High Court President 'shocked' at possible €1.6bn Quinn Insurance administration cost
on 31/07/2012 18:54:46
They were responding after the President of the High Court Mr Justice Kearns today expressed shock that the administration of Quinn Insurance may now cost more than €1.6bn, more than double the original expected cost.
Funding for the adminstration costs is being drawn from the Insurance Compensation Fund and will result in a 2% levy on insurance premiums paid by Irish policy holders.
Mr Justice Kearns said he wanted to hear in person from the administrators and from a representative of the Central Bank, which regulates the insurance industry.
Meanwhile, Communications Minister Pat Rabbitte said he was "sorry" to see the disintegration of Sean Quinn's business and could understand how those who worked for him and live in his community had different views to others.
However, he said: "People like Fr Brian Darcy (who attended the rally) are attracted to celebrity like a moth is to a flame."
Pat Rabbitte was responding to this week's rally in support of the Quinn family in Co Cavan at which a number of high profile personalities spoke out on behalf of the former billionaire.
Earlier, Taoiseach Enda Kenny said that although people have a right to express their views, in this case things may be "better left alone".