Joan Burton (Dublin West, Labour)

Like everybody else, I have two main concerns. I am concerned for the policyholders that they continue to have confidence in their insurers. I am also concerned for the many thousands of people employed by the Quinn Group, some of whom are on the insurance side and are in our constituency.

The events he described seemed to relate to off-balance sheet contingent liability accounting relating to guarantees. They go back to October 2005, April 2006 and April 2007 and were modified in 2008. Is the Minister aware that the total guaranteed sum was €1.2 billion? Will the Minister say if there is any relationship between this large total figure and the issues of the indebtedness of the Quinn Group to Anglo Irish Bank in the context of the Quinn Group having acquired through contracts for difference up to 28% interest in Anglo Irish Bank? Are these events related and are they to be part of the subject of the investigation?

A very distinguished retired Secretary General of the Department of Finance was a director of Quinn Insurance until he resigned in 2007, when he was to become chairman of the investment committee. Reports in today's newspapers state that this company seems to have suffered losses on the investment side. The insurance business is understood to be profitable but the structural lapses, defaults, are on the investment side of the company. I ask the Minister if this is so. If that is so, what about the report in today's newspapers that Mr. Quinn, the principal figure in the Quinn Group - he is the owner or shareholder as I do not know what is the structure of the group - made significant gifts of €200 million each to family members, in a company which was having difficulties on the investment side? Was the regulator aware of this? It has been the practice of companies within the overall Quinn Group to make gifts to other companies. Gifts in tax law are for love and affection and companies do not usually gift. Has this been the subject of any inquiry by the Revenue Commissioners and what is the background to this practice?

The Minister indicated in his statement that one of the insurance companies is not permitted to take new business in the United Kingdom. Quinn Insurance Limited is to cease writing new business in the UK. Were concerns expressed by the UK Financial Services Authority about issues arising in that country?

Everybody here is conscious that we are dealing with a huge employer in this country. Yesterday we heard appalling news on our banking system but given Quinn's repeated mention over the past three years and more in connection with investments in Anglo Irish Bank, I ask the Minister to indicate whether it has a bearing on these developments.

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