ELDERFIELD REFUSES TO PROVIDE COPY OF LEGAL ADVICE RE. HIS DECISION TO PUT QUINN INSURANCE INTO ADMINISTRATION-WHAT IS HE HIDING?

Dear Ms Gilheaney,



Thank you for your email.



The role of the Central Bank is to protect policyholders of Quinn Insurance Ltd (under administration) (“ QIL ”). The High Court appointed Michael McAteer and Paul McCann as provisional administrators on 30th March 2010 on the petition of the Central Bank. This petition was based on a number of grounds including the guarantees but also more generally that QIL had failed to make adequate provision for its debts and that its business was being managed in such a way that there may be insufficient reserves to meet claims. The appointment of the joint administrators was confirmed by the High Court in April 2010 after the board of QIL withdrew its objection to the appointment.



As you are no doubt aware the Irish book of QIL was purchased in November 2011 by a then newly authorised insurance company, Liberty Insurance Limited. Applications for new authorisations go through a standard authorisation process and all relevant matters are taken into account in considering our approval of any new company, its owners and its directors. Meeting applicants for authorisation is part of this process.



The Central Bank had no role in the sale process itself. It was the role of the administrators to oversee the sale process and they in turn reported to the High Court on all matters pertaining to same.



Finally, please be advised that the company accounts of QIL have been filed with the Companies Registration Office. They are publicly available and may be downloaded from the CRO website .



I hope this information is of assistance to you.



Yours sincerely,



Brian Hogan



Public Contacts Unit │ General Secretariat

Central Bank of Ireland