Brian Lenihan Jnr (Dublin West, Fianna Fail)

The suggestion was that this was a highly aggressive and unnecessary action. I was anxious in that context to underline the statutory functions of the Financial Regulator and to express my full confidence in him. I do not accept the suggestion that this is a highly aggressive and unnecessary action.

On the question of the risk to jobs and employment, the Financial Regulator, the administrators and I, are fully aware of those risks. However, an estimation of those cannot be arrived at today. I outlined certain facts about this company which show there is sufficient confidence in it to sustain it as a trading concern in the State on an interim basis and that is now happening. In the forefront of the administrator's mind and of the Financial Regulator's mind, will be an anxiety to bring this matter to a conclusion as rapidly as possible with a minimum of disruption to the operation of the insurance company.

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