Joe O'Reilly (Fine Gael)

I have a serious interest in the issue raised by Senators Fitzgerald and O'Toole of the Quinn Insurance Group. There should be less scaremongering and misinterpretation in the media, which has a destabilising effect. The Financial Regulator made the application to the courts for an administrator to be appointed. It is not the banking system as such that has lost confidence in the Quinn Group. It is about the concerns of the regulator. That is important.

We must also consider the positive side of this. I ask the Leader to ask the relevant Minister come to the House and make a statement to create confidence in the insurance industry and the Quinn Group. He must be proactive in dealing with this issue, in conjunction with the regulator and the various other interests, to stabilise the industry.

This issue is critical to County Cavan because up to 600 people are employed by Quinn Direct insurance, which is a stand-alone company, in Cavan town and 1,200 by the larger Quinn organisation in County Cavan. The company is of the utmost importance to our county and to the economy. I know my colleague will be speaking on this as well. Families and homes are at risk. There are people around the country who have insurance from Quinn Direct. Some people have multiple insurance with the company, because Quinn Direct sells a package. The people employed in Quinn Direct and their families need confidence restored. They need a statement from the Minister and need the Leader to make a statement after the Order of Business. We should not dramatise this or present the bad side of it. The banks have not expressed a lack of confidence, the company has not gone into liquidation and I hope the industry will continue. The Quinn Group is a very strong firm and I have every confidence it will continue. That message must go out.