Brendan Smith (Cavan-Monaghan, Fianna Fail)

The need to protect employment in the Quinn Group is of the utmost importance to counties Cavan, Monaghan, Fermanagh and Leitrim. Not alone does the group contribute significantly to the economy of my home region, but it is also a major contributor to the national economy employing 5,500 people on the island, of whom almost 1,600 are employed in Quinn Insurance alone. The group's other interests consist of a range of manufacturing plants and operations in the hospitality and hotel sector. It is widely recognised as an extremely efficient and well managed group with an extremely hardworking and committed workforce.

Sean Quinn and his family built up the Quinn Group through hard work, commitment, great foresight and an ability to diversify the group's activities. Not only does the Quinn Group provide highly valuable employment, but it has also brought much needed competition to different sectors, specifically insurance to the benefit of policyholders.

Since the appointment of joint administrators to Quinn Insurance last Easter, Oireachtas Members from the region, as well as Members of the Legislative Assembly from Fermanagh-South Tyrone, have worked together on the issue. The protection of employment and maintenance of the maximum number of jobs in all the Quinn Group enterprises have been our focus and particular interest. Last Thursday's announcement of the appointment of a share receiver over the Quinn family shares in the Quinn Group was a devastating blow for Sean Quinn and his family.

Quinn Group senior management worked for almost one year on a proposal which would enable the family, over a period of six to seven years, to pay back all their loan commitments with a debt recovery plan. They remain convinced of the viability of their proposal. Was this proposal, which was finalised relatively recently, given detailed analysis and consideration by the Minister for Finance, his departmental officials and all relevant State agencies? The least the proposal deserved was detailed and appropriate analysis and dialogue between the relevant Departments and State agencies and the Quinn Group senior management. The Quinn family and Quinn Group have always indicated their determination and commitment to repay their debts.

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