Unreal, Peter Daragh Quinns father saying he will not go to jail and will continue to live in the north. These Quinns are an arogant bunch on cunts.
The Regulator (state employee) v Sean Quinn (bankrupt businessman) + Anglo Irish (state bankrupt ban
Heard last night that a couple of lachicos from a neighbouring parish took a bus up to Cavan to support Quinn⌠Quinns wife is a South Galway woman.
http://cp12-eu.stablehost.com/~thefreek/board/public/style_emoticons/default/rolleyes.gif
Those fucks use the border when it suits them. Probably have British passports too
Like that other cunt ex IRA hunger striker and cowboy builder Tom McFeely, didnât want to face bankruptcy in the Republic, so went running to British courts to say that he should be made bankrupt there because he is a British citizen. Was delighted to see that the British told him to fuck off in the end and he was made bankrupt here.
It seems to suit this folks to be British one minute or Irish the next depending on what way the wind is blowing.
with northie gga men declaring for Britain left right and centre and northie football men declaring for the Delaneys 26 it seems that the FAI are the only nationalist sporting body left
[quote=âThe All Seeing Eye, post: 457776â]
with northie gga men declaring for Britain left right and centre and northie football men declaring for the Delaneys 26 it seems that the FAI are the only nationalist sporting body left[/quote]
The FAI are sectarian mate, they only want nordie players from Papist backgrounds. pity as we could have done with the likes of Davis, Evans, Lafferty, Hughes and Healy in Poland
davis- shit
evans-yes
lafferty - maybe
hughes- never heard of him
healy- beyond shit
How come it cost so much to put Quinn Insurance into Administration?
Sean Quinn claims the company was massively profitable, how did it go from millions (billions??) in profit to costing the state âŹ1.6bn?
Presumably they under priced the risk on the policies that they were selling.
So is the government only providing money for a backstop so that there is money in the pot if everybody decided to claim against them at once, or is this âŹ1.6bn actually money that is going to be spent day to day by Quinn.
Absolutely. The cowboy operation that was Quinn Insurance is getting away very lightly in all of this as its shawdowed by the Anglo stuff.
Could it be that Quinn knew the Quinn insurance was a train crash waiting to happen and the Anglo gamble was part of the plan to save it?
I think thats a bit closer to the truth.
Explain to me how this is actually costing money now though?
Is it contingency money weâve put in or actual cash that is being used?
They used it as a handy cash cow for the rest of the business probably.
Quinn should be in jail for his stewardship of Quinn Insurance alone. Taking money out of the reserves to pay his margin calls on Anglo shares was shocking and he was caught on that but the day to day management of the company was deplorable. Genuine cases were forced routinely to go to the high court to get Quinn to pay out. Numerous times Quinn Insurance was castigated by High Court judges for itâs practices in settling claims.
Insurance underwriters were wise to Quinn Insurance in the UK from early on. I believe the liability in question is a lot to do with the Quinn Insurance entry into the UK market some time back where they undercut all round them with scant regard for their risk and reserve profile.
Liberty seem to have got a great deal out of buying Quinn insurance with the Irish State agreeing to plug any historical shortfall. Seems we got rightly stiffed with that one too. Govt should have limited their own liability to a certain amount and let any potential buyer do their own due diligence.
The continued fall of the euro against Stg is also increasing the Irish state liability to Quinn insurance with the majority of policies being in Stg.
One of our finance stalwarts can surely advise but all these policies wonât be called in at once so I suspect the administrators are going a bit OTT here. How rotten really are the books of Quinn Insurance?
The entire insurance industry is built on having that money in the pot to support a reasonable claims experience. Insurance companies need to keep aside enough money to pay for expected claims (based on actuarial models) and future costs of the business if itâs going to run down.
Quinn did two things:
-
He played really tight on the reserves they needed to hold back. How he did this and how he got away with it I have no idea. As KIB Man said he was castigated for this in the courts but it isnât just policyholders making claims that should have brought this to the surface. The insurance industry is effectively âbondedâ - it doesnât work if thereâs any suspicion that insurance companies canât meet claims experience. Thatâs why the state is now making up the difference with the levy as they did in the 1980s with PMPA.
-
He then used the little reserves he did have as funding for his financial gambles. Even he concedes that was wrong but itâs so grossly and indefensibly wrong that itâs beyond belief really.
So while the money set aside is a contingency in one sense itâs absolutely necessary to keeping the insurance industry going. Whether the State should have negotiated a better deal or not is another matter but it wouldnât be possible to have thousands of policyholders with insurance policies that had no reserves to back-up the claims.
Thanks Rocko, thatâs a very good summation of the situation.
Could it be a case so that the goverment could recover the money once Quinn Insurance have managed to set aside enough money from future profits (granted it would take many years) to cover this hole that is there at the moment?
Nope. Quinn Insurance is no more but for all bogus policies they entered into, the State must cough up to ensure enough funds are in the ICF to cover these policies if they were called in.
Rocko I guess this money is held in trust but is this money in some kind of high paying interest account at least?
[quote=âKIB man, post: 457789â]
Nope. Quinn Insurance is no more but for all bogus policies they entered into, the State must cough up to ensure enough funds are in the ICF to cover these policies if they were called in.
Rocko I guess this money is held in trust but is this money in some kind of high paying interest account at least?[/quote]
If Quinn still had the money it would have to be diversified among counterparties and among asset types to a certain extent. The majority is usually held in government bonds so I imagine the ICF are mirroring the spread that a compliant insurance company would be using.
Lovely memories of insurance audits with Rocko c.2002-03 as he delved into claims and actuarial valuation models.