Jerry Buttimer (Cork South Central, Fine Gael)

It is important that we acknowledge that it is regrettable that we are in this position as a result of the mismanagement of the financial sector. It is incumbent on Government to be responsible. There are 1,600 jobs at stake. I challenge the Members opposite who are present, and I am glad there is one person present, to set out the alternative. This is about securing jobs, and insurance. The Taoiseach made a comment about 4 October this morning. In his speech, the Minister stated that we must demonstrate to the court the Government's commitment to advance the funds to the insurance compensation fund. That is important because this is about ordinary people. We acknowledge the bad practice and mismanagement of the company but we are lucky we can proceed with the sale of Quinn Insurance to Liberty Mutual.

I wish to reiterate the points I made this morning on the flooding in Cork and the way in which insurance costs have increased and that some insurance companies have been refusing to insure properties until the subsidence of the property is addressed. It is important to look at the way insurance companies have been allowed to govern in the past number of years. It is important that the regulatory regime learns from this debacle and that it does not permit companies to take personal financial gambles, which may have dire consequences.

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