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Tue, 7th Aug 2012

Quinn insurance losses may rise to €1.65 million

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Joint administrator of Quinn Insurance Michael McAteer is explaining to the High Court why the cost of covering the insurer's losses may rise to 1.65 billion euros.

He's told President Nicholas Kearns that as they peel back the onion they find more and more issues, mostly relating to the company's reserves.

The funds that may be required will come from the Insurance Compensation Fund.

The figure has more than doubled since last October when the court was told 738 million might be needed.

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