Regulator's Reality Check Debated

SeÁn Quinn’s Supporters – And Detractors – Have Their Say

ANGLO IRISH Bank and other lenders to the Quinn Group are understood to be exploring ways to prevent confirmation by the High Court next Monday of the appointment of administrators to Quinn Insurance.

On Friday last we asked readers whether they thought the Financial Regulator was right to place Quinn Insurance into provisional liquidation.

As of last night, 70 per cent of respondents thought no while 30 per cent answered yes. The poll remains open until Friday.

There were a large number of comments posted to our website on the issue, a selection of which are published below.

This country is being run by a shower of muppets and it’s them that needs to go, not a hardworking man like Seán Quinn, who has given so much to the economy. They are just going to pull the rug from under his feet, and then how does this leave our already falling economy with an extra 5,500 people on the dole queue? How will “our Government” cope with that? Reality check needed here, people!

Rosie Hughes, Ireland

It’s a terrible thing to see an Irishman treated in this way without trial. An Irishman that has been forced to stop trading in the UK because of an “Irish” regulator. An Irishman employing 5,500 people (mostly on this island). An Irishman that treats his employees well. A proud Irishman humiliated in this way. It appears murderers have more rights in this country. Disgraceful. The Quinn group deserve a fair trial. We need the Seán Quinns of this world like never before.

Bryan, Ireland

Seán Quinn is paralysed like a gambler that has had a bad day at the bookie shop.

The thing is, he is not accepting the outcome and has not since the Anglo shares started going south; and then, the rather non-kosher, non-recourse share support scheme was concocted to prop up the share price, that you little Irish Timesreaders are now picking up the tab for.

It is time for Seán Quinn to pay Anglo what is owed and in the future, stick to sandpits rather than gambling.

Kevin, Ireland

From now on the citizens must be put before individuals or companies. Mr Quinn revealed to us (Seán Whelan interview) that his losses were in fact nearer €3 billion, as opposed to €1-1.5 billion (as previously thought) in relation to investments in equities. Quinn group is a private company and this is effectively their own private business. Mr Quinn is clearly an exceptional entrepreneur, but if his venture into Anglo and the likes is to cost him a chunk of his empire, so be it.

When selling financial products to the general public, certain rules need to be obeyed. The insured public and citizens in general (most of whom pay tax, have paid tax or will pay tax) must be protected!

Peter L, Ireland

Those of us who live in Co Cavan and the surrounding counties are very aware of the work Seán Quinn has done in developing the economy in this region.

He has almost single-handedly contributed to the tremendous improvement in the employment rate in the region. As a result of his endeavours, young, well-educated young people can remain living in their home counties. I’m dismayed at the speed at which the regulator placed Quinn Insurance into provisional administration; Quinn should have had more time to meet any requirements outstanding at Quinn Insurance.

This move by the regulator is heavy-handed and creates anxiety among employees, customers and the general population.

Marion, Ireland

Now that we have a brand new regulator, we should respect the rules and the regulation process.

The regulator’s action is a refreshing change from the inaction of a former “muppet” regulator who by default aided and abetted the abuses inflicted on the economy and the taxpayer.

Quinn’s hazy fudge and bluster has a déjà vu quality that seems to confirm the rightness of the decision. The move also serves notice on those who have not being paying attention that the new “sheriff” means business.

Anthony Cooney, Germany