While it was essential for all financial and insurance institutions to be required to maintain essential financial discipline, there was a need to adopt an enlightened and informed flexibility to exceptionally important companies like the Quinn Group.

This was stated by Independent MEP Marian Harkin when she emphasised that support for the Quinn Group was of far greater importance to Ireland’s economy than supporting Anglo Irish Bank with €billions of taxpayers’ money.

She said: “The Quinn Group as a proven profitable enterprise providing exceptional levels of employment, directly and indirectly, has a temporary technical problem which must be handled by the Administrator in a way which ensures the fastest return to compliance with established regulations.

“At the same time the Administrator must show due respect to the underlying strength of the Group and to the exceptional talent and vision of those who have developed it into one of Ireland’s great success stories.  In this regard no actions or statements  should be made by regulators or administrators which might inhibit the fastest possible removal of administration from a part of this hugely important Irish enterprise”, Marian Harkin MEP concluded.