK market and without the pricing restrictions.
Should this request be ignored we call for the immediate resignation of the Ministers responsible, the Regulator and the Administrators. The Ministers have been deafening in their silence, the Regulator has demonstrated an utter disregard for process and the Administrators have been utterly remiss in not reporting to the High Court that they have been directly impeded in carrying out their duties by the Regulators actions.