Madam, – The basic lack of understanding of the insurance industry shown by Quinn Insurance and its employees in their campaign to subvert and reverse the decision of the Financial Regulator, that a company in the business should have a reserve of cash sufficient to pay claims made on it, is proof enough that he is right.
Did any of the Quinn employees protesting so vehemently in Cavan and elsewhere ever think just what they were asking for: that the Financial Regulator turn a blind eye to multi-million euro abuse of the rules he is pledged to ensure are observed so that there is confidence in the stability of the financial industry?
The gombeen mentality that has infiltrated Irish life from top to bottom has caused our present problems, as businesses and financial institutions came to believe that regulation was there for decoration, and that their friends in Government would make exceptions for their friends. It has been the curse of our country, and hats off to the Financial Regulator for taking his task seriously for the first time in the life of his office. – Yours, etc,
Madam, – The juxtaposition of the letters by Adrian Smith and Donal Greene (April 8th), starkly highlights the difference between Old Ireland and New Ireland.
In the former case, under the then Minister of Finance, the Financial Regulator would have been advised to take a light touch approach. Now, thank goodness, in the latter case the regulator is allowed to regulate without political interference.
Sure, there are thousands of jobs at risk, but is it not better to save some jobs rather than allowing Quinn Insurance to implode with the loss of every job? Lest we forget this situation may not have arisen had Seán Quinn not got caught in the Anglo web. – Yours, etc,
Madam, – In recent days letters on these pages have spoken to the contribution that Seán Quinn and his range of enterprises has made in creating jobs for thousands of people throughout this island.
This has been especially important along the Fermanagh and Cavan border area that would have otherwise been eclipsed by the “Celtic Tiger.” I do not know Mr Quinn, but some acknowledgement might also be made that in good times and bad, despite his personal success he has continued to reside in Ireland without benefit of tax exile status. That surely is worth a mention. – Yours, etc,