The Central Bank has reached a settlement with two former directors of Quinn Insurance.
Kevin Lunney and Liam Mc Caffrey were both investigated for suspected breaches of accounting rules head of the collapse of the insurer in 2010.
The Bank has confirmed their inquiry has now concluded and a settlement has been reached with both men. Details of the settlement have not been made public.
The case was related to the soundness and adequacy of QIL’s administrative and accounting procedures and internal control mechanisms relating to the management and monitoring of the assets of QIL’s subsidiaries.
A High Court challenge to the investigation and Inquiry was brought by the two individuals which was decided in favour of the Central Bank in October 2017, with costs awarded to the Central Bank.
