Brendan Smith (Cavan-Monaghan, Fianna Fail)
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The need to protect employment in the Quinn Group is of the utmost importance to counties Cavan, Monaghan, Fermanagh and Leitrim. Not alone does the group contribute significantly to the economy of my home region, but it is also a major contributor to the national economy employing 5,500 people on the island, of whom almost 1,600 are employed in Quinn Insurance alone. The group's other interests consist of a range of manufacturing plants and operations in the hospitality and hotel sector. It is widely recognised as an extremely efficient and well managed group with an extremely hardworking and committed workforce.

Sean Quinn and his family built up the Quinn Group through hard work, commitment, great foresight and an ability to diversify the group's activities. Not only does the Quinn Group provide highly valuable employment, but it has also brought much needed competition to different sectors, specifically insurance to the benefit of policyholders.

Since the appointment of joint administrators to Quinn Insurance last Easter, Oireachtas Members from the region, as well as Members of the Legislative Assembly from Fermanagh-South Tyrone, have worked together on the issue. The protection of employment and maintenance of the maximum number of jobs in all the Quinn Group enterprises have been our focus and particular interest. Last Thursday's announcement of the appointment of a share receiver over the Quinn family shares in the Quinn Group was a devastating blow for Sean Quinn and his family.

Quinn Group senior management worked for almost one year on a proposal which would enable the family, over a period of six to seven years, to pay back all their loan commitments with a debt recovery plan. They remain convinced of the viability of their proposal. Was this proposal, which was finalised relatively recently, given detailed analysis and consideration by the Minister for Finance, his departmental officials and all relevant State agencies? The least the proposal deserved was detailed and appropriate analysis and dialogue between the relevant Departments and State agencies and the Quinn Group senior management. The Quinn family and Quinn Group have always indicated their determination and commitment to repay their debts.

Heather Humphreys (Cavan-Monaghan, Fine Gael)
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It is unfortunate that an issue such as this brings me to my feet for the first time in the House. I will address the issue of my election by the people of counties Cavan and Monaghan and pay tribute to my predecessor, the former Deputy Seymour Crawford, at a later stage. I will use the limited time afforded to me this evening to highlight the importance of protecting jobs at Quinn Direct and the Quinn Group.

As somebody who worked in Ballyconnell for eight years, I fully understand and appreciate the huge contribution made by Sean Quinn not only to the Cavan area, but to the entire Border region. Sean Quinn and others made the Border region not just a geographic entity, but also an economic reality. In doing so, they afforded people the opportunity to work and live in their own community.

Sean Quinn readily admits that he made mistakes and is now facing the consequences of those mistakes. However, it is only appropriate to outline the legacy of real and lasting employment that he brought to our region. This is an achievement that should not be forgotten.

A cross-party Oireachtas group met with Sean Quinn last Friday. It was clear to those attending that despite his personal financial problems, Sean Quinn's primary concern was the continued employment of his staff. As a Deputy for Cavan-Monaghan, this is also my primary concern and priority. I cannot emphasise enough the critical importance to the local economy of maintaining jobs in Quinn Direct and the wider Quinn Group. The fears of Quinn Group workers must be understood and taken into account by the new management structure. It is imperative that the existing business model, which has served the company well, is maintained.

With regard to the debt restructuring plan agreed in principle between Anglo Irish Bank and the Quinn Group lenders, it is my hope that this structure will enable the good businesses of the Quinn Group to continue to flourish. The businesses in question and their employees have faced a long period of ambiguity. That a level of certainty has now been brought to this matter must be welcomed.

I welcome, too, the fact that an insurance company of such standing as Liberty Mutual is seeking to invest in Ireland via Quinn Insurance. The single most important outcome of this deal is that almost all 1,500 jobs in Quinn Direct will be retained. I urge the Minister to continue to monitor the matter closely to ensure the retention and security of jobs in the group.

Joe O'Reilly (Cavan-Monaghan, Fine Gael)
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It is paramount that jobs at Quinn Direct and in the Quinn Group are maintained at their current locations. These jobs have transformed the region in question. I ask the Minister for his considered assessment of the commitments and guarantees he has received from the proposed purchasers and an assurance that he will monitor the position and act as a guarantor on commitments given.

Sean Quinn, his family and the Quinn Group chief executives have transformed County Cavan and the wider region and are owed a great debt. I ask the Minister to make a statement of recognition of their contribution and give a commitment that, in the resolution of this matter and in future, the enormous commitment by Sean Quinn, his family, senior staff and workforce will be recognised.

Our area was stricken by emigration, ravaged by the effects of the conflict in Northern Ireland and in economic paralysis until the Quinn enterprises began. The Quinn businesses transformed the position, putting houses where there were none, helping families into education locally and creating vibrant communities. I ask the Minister to give an assurance that nothing will change in this respect because there is no going back for our community.

Frank Feighan (Roscommon-South Leitrim, Fine Gael)
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I acknowledge the work Sean Quinn has done in an area where jobs would not otherwise be available. Sean Quinn took on cartels in glass, cement and insurance and delivered jobs in an area with little employment. He did his work better than most financial institutions do theirs.

Last Thursday, it was decided that Liberty Mutual would take over Quinn Insurance. An interesting, cross-Border, cross-party group has worked for the past year to ensure jobs in the Quinn Group will be protected. Deputies from the region want to the promise to protect jobs to be kept. I ask the Minister to be vigilant in this regard and do everything possible to ensure jobs in the Quinn Group, whether in insurance or manufacturing, are protected.

Seán Conlan (Cavan-Monaghan, Fine Gael)
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The cross-party group to which Deputy Feighan referred met last Friday morning in Monaghan. The main topic was the retention of all Quinn Group jobs in the region. This has been our primary concern throughout. I admire the contribution of Sean Quinn in developing the Border region over many years. Without him, it would be a different place. He created jobs where there were none and developed industries in an area that had been devoid of industry for many years.

Our main concern is to retain jobs in the Quinn Group in the Cavan and Fermanagh areas. I ask the Minister for an assurance that all vigilance will apply to ensure these jobs are maintained. Tomorrow's meeting between the Minister and cross-party group is welcome. I wish to tease out further the assurances given by Liberty Mutual on these matters.

Caoimhghín Ó Caoláin (Cavan-Monaghan, Sinn Fein)
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I thank the Chair for allowing me to join colleagues from my constituency of Cavan-Monaghan and across the region in contributing on this issue. I concur with the voices which have already recorded the fact that we have worked in unison for a full 12 months in support of the retention of all jobs in Quinn Insurance Limited where they are currently located, critically focused on Cavan, Enniskillen, Blanchardstown and other locations where the company has established operations.

Our concerns in regard to Quinn Insurance have been compounded by the decision of Anglo Irish Bank to take into its control the Quinn family shares over the wider Quinn manufacturing entities. We are no longer only concerned in regard to the jobs within Quinn Insurance but across the Quinn group, which is a multiple in real terms of the people directly employed and the wider community dependent on those incomes. We need an absolute assurance concerning all the existing jobs, where they are currently located, in order to sustain our local and regional economies.

Our purpose tomorrow in meeting the Minister, Deputy Michael Noonan, is to secure clarity on whatever guarantees he has received in regard to the preferred bidder and the further steps that have been taken by Anglo Irish Bank. There are still real concerns which we must address. I look forward to continuing to work with my colleague Deputies of all parties in support of the retention of the jobs created by the Quinn family over many years where they are currently located within our respective counties.

John Perry (Sligo-North Leitrim, Fine Gael)
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I thank the Deputies for raising this matter. On 14 April last, Anglo Irish Bank announced the appointment of a share receiver to take control of the Quinn family equity interest in Quinn Group (ROI), the ultimate parent company of the Quinn Group. The receiver holds these shares on behalf of Anglo Irish Bank.

It should be noted that a share receiver is fundamentally different from a company receiver and will not involve the sale of businesses or assets. However, this appointment has allowed Anglo, together with the senior creditors, to restructure the boards of the companies concerned and to remove Quinn family members and their associates from key board and management positions. This decision by Anglo to appoint a share receiver is very much a commercial one. In this context, it should be noted that under the relationship framework put in place under the Anglo Irish Bank Corporation Act 2009, which governs the relationship between the bank and its shareholder, the State, issues relating to the commercial activities at the bank are a matter for the board. In this regard, it is important to state the Minister for Finance has no role in day-to-day management decisions.

In order to stabilise the businesses, a five year debt restructuring plan has been agreed in principle between Anglo Irish Bank and the group's lenders. This structure will be designed to enable the businesses, which are fundamentally good and profitable businesses, to trade, develop and grow in a meaningful manner. I have been informed that the decision to appoint a share receiver will have no significant impact on jobs in the wider Quinn Group. It is in the interest of the bank that the businesses in the group are well invested and have the capacity to develop and produce profits into the future. The approach taken protects the businesses concerned and puts them on a sound financial footing. They will be run by the directors on a business as usual basis, which paves the way for maximising the repayment of debt to the taxpayer.

In regard to Quinn Insurance, as the Deputies will recall, the decision to appoint the joint administrators, pursuant to the Insurance Act 1983, to take over the management of Quinn Insurance Limited was taken in the best interests of the firm's policyholders. The aim of the appointment of the joint administrators was to allow the firm to remain open for business and to continue to be run as a going concern, with a view to placing it on an ongoing sound commercial and financial footing. From the outset, the joint administrators have concentrated on fulfilling this agenda and one of their main aims was to ensure that the value of the business was maintained in order to make it as attractive as possible to potential buyers. A key factor here was the re-opening of the profitable parts of the UK business.

On 3 June 2010, at the request of the joint administrators, advisers were appointed by the High Court to advise on any sale of Quinn Insurance Limited. The Deputies will appreciate that the responsibility for the sales process is a matter for the joint administrators who were appointed by the High Court. Therefore, the Government is constrained from interfering in the matter. The joint administrators have now considered the final bids and have selected the preferred bidder, Liberty Mutual-Anglo Irish Bank, which they believe best meets the objectives of their appointment.

This is a solution that puts the business back on a sound commercial and financial footing while at the same time protecting the interests of policyholders. Another factor in their decision to opt for the Liberty-Anglo proposal is the fact that virtually all of the jobs are protected aside from the closure of the Manchester office, which involves approximately 24 redundancies. The sale is, of course, subject to regulatory approval and the completion of contract details.

Liberty Mutual, it should be noted, is the fifth largest property and casualty insurer in the US and is a very well respected company. Liberty will own 51% of the joint venture and will operate the insurance company, while Anglo Irish Bank will own 49% and will have no involvement in the business. As Deputies will appreciate, the financial details remain confidential and are subject to the completion of legal and other arrangements being finalised. The administrators have indicated that discussions are taking place with a view to finalising the details of the deal within the next four to six weeks, with completion expected to take place at least 12 to 14 weeks thereafter, subject to certain conditions. Until the deal is finalised, no further details of the transaction will be made available.

Last year, in response to the developments in Quinn Insurance and its impact on employees' jobs, an inter-agency team was established comprising Enterprise Ireland, FÁS, IDA Ireland, the relevant county enterprise boards and the Department of Social Protection. The group meets under the chairmanship of Mr. Dan Flinter. The first meeting of the inter-agency team was held in Cavan on 30 April last year and to date 13 meetings of the group have taken place. An active ongoing dialogue with the employee representative group has been a feature of the process, and I compliment the Deputies on their cross-party support of this important group.

The primary focus of the inter-agency team was to support the affected employees, who were facing redundancy, to explore their options regarding employment and self-employment through setting up a new business and skills development, and to outline the supports available to them. Dedicated information centres staffed by the agencies were established on-site in Cavan, Navan and Blanchardstown to support the affected workers. Briefings and information sessions for the employees concerned were delivered at all three sites by Enterprise Ireland, FÁS, the county enterprise boards, the Department of Social Protection and other agencies, education providers and financial institutions as required. The inter-agency team has been an effective solution to co-ordinate the activities of the relevant Departments, State development agencies and county enterprise boards in order to drive employment opportunities for the people concerned.

The announcements on 14 April concerning the appointment of a share receiver and the naming of a preferred bidder for Quinn Insurance are significant developments. The financial restructuring of the Quinn Group, which has been agreed in principle between Anglo Irish Bank and the group's lenders, will enable the good and strong businesses to continue to trade and to grow. It is particularly important that there will be no impact on employment or on trade creditors from the restructuring. While the commercial sale process in regard to Quinn Insurance is ongoing and subject to regulatory approval, I very much welcome the positives of the proposed agreement in that almost all the jobs in Quinn Insurance will be retained. This is good news not just for the employees, but also for the local economy in the Border region where Quinn companies are based.

I thank the Deputies for raising this very important issue. I acknowledge the recognition for Sean Quinn and his family, who leave an extraordinary legacy. For a businessperson such as myself, it is most important that the jobs are secured. While these are difficult times, when one considers the potential in the Border region and the multifaceted nature of the Quinn family's operations, it is important to indicate that no jobs will be lost. I give great recognition to the Quinn workforce, who built up very successful and profitable companies. I am certain that, with the skill of management and the expertise of the staff still working in the Quinn Group, these companies will be very profitable in the future.