Irish Financial Regulator challenges Quinn to "show me the money"
The new Financial Regulator Matthew Elderfield said yesterday he was sympathetic to the plight of the workers but had to ensure policyholders were protected.
It follows reports that Quinn has disputed the claim it requires about €700m to remain solvent, believing a €150m would raise its solvency to the required levels.
In his first appearance before an Oireachtas committee since his appointment in January, The Irish Times reported that Mr Elderfield said there had been "serious and persistent breaches" of solvency rules at Quinn Insurance.
"I have said all along in discussions with the company: ‘Show me the money and we will take a different approach
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