Jim Daly (Cork South West, Fine Gael)

I welcome the opportunity to contribute to the debate today and commend the Minister and the Department on the swift action taken to deal with this matter by updating the 1964 legislation. I acknowledge that the addition of any levy is not welcome but there are times when, simply put, needs must. In this instance, the existing fund of €30 million will not fill the requirement by the Quinn Insurance group of between €600 million and €700 million.

The Irish Insurance Federation has welcomed the clarity provided by this legislation because there was a lot uncertainty about the proposals to be brought forward. The request by the federation to remove the 3% stamp duty on non-life insurance products will require proposals to raise the associated revenue of €109 million elsewhere in order to fulfil our obligations under our arrangement with the EU and IMF which, whether we like it or not, continue to fund this country. In these times there are not many willing sectors volunteering additional sacrifices likely to raise this €109 million shortfall.

From any reasonable assessment, the sale of Quinn Insurance to Anglo Liberty Mutual would appear as the best possible outcome for the Quinn group, with the protection of jobs and any call on the insurance compensation fund kept to a best case scenario. Like so many other successful businesses at one time, previous management at the Quinn group gambled on property-related investments and have now left the group with these reckless losses.

The opposition to this Bill is both understandable and popular. However, it is necessary for us to move on from opportunistic opposition to a necessary imposition on the taxpayer to protect the company, its 1,500 jobs and the policyholders. If this company were to be left to go to the wall, as some in this House have suggested-----

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