Mattie McGrath (Tipperary South, Independent)

I too am appalled at the indecent haste with which this Bill is being proposed. I understand that this is to meet a deadline of 4 October, which was imposed by people outside of the House. This is an attempt to cover the losses that were accumulated by Quinn Insurance.

The levy of 2% is a significant amount. I am old enough to remember when the PMPA went bust and the levy for that was introduced and for how long it lasted. This 2% levy will apply to every person in the country with an insurance policy. This is a critical issue at a time of such financial stringency and lack of funds for businesses and everybody. The levy will affect those with car, house, travel and every other kind of insurance policy, but particularly business insurance. As a person with a small business, I understand that insurance costs have risen. We had 40 years to get them down, but over the past number of years the fat cats in the insurance companies have used every excuse, including the weather, the ash cloud and anything they can, to revert to previous charges. Prices have been increasing over the past number of years and this levy will be the straw that will break the camel's back.

Nonetheless, we must address the situation and the problems we face as a result of poor management by personnel and leaders of Quinn Insurance. I would also question the joint administrators. From information I have from the Border region, Liberty Mutual has been hovering over Quinn Insurance for a long time. It is not coming in to rescue it, but for the rich pickings. It does not care about other important parts of the Quinn group, parts which are important to the infrastructure and economy of the Border region. Liberty Mutual is in it for the rich pickings it can make for itself and is dealing with the scandalous rogue bank that created part of the problem initially with its funny games and movement of money and shady loans. We understood from news bulletins that this bank would be removed and would no longer operate in this country. The name was taken down from the bank's headquarters not far from this building some time ago, yet the Government is now applying a levy on taxpayers to protect Anglo Irish Bank and its senior bondholders once again. It stinks from the high heavens.

A report will be made to the High Court before 4 October. Legal opinion should be sought on whether that date can be put back because this is too serious an issue. The public cannot take any more. The Government's response is to fire another levy on them, raise taxes again and make more cuts to protect the rotten banks and businesses that ruined this country. We are walking blindfolded into this again. The former Minister for Finance, Deputy Brian Lenihan, was criticised in the House for decisions he made. We were all part of those decisions and we have seen where the indecent haste got us. I compliment the Minister and the Government on renegotiating interest rates downwards but they should make haste slowly and investigate properly. As Deputy Doherty said, a swift inquiry should be held, possibly by the Oireachtas rather than a tribunal, because we will become an even greater laughing stock in Europe and the public will be even more angry otherwise.

We do not know when the levy will cease because we have not been given facts and figures. We do not know how much will be needed. A sum of €700 million has been mentioned but there is only €40 million in the pot. The fund will increase through this levy but the Government could increase the levy again next year if it is not coming up to scratch. It will drive people out of business and policyholders will be unable to renew their insurance, which will create more problems down the road. All the while, Anglo Irish Bank, that despicable bank, lurks in the background sucking more of the lifeblood out of taxpayers. This is outrageous. The Quinn Group was eager to go after the rich pickings in the insurance industry for a number of years. It got in and now we are told the insurance aspect will be the saviour.

However, this raises the issue of the role of administrators and receivers. It is a sorry mess and the administration is not delivering what it is supposed to. It is not fair, just or satisfactory in any shape or form. It must also be opposed. I am opposed to the Bill.

See this speech in context