Irish central bank waives €5 million penalty but faces legal action of its own
The Central Bank of Ireland has waived a €5 million penalty levied against an insurance company, but is now facing legal action from the family of the failed firm's former owner.
The central bank found that Quinn Insurance Limited (QIL) had breached the country's governance and solvency regulations to an extent that warranted the maximum fine possible – €5 million – but have renounced the penalty "in the public interest".
In the wake of that decision, however, the family of Sean Quinn – the man
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