Payment dependent on sale approval

Ireland’s High Court has approved a total payment of €738m (£632.7m) to Quinn Insurance from the country’s Insurance Compensation Fund.

The Irish Times reports that the total amount paid is dependent on whether the proposed sale of Quinn to Anglo Irish Bank and Liberty Mutual is approved.

If the president of the High Court approves the sale today, Quinn will receive €320m from the fund immediately, with further payments to me made following applications to the court.

Administrators and their advisers had previously estimated that Quinn’s total call on the compensation fund would be €600m, but a number of factors, including outstanding claims, has inflated the number.

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