Caoimhghín Ó Caoláin (Cavan-Monaghan, Sinn Fein)

It is my belief that the full facts in respect of what went on prior to and since the appointment of the administrators need to be fully investigated. I call on the Government to place the Insurance (Amendment) Bill 2011 on hold for a limited period to allow for a full, independent inquiry - one with statutory powers to compel all potential witnesses to present - to report within three or four months. Once the full truth is established, let the Government decide on whether the course provided for in this legislation is the way to go. I am not convinced that it is.

I will highlight some of the questions that need answering. Why did the joint administrators maintain for over six months that there would be no call on the insurance compensation fund but have now made a call of almost €700 million? Why have the joint administrators set the average reserve in Quinn Insurance Limited, QIL, outstanding claims at almost three times the market average?

See this speech in context