BORDER-BASED politicians insisted they respected the independence of Financial Regulator Matthew Elderfield after meeting him to discuss the appointment of provisional administrators to Quinn Insurance in Dublin yesterday evening.
A cross-party delegation of TDs and Senators met the regulator at the Central Bank for more than two hours, after which Cavan-Monaghan Fianna Fáil TD Dr Rory O’Hanlon said he had a “constitutional obligation” to represent his constituents.
Dr O’Hanlon said the delegation “got a good hearing” but strongly denied the meeting amounted to political interference. “We respect the independence of the regulator,” he said.
Fine Gael TD for Cavan-Monaghan Seymour Crawford said the political delegation raised concerns about Quinn Insurance no longer being able to take on new business in the UK and Northern Ireland.
Labour Party TD for Longford-Westmeath Willie Penrose said the regulator “outlined his statutory role and functions and that has to be respected”. He said Quinn employees wanted their views represented and articulated as strongly as possible, “and the regulator had no issue with that”.
Mr Penrose said the delegation had been pleased to learn the regulator was eager to progress matters as expeditiously as possible. “He’s also eager to have suggestions and new ideas brought forward as to how the matter might be progressed. But obviously it’s back in the court Monday.”
Sinn Féin TD for Cavan-Monaghan Caoimhghín Ó Caoláin said the meeting was “both to learn information and to impart information in relation to the concerns of the employees we represent”.
Also in attendance were Fianna Fáil TD for Cavan-Monaghan Margaret Conlon, Fianna Fáil Senators Diarmuid Wilson of Cavan and Francis O’Brien of Monaghan, Fine Gael deputy for Roscommon-South Leitrim Frank Feighan and the Cavan-based Fine Gael Senator Joe O’Reilly.
The delegation’s meeting with the regulator followed a 90-minute meeting with the administrators and employees’ representatives in Cavan earlier in the day, which was also attended by Minister for Agriculture Brendan Smith and Northern politicians.
The Oireachtas members raised concerns about Quinn Insurance no longer being able to take on new business in the UK and Northern Ireland and it is understood the administrators told them this was an issue for the regulator, which led the delegation to seek and secure a meeting with him. Mr Smith did not attend that meeting.
Speaking in Cavan, Ms Conlon said Quinn employees were apprehensive about the High Court hearing next Monday, at which the appointment of provisional administrators to Quinn Insurance is expected to be confirmed. “People are very worried about their jobs and futures. Quinn has done a good job trying to promote a positive message, saying ‘we are open for business’. It’s very important that’s highlighted,” she said.
“But it’s fear of the unknown. People don’t know what will happen come next Monday.”
Asked what she thought Government should be doing, Ms Conlon said: “By virtue of the fact that there’s an impending court case you’re constrained, but we have to make every effort.”
