Ireland needs to restore faith in its financial regulation

Taoiseach (Irish prime minister) Brian Cowen is to leave the fate of Quinn Insurance in the hands of the Financial Regulator Matthew Elderfield and the High Court to restore the reputation of Ireland’s financial regulation, papers report.

A spokeswoman for Cowen said he had always emphasised the importance of respecting the independence of the Financial Regulator. She said the government would be waiting until the regulator had made his decision before deciding on its response.

Cowen re-affirmed the independence of the regulator last week when Sean Quinn personally contacted him.