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Gildernew welcomes easing of restrictions on Quinn Insurance

22 April, 2010

Speaking after the Irish Finanical regulator eased restrictions on Quinn Insurance Ms Gildernew said:

“I welcome the decision by the Irish Financial Regulator to ease the restrictions on Quinn Insurance ability to do business in the North and Britain. Although this in itself does not comprehensively address the problem facing the company and its workers it is a welcome first step.

“I hope this signals the intention of the Regulator to begin a phased process of lifting all restrictions which would secure the future of the company and the jobs of over 5000 employees throughout the country.

“While I welcome this step I will also continue to urge both governments to explore ways in which they can assist in securing these jobs by acting as guarantor of the Company on a time limited basis. I welcome the initiative taken today by the Assembly Finance Committee to request meetings with the Financial Services Authority here and the Financial Regulator in Dublin to propose that the two governments underwrite a specified amount of money as a surety for the company in an attempt to secure the jobs.

“At a time when both governments are pumping billions into rescuing banks that created the present financial conditions I don’t believe it is beyond the resources of the governments to act in this instance to save jobs and the future of the rural economy. ENDS

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