Michael Noonan says state was ‘misled’ on cost of insurer’s rescue
Ireland finance minister Michael Noonan has lashed out at the administrators of failed insurer Quinn Insurance over the €1.65bn cost of rescuing the firm.
The costs of bailing-out Quinn was probed in the Irish High Court yesterday. The court was aiming to find out how the costs to Ireland’s Insurance Compensation Fund for rescuing Quinn could have risen to €1.65bn, when it was estimated two years ago that the insurer could be bailed out with no cost to the fund.
In April, Quinn’s bail-out cost was estimated at €1bn.
In the court session, Noonan demanded to know how highly-paid administrators, auditors and actuaries could have underestimated the size of liability at Quinn by so much, the Irish Independent reported.
He also expressed concern that the Irish government had been “misled by incomplete information and under-estimation”.
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