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Analysis/Comment Last Updated: Apr 18, 2011 - 6:50 AM


Ireland: A dramatic day when the die was cast at last
By Michael Hennigan, Founder and Editor of Finfacts
Apr 15, 2011 - 7:40 AM

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Ireland: Thursday was a dramatic day in the ongoing devastating economic crisis when the die was cast at last and the Rubicon was crossed by an Irish government.

Alea iacta est (also alea jacta est in Latin: "The die has been cast") is a Latin phrase which Suetonius attributed to Julius Caesar on January 10, 49 BC as his army reached the River Rubicon in northern Italy. By crossing, he entered Italy at the head of his army and began his long civil war against Pompey and the Optimates. Caesar is said to have actually spoken in Greek.

On Thursday in Dublin, the Quinn Group was seized from entrepreneur Seán Quinn, brought low by debts of over €4bn. Also on Thursday, the National Assets Management Agency (NAMA) appointed a receiver to take charge of a number of properties owned personally by former tax inspector and ex-billionaire Derek Quinlan and members of his immediate family on foot of the debtors’ failure to present and agree an appropriate Business Plan for the repayment of loans owed to the agency.

Seán Quinn built his business from a startup in County Fermanagh, almost 40 years ago. He deserves a huge amount of credit for challenging established companies in cement and insurance. Quinn has provided thousands of people with jobs and Ireland needs people who are prepared to take risks.

The tragedy of Seán Quinn is that he succumbed to the casino capitalism of the Wild West Ahern era and ended up placing a bet on Anglo Irish Bank shares that for Ireland was of monumental proportions.

Derek Quinlan like many others, leveraged his contacts and the people who were making windfalls at home from property were also obsessed in investing overseas.

By 2007, the Irish were the second biggest investors in commercial property across Europe.

The irony is that the individuals who were carried away in the bubble of crony capitalism, would have prospered without billions in a system of ethics, the rule of law and governance in the public interest.

Hopefully, that it what the New Ireland can be.

Just weeks after the issue of the disastrous State banking guarantee, in October 2008, the Financial Regulator had shown at last that he had more than hen's teeth.

Quinn Insurance was fined €3.25m and Seán Quinn was fined €200,000  for using funds from the company to offset losses from share trading.

The die was already cast for Seán Quinn.

He may not have welcomed tougher regulations earlier but they would have saved him from his current fate.   

A common curse for self-made business people and political leaders is that inconvenient truths can be very uncommon in their worlds when they reach the peak of their climbs.

Ireland seizes Quinn Group from ex-billionaire Seán Quinn

NAMA appoints receiver to recover debts from ex-tax inspector/ex-billionaire Derek Quinlan and family members

Finance Minister Michael Noonan spoke to journalists on Thursday about matters relating to the Quinn Group. Speaking in the Department of Finance, the Minister spoke about the background of the case, the whys and the hows of what will occur and the Government’s intention to preserve jobs. The Minister then took a number of questions from the journalists present:

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© Copyright 2011 by Finfacts.com

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