Jerry Buttimer (Cork South Central, Fine Gael)

I compliment my colleague, Deputy Mathews, on his thought provoking remarks. It is refreshing that a Member will discuss issues in a non-partisan manner.

The Bill results yet again from the mismanagement of the financial sector, the mismanagement of our economy and the mismanagement of one insurance company. The cost of gambling, games of high stakes poker and financial recklessness has been landed on the doorstep of every citizen regardless of culpability. The Minister, who has been responsible, brave and courageous in his stewardship of the Department of Finance, is acting responsibly again with this legislation. It is likely that the insurance compensation fund will need €738 million to cover the losses incurred. The Minister outlined in the Seanad that he anticipates that the levy will bring in €65 million per year. This means we will all pay for the mismanagement of Quinn Insurance for 12 years, which is regrettable. Deputy Mathews is correct that the relevant boards and the regulator fell asleep and the Minister is correct that there was lax regulation. For more than a decade we will pay for lax regulation, personal financial gambles and ignoring reserve requirements.

Since administrators have taken over the running of Quinn Insurance, they have uncovered losses of €905 million in 2009 and €160 million in 2010. Stringent reserve requirements are being enforced by the Financial Regulator to prevent such losses recurring. It takes time, a new approach, money and leadership from the Minister to right the mistakes of a decade of mismanagement. His proposals, however unpalatable, are a prudent and measured step in tackling the problems presented by Quinn Insurance. He has outlined to both Houses how he has tried to minimise the impact of the levy, how he has taken into consideration increases in the cost of health insurance, which I very much welcome, and how he is attempting to secure the employment of 1,600 people at Quinn Insurance. The Taoiseach yesterday and today referred to the deadline of 4 October.

Senator Ross referred to the issue of family domination but the reality is our regulatory system went absent, aided and abetted by then Government. The Members opposite who wanted to extend the debate cannot even be present for it. Where are they? There is no Opposition Member in the House. Where is the new approach to Irish politics? It is not evident in this Chamber.

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