EC approves €700m package for Quinn Insurance restructuring
The European Commission has approved a €700m package provided by the Irish Insurance Compensation Fund for for the restructuring of Quinn Insurance.
As part of the deal, the profitable parts of Quinn Insurance are being sold to US Insurer Liberty Mutual and Anglo Irish Bank.
Ruth Deasy of the EU office in Dublin said today's approval would ensure that healthy parts of Quinn Insurance survive.
"The administrators of Quinn Insurance have worked out a plan that provides for a viable future for the healthy parts of the company," she said.
"They have made sure there's a burdern-sharing by the shareholders and they've limited the distortions of competition."
