Thats the scary part..they just put KPMG in charge of whats left of Anglo who is currently after Quinn. Talk about a recipe for Disaster. while I don’t have any love for Quinn or the quinn group did not journalist go and ask quinn what he thought of prom night or is he rubbing his hands together Mr Burns style…excellent….

The fox is in charge of the hen house. Surely kpmg are being investigated for for possible criminal practice, never mind civil actions for the apparent incompetent manner in which the audited the books, and they have now been given control of, not just the evidence, but decisions to further civil actions.
We need to look at the possibility of corruption here, incompetence is unbelievable.

Given that they squandered hundreds of millions of our money, they should be behind bars instead of Paul Begley.

With Paul Begley I would think

I’m not convinced this was the right move by the goverment, ofc it was a popular move as shown but I can see this causing issues down the line, with court case’s againest some major players like Quinn ect in the works rocking the cradle like this could cause issues in the long run, vital info lost or something overlooked or misplaced. I know its sounds like a conspiracy theroy but time will tell, I could see the whole quinn fiasco blowing up in the goverments faces and guess who will have to repay everything back to quinn if its shown there was negligence in the state’s dealings with Quinn and company.

@ Derek Boyle, excellent point unfortunately. The individual in charge if the entire Quinn and other related litigation declined the offer of staying on as a consultant and immense knowledge is now lost. My primary concern is that this development greatly diminishes the prospect of partial recovery from the Quinns. From a litigation perspective, it was a less than ideal move.

There may be other costs and losses which will swallow up more than the eur 8 billion, not 20 billion saved and that is not to mention the danger of protracted deflationary consequences.

I remain unconvinced that this was a sensible and prudent move. Only time will tell but there are no winnings yet on this to be banked, if you will pardon that expression.

Good riddance to fat cats. They squandered hundreds of millions of OUR money following QUinn when the legitimacy of the debt has yet to be ruled on. And to think that all of this could have been avoided if the Quinn Proposal which would have saved thousands of jobs and paid the State 2.8billion euros, had not been inappropriately discarded. You could not make this up and its no wonder that Martina Devlin mixes up fact and fiction.

Peter, IBRC has control of Quinn assets and companies in the UK, Ireland, Poland, Turkey, Czech Republic, Bulgaria, Sweden, Cyprus as well as some assets in Ukraine and Russia. In addition they have control of the Quinn Group and own 49% of Liberty Insurance. I am sure even IBRC can get a “partial” recovery with all these assets.

@ Tom, the new legislation is potentially vulnerable to three Constitutional law challenges and one procedural weakness. Add to this the fact that the leader of the recovery group has left. That loses a lot of legacy knowledge. I am partially reassurd that you are so confident and I truly hope that my apprehensions are misplaced. We will see.

i see rusty9 is STILL peddling the bullshit that the quinn proposal was “inappropriately discarded”….the facts admitted by Sean Quinn himself are that he had done wrong in handling funds in the insurance company and had to rightly step down as chairman of quinn insurance as a result….it is inconceivable that the state could then have agreed to allow him re take control , get significant additional funding given to the group and not pay intereest for 8 years on the promise that they could repay the 2bn due – which of course he now claims is not his debt anyway- but he was willing to repay it in FULL…..seriously you have got to stop peddling that nonsense….its just not credible.

Eric
They will get what the Minister and the Law permits. Are you suggesting that the administer is lying and will break the Law?

You might say that, but I could not possibly comment.

He might make a new law?

Kpmg told us , a short few days before the collapse, that’ll was ok in Nationwide, they should never have been appointed.

Good point

Even if its true theyll be sorted with another job in a week or two.

Sean
I presume the “Michael” you were referring to is Mr Noonan and your point is that he is somehow pleased that the CEO of the IBRC is to receive only Statutory redundance levels. What sort of sense is there in that comment ?

If you believe he gets two weeks pay off then Im daffy duck.

Such Bull. I suppose you will be calling for all redundant workers to get the statutory minimumnext

What are you on about. My point is his statutory minimum will be far higher than you or i.

Les
Goodbye and hello Daffy!

The piece outlines that the statutory amount is capped at €600 per week, meaning his statutory minimum termination payment is €3,600.

As regards his statutory notice period: Aynsley has been working at IBRC since 2008, meaning he is entitled only to two weeks’ notice (or pay in lieu of his notice) of termination. This would work out at around €19,200.

Diseased Snake Pit.
The Decaying, Pestilence Ridden, Stinking, Zombie, Corpse Of Anglo and Irish Nationwide.
Thanks to our “Fine Governments” This €55 Billion Stink Will Remain With Us For a Half A Century if Not Longer.
Europuppet Stoogeens!!

@ Les

Its capped at 600 per week at 2 weeks per year of service. This is the law. They will not be paid anymore.

Fully aware what it is Orion. But with such a state this countries in and the fact there’s something New everyday, it wouldn’t surprise ye if they got a massive pay off.

What the piece fails to mention is that while Noonan is spinning it as these senior managers will get the same as the other staff..2 weeks per year and patting himself on the back the reality is that the 600+ normal workers who were not on stupid salaries over 100k and were promised 4 weeks per year if they stayed until IBRC was wound down are only getting 2 weeks instead of the promised 4 that was agreed. So they will lose out more than any of these managers, while the figures look huge for the managers the publics perception is great stuff no big pay-offs for the fat cats, the reality is no little pay-offs for the innocent everyday staff.

Severance pay???
This €55 Billion Filth Hole should have been allowed to go bust from day 1.
There are Millions people in our country more deserving of this taxpayer money.

Id say Les you will be hugely dissapointed if they only get the minimum.

That’s what the law says, but what about his contract? We’ve seen all these dodgy contracts before. If he just gets statutory it will be an historic first.

Surprised yes disappointed no Sean.

@censored

It will not be a historic first as you put it. Evertime a company is put into liquidation everday in this country, then all employment contracts are void. There is no room for secret pay-offs or anything like that. The law is there, KPMG are hardly going to break the law at their own cost, are they?

Not at their own cost. I would love to see a committee of inspection put in place representing the creditors, to insure a fair winding up is carried out in the interest of the creditors.
The committee are paid by the creditors, and meet the receiver once a month to review his work and authorise expenditure, as well as having access to all his work

I bet his pension will be tweaked and fortified so that he doesn’t lose out, and with some quickly created add on special input accumulator processes he comes out on top.

I think you’ll find he was answering a question so I don’t he gave much consideration to your need for consolation…

it was rhetorical on my behalf ciaran