LETTER TO FRANK FEIGHAN

LETTER TO FRANK FEIGHAN

To: "frank feighan" <frank.feighan@oireachtas.ie>
Sent: Monday, 3 October, 2011 1:16:23 AM
Subject: Clarity on Quinn Proposal

Frank,

I refer to recent debate in Dail on the introduction of the new 2% insurance levy (transcript attached).

In particular, I wish to draw your attention to Deputy Caoimhghin O' Caolain's account of a meeting between the Cross Party Cross Border Group and the Financial Regulator on 25th January 2011.

Rumours have been circulating over the last few days that the Central Bank's record of one aspect of that meeting is ominously at variance with the records of the Group, of which you are a member. The point of difference relates to the question put to Mr. Elderfield of why the Quinn Proposal was not given fair and just consideration in line with proper procedures. I believe that Deputy o'Caolain stated in the Dail that Mr. Elderfield informed the group that he had made it abundantly clear to the Administrators and to all stakeholders that there was to be NO consideration given to any proposal whatsoever that involved Sean Quinn, his family or any of his Senior Management team, a fact that you confirmed at the time.

The Chairman Of Anglo Irish Bank, when asked the same question by a member of a delegation who met with him in Leinster House, said in no uncertain terms that the reason why the Quinn Proposal was not given consideration was that the Financial Regulator had made it clear that any proposal that involved Sean Quinn would not be considered. This fact can and will be sworn under oath in Court.

I am mindful of the impressive compliments that you paid to the convenor of your group, Caoimhghin O'Caolain at various public meetings and in particular his attention to detail at all meetings between your group and the various interested parties. I am also conscious of the fact that you spoke publicly about the need for honesty and respect between the different members of your group and in this regard, it would be despicable if this matter was not confirmed by members. With that in mind, I now call on you, on behalf of the people of Leitrim who facilitated your election, to publicly confirm without delay, the Group's record of what Matthew Elderfield said. Anything less would be betrayal of everything that you purport to represent.

Many questions remain unanswered, not least why the Minister for Finance misled the people of Ireland on 14th April, when he stated that the bondholders took a very big hit, something in the region of 50% in the Anglo deal on Quinn, a fact that we now know is completely false, as the entire debt remains and is accruing significant interest. However, the calling into question of Deputy O'Caolain's integrity must be addressed immediately and in this regard I trust that you will honour your commitment that you will be honest and truthful and do what you know is the right thing.

I can be contacted at 087/1497787 or by email and I look forward to hearing from you by return.


Is Mise,