Quinn Insurance down 80%

Sean Quinn told Shannonside/Northern Sound radio that his insurance company is "losing an absolute fortune" in administration, with revenue dropping by as much as 80%, the Irish Independent reports.

"It made about €20m in the month of March; in April, I don't know how much it's going to lose but it's going to lose an absolute fortune," he said. "We'll be 75-80% down on turnover. . . so of course it has to lose money.

"I can make money in the Quinn Group and my co-directors can make money in the Quinn Group, but an administrator will not make money in our group," he said.

Built on personality

"Ours is a local group; it's built up on personality, it's built up on no unions, on goodwill, a lot of friends . . . we've built up a culture . . . that I'm very proud of . . . we can make a success of the business."

Quinn admitted the regulator was "technically right" in his view that the insurance firm didn't meet solvency requirements.

But Quinn has crticised the regulator's decision as the "worst in Irish corporate history", but takes all the blame for his investment decisions.

Greedy

"We were too greedy. We shouldn't have bought the shares and we shouldn't have exposed the company. I wouldn't be blaming anybody only myself. I'm not saying I didn't take any advice, I'm saying it was my idea to buy the shares."