If there was any question surrounding the legality of the decision of the Financial Regulator to place Quinn Insurance Ltd under administration it raised serious issues concerning the dismissal of the possibility of Quinn family involvement in the recovery programme which would seriously influence the prospects for the entire Quinn group and its 6,000 employees.

This was stated by Independent MEP Marian Harkin when she expressed disquiet at the threat to jobs implicit in the present policies being pursued by the Quinn Insurance administrators.

She said: “So called experts in the financial sector virtually destroyed the Irish economy and the time has passed when the current crop of experts should be permitted to dismiss the Quinn family proposal to repay €2.8 billion owed to Irish taxpayers without a full and complete explanation.

“Taxpayers deserve less of the cloak and dagger activity involved in the Quinn Insurance work out and in particular need to know why the current administrators feel it necessary to warn against any legal challenge which could result in the Quinn family’s success in paying back what is owed to the state and to taxpayers.

“It is obvious from statements attributed to the administrators that there will be substantial job losses in the insurance company in any of the proposals currently being examined.  There is indeed no guarantee that a majority of jobs will not move off-shore with devastating outcome especially for the border areas.

“It is unacceptable that the administrators seem determined to exclude the Quinn family proposal which has been with the government for months.  In a situation where NAMA is considering a write off of part of the debts of property developers it would be inexcusable if serious consideration is not being given to the Quinn family proposal to repay the state and taxpayers without any write off involved.

“Anglo Irish is now owned by the Irish taxpayer who will be asked to fund with social welfare payments the potentially huge number of job losses currently forecast.   The government at this time must not sit back awaiting the outcome determined by the ‘experts’.  In particular they must seriously examine if any precipitous and illegal actions have been taken which may have created an unnecessary crisis in the entire Quinn Group.

“At a time when there is such great a focus on preserving and creating jobs there can be no excuse for government in failing to ensure that the taxpayers interest has been and continues to be  protected in matters concerning the decision to place Quinn Insurance Ltd under administration”.