Brian Lenihan Jnr (Dublin West, Fianna Fail)

First, I would like to put certain facts on the record of the House in regard to Quinn Insurance Limited generally, which might assist the House in understanding the significance of the company, the number of employees involved and the prospects of the company in the home market. Quinn Insurance Limited has approximately 1.3 million policyholders - 920,000 in the State and 365,000 in the United Kingdom. The total premium income is in excess of €1 billion and approximately 60% of that is sourced in the State. The business is broken down into motor business, 52%; health business, 28%; general liability business, 16%; and property and household business, 5%. To take approximate shares of the Irish market, that represents 23% of the health market, 20% of the motor market, 3% of the property market and 10% of the liability market. In regard to the United Kingdom business, that is split between motor business, 68%; property business, 6%; and liability business, 27%.

Quinn Insurance Limited employs approximately 2,800 personnel in the State and the UK out of a total of approximately 8,000 persons in the overall group, which includes non-insurance business and a life company. The Government is, of course, concerned about these jobs. However, one cannot have jobs if one does not have a credible regulatory framework underpinning them and one cannot have jobs in a company that is not meeting basic statutory requirements. Those statutory requirements have to be enforced.

If we have learned anything from what we have discussed yesterday and since September 2008, it is the paramount importance of this point. We must ensure that, in the eyes of the world, this insurance company is in a position to meet all regulatory requirements. Clearly, the company has a large amount of business. Clearly, the regulator had the confidence to go to court to ensure the company continues to carry on its business in the State, which is positive in terms of these positions and positive in terms of the continuity and jobs which the administrator wishes to see sustained in the company. However, the Financial Regulator is under an obligation to ensure that the company is properly regulated. He cannot be criticised on the basis that he is being aggressive and unnecessary in the context of the matters which I set out in my initial reply.

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