Dáil debates

Wednesday, 2 December 2009

 

Insurance Industry.

Photo of Mary CoughlanMary Coughlan (Donegal South West, Fianna Fail)

I do not disagree on the role of the SMEs in the export sector. That is why the plan we have will be international and will focus on our trade opportunities. Tied to it will be the export credit insurance scheme, which will be very complementary.

Another issue raised is equally appropriate for consideration. I was asked whether I would publish the report. I am not in a position to do so on the basis that I and KPMG had to sign a legally binding confidentiality agreement with the insurance companies in order to obtain the information we needed. Unfortunately, the information is not available because of its sensitivity. However, the Deputy can rest assured that I was forensic in my questioning of KPMG in the context of what happened. We have noticed that even the French scheme has not worked very well. The United Kingdom has withdrawn and the operation has turned out to be very expensive. The age of cheap money is gone and there are other methods by which insurance cover can be obtained through the banking sector. I hope the market will come back into force and provide further cover.

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