Fears for Quinn Insurance - Anglo Nationalisation

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Pumpernickle Posts: 206
Girls, Just wonder if any of you know more about this. Apparently, Sean Quinn of Quinn Insurance Groups is involved with Anglo Irish Bank (shareholder or something). Anway, with the bank being nationalised he's lost an estimated billion euro and now there may be fears for his Insurance groups i.e. Quinn Healthcare. I have my health insurance with Quinn and I'm wondering if I should change ASAP just incase..... Anyone know more about this???
doolittle Posts: 910
Gon no I hadnt heard Im with quinn as wel.....and due my baby in 10 weeks :o(
Pumpernickle Posts: 206
Hi doolittle, I'm sure it'll be fine. If the worst happens I'm sure we'll be able to transfer to VHI or Hibernian Aviva without any hassle.... :-8
bride0807 Posts: 203
i dont think it will have an effect on Quinn health. While they lost a bucket on their ANglo investment, they have many more billions sloshing around!!!!
Delish Posts: 4176
He is wealthy enough to weather the storm. That money has been lost for some time, he invested heavily in Anglo Irish Shares (now worthless) and then apparently gave loans to Anglo Irish from Quinn Healthcare and Insurance (trying to keep Anglo Irish up and running and maintain the value of his shares - illegal- taking from one of his business interests to pay for another - can't mix like that). He has been fined for that action (i think). But bottom line is he lost that money some time ago and his businesses are able to survive regardless. No need to panic.
Pumpernickle Posts: 206
Good to know... thanks girls :wv
mischa09 Posts: 1068
Not such good news for Anglo shareholders though! A lot of people have lost their life savings. This country is really in a right state!
Pumpernickle Posts: 206
Aren't all deposits safe??? At least thats what they're saying on the news...
mischa09 Posts: 1068
yes all deposits are safe but the shareholders are left with nothing. A lot of people invested a lot of money in to Anglo shares.
Delish Posts: 4176
Yeah the taxpayers who are going to bail out anglo Irish and the shareholders are screwed and most people with pensions based on shares are screwed. Not worth thinking about really all to effing miserable.
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