The decision of the Quinn Group to withdraw its opposition to the appointment of administrators to Quinn Insurance is a welcome development.

A prolonged legal battle between the Quinn Group and the Financial Regulator would not have been in the interests of either the policy holders or the employees.

It was clear that the Financial Regulator would have not taken the very major step of seeking the appointment of administrators to these important companies, without very substantial grounds. It was also evident from Mr. Elderfield’s appearance at the Oireachtas Committee on Economic Regulatory Affairs yesterday that he was not for turning

Now that the High Court has confirmed the appointment of the Administrators, I hope that they will be able to proceed rapidly to sorting out the company’s affairs and taking all possible steps to protect policy holders and to preserve jobs.