Politics can’t lean on regulator

Ireland's finance minister Brian Lenihan has rejected as "unthinkable" demands from politicians that he reverse a decision by the Financial Regulator to put Quinn Insurance into administration, the FT reports.

Lenihan told Irish radio it was "one of the lessons of the banking crisis" that he could not put pressure on the regulator.

"We really need to learn the lessons of the banking crisis. The perception that the regulator can be subject to political interference or influence will be very bad for this country."

Regulator's job

"His job is to ensure that this insurance company is properly capitalised. That's his concern. He has a wider concern about our insurance sector - that it's seen to be properly run and well run and run in accordance with best international practice. That's his job.

“He's had to go to court to vindicate that position and that's his absolute entitlement. Our job as politicians is to deal with the consequences of that."