Cost to Irish taxpayer of Quinn closing would be €360m

Pro-Quinn Insurance (QIL) lobbyists Concerned Irish Business have proposed the Irish government issue a bond to help Quinn its "return to normal trading", The Irish Examiner reports.

It said the best solution is for "an institution to issue the required funding and the only way this can be achieved in the present financial climate is through the issue of a bond or surety from the government".

Cost of closure

Concerned Irish Business said that the job losses at Quinn – particularly the 640 relevant to the Republic – would cost the Irish taxpayer €130m per year, if QIL was to continue on its present course of action; with that cost rising to €360m if it were to cease operating here.

Concerned Irish Business met with the Financial Regulator, Matthew Elderfield, yesterday to propose its solution and hopes to meet with Finance Minister, Brian Lenihan "in the coming days".

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