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“There is no escaping the fact that this is a very bleak day for Quinn Insurance and its employees. I do not underestimate the major contribution of Quinn Insurance and the wider Quinn Group to this region. They have always been good employers and today is a big blow to many individuals and families.

Since the company went into provisional administration a month ago, I have consistently emphasised that everything must be done to protect the maximum number of jobs involved. I have been working closely with my Government colleagues and the relevant state agencies, and in this regard the decision to re-open the British motor insurance market is welcome, following reassurances given by the Government to the UK authorities which helped facilitate this re-opening.

Quinn Insurance will remain a very substantial and viable business, still employing large numbers in the North East and throughout the island. Although the redundancies being sought will be voluntary, I do not underestimate the upheaval and upset this process will bring to many individuals and their families.

The Government is extremely anxious to support those who are being directly affected and are initiating a coordinated emergency response immediately. My colleague, the Minister for Enterprise, Trade and Innovation, Batt O’Keeffe, is establishing an inter-agency response group comprising of Enterprise Ireland, FAS, IDA Ireland, County Enterprise Boards and the Department of Social protection and his own Department.

I want to assure those who will be directly affected, that the Government and its agencies will be offering a comprehensive range of supports to assist them at this difficult time and in particular, to work towards the protection of the maximum number of jobs”, Minister Smith said.