Seán Quinn has said the latest figures on the administration cost of Quinn Insurance are truly shocking.

In a statement, Mr Quinn said the court and the Department of Finance should seek further information on what he called an ''astronomical'' figure.

This week the President of the High Court was told that the possible €1.65bn call on the Insurance Compensation Fund as a result of losses at Quinn Insurance Limited in the UK may not be the worst case scenario.

Mr Quinn repeated his view that Quinn Insurance was unnecessarily placed into administration.

He said he was naive not to have challenged the provisional appointment of the administrators, although he said they discouraged him from doing so.

He said the Government was misled by the administrators, who he said had set about destroying one of the most profitable companies in Irish corporate history.