Diarmuid Wilson (Fianna Fail)

On 30 March life changed dramatically for people in Enniskillen, Navan, Blanchardstown, County Cavan and neighbouring counties. Thousands of individuals and their families were plunged into uncertainty about their future following the hasty and undue action taken by the Financial Regulator to have provisional joint administrators appointed by the High Court to Quinn Insurance Limited. This action was taken without notice being given to the company. Four weeks to the day since the decision was taken, it is apparent that in excess of 1,000 jobs hang precariously, threatened increasingly by the Financial Regulator's refusal to permit Quinn Insurance to engage in a meaningful way in the United Kingdom market. The minor respite allowed in respect of the provisional driver UK market, while welcome, is not sufficient to safeguard the jobs in question. This market segment equates to only 10% of the UK business.

Most, if not all, insurance customers of the Quinn Group report satisfaction and better value that enables them to keep costs down and continue a viable business. The jobs we seek to maintain are not only those in Quinn Insurance but also those made possible by the competitive access to insurance facilitated by the presence of Quinn Insurance in the market. Individual companies have stated this publicly.

I am asking for every possible step to be taken to preserve and secure these crucial jobs, and to give reassurance to those families who do not know what the future holds and who now are facing anguish in respect of their homes, their bills and their children. The most crucial step that can immediately be taken is for Quinn Insurance to be allowed to resume its place in the UK market immediately. Whatever steps need to be taken to ensure proper practice must be taken. Perhaps it is here that the Government can provide practical help. Action to secure and preserve the jobs at Quinn Insurance is not just necessary for the retention of those jobs, it is also essential for all the additional jobs in many other areas as a direct result of these jobs. I cannot stress enough how urgent it is for Quinn Insurance to be allowed to trade in further business lines in the Northern Ireland and British markets. Every hour is crucial. Every day is a lost opportunity. I support fully the request of the employees that this access to the British market be finalised in a satisfactory manner with the utmost urgency. The Quinn group continues to provide employment, employment opportunities and economic development in some of the most marginalised areas of the country. These jobs are largely irreplaceable. Many people were afforded the opportunity to return to their native county to work and raise families.

Before the intervention of the Financial Regulator, Quinn Insurance had plans to create another 630 jobs over the next three years on top of the 1,430 who currently supply export services into Britain and Northern Ireland. It also expected to create another 90 jobs as a result of increased business in the Republic of Ireland over the same period. That is 720 jobs in the next three years in the insurance company. The Quinn Group has planned the creation of another 300 full-time jobs in various other divisions, including new product lines. That comes to more than 1,000 new jobs in the next three years in addition to the 7,000 existing jobs, 5,500 of which are on this island. These proposed new full-time positions do not count the construction elements which would employ significant numbers of personnel during construction. The overall impact of the group is immeasurable. Therefore, the consequences of any actions which might threaten the survival of part of or the entire Quinn group is too calamitous to contemplate. It would be Armageddon for counties Cavan, Fermanagh and Leitrim. It would have a catastrophic economic and social effect on the entire island of Ireland. In essence, Cavan would be plunged back to the 1970s, if not indeed the hungry 1950s.

I know personally a large percentage of the employees in the company's headquarters in Cavan and they are very skilled, capable and committed workers. They want to remain in employment. They must not be denied that opportunity. I urge the Minister to provide some peace of mind to those thousands of families and to County Cavan which is fearful for its very survival.