Businessman Séan Quinn has described the decision by the Financial Regulator to appoint provisional administrators to Quinn Insurance Limited (QIL) as "one of the biggest errors ever in the history of corporate Ireland."
In an interview broadcast tonight, Mr Quinn, head of the Quinn Group, insisted that the insurance subsidiary was fully able to meet all of its payment obligations.
In a statement published on its website yesterday, Quinn Group said the Financial Regulator's decision was “pre-emptive, aggressive and unnecessary”.
Mr Quinn rejected claims by the regulator and the Minister for Finance Brian Lenihan that Quinn Insurance had failed to disclose information about its finances until a few days ago. He said the issue of guarantees to subsidiaries within the Quinn Group had been contained in its accounts.
He also said the decision to appoint administrators to the subsidiary threatened the future of thousands of jobs in Ireland.
"Whatever happens it is major colatoral damage to me, to my family, to the area, to Quinn Direct and its employees...and there is absolutely no need for it," he said on RTÉ Six One News.
Mr Quinn also claimed the Quinn Group had offered to meet with the regulator in Dublin to discuss its financial situation but that the offer had been rejected. He also claimed that he had enough money to meet any claims.
Earlier this week, the financial regulator announced it had taken the court action when it became aware that certain subsidiaries of Quinn Insurance had given guarantees which have the effect of reducing the insurer’s assets by about €448 million.
The regulator said it was concerned that Quinn Insurance has significantly breached its solvency ratios.
The High Court appointed Paul McCann and Michael McAteer as joint provisional administrators to Quinn Insurance on Tuesday.
Earlier today some 300 workers at the Quinn Group marched on the Dáil to hand a letter to TDs calling for a reversal of the decision to appoint administrators to Quinn Insurance.
The appointment of administrators to Quinn Insurance will be subject to a full High Court hearing in the coming weeks.