A bigger deterrent effect if bosses face charges

Irish Financial Regulator Matthew Elderfield is investigating improper conduct by individuals as well as looking at the failure of systems and internal controls that led to Quinn Insurance's solvency problems, the Sunday Tribune reports.

Senior regulatory officials met with lawyers last week to determine how best to carry forward a formal investigation. Officials are still examining files seized from Quinn's offices in Cavan and interviewing personnel.

A senior source at the regulator said investigating people was a "more worthwhile exercise", as it would have a bigger deterrent effect than investigating the company in general. "To have an effect we need some significant public fights," the source said.