Insurers settle Irish beef loss

The Irish government is reckoned to have lost up to €18mn following the settlement of a protracted dispute over an insurance claim originating more than ten years ago. Fire at a meat processing plant in Ireland in January 1992 led to the destruction of EU intervention beef stocks valued at €25mn. When the insurance claim was disputed, the Irish agriculture ministry was obliged to compensate the EU Commission for the loss and had to take out a loan in order to do so.