Diarmuid Wilson (Fianna Fail)

I thank the Minister of State for his reply. He stated that one of the reasons the administrators were appointed pursuant to the Insurance (No 2) Act 1983 was to: "allow [it] ... to continue to be run as a going concern with a view to placing it on an ongoing sound commercial and financial footing". How in the name of God can the administrators run this business as a going concern when they are prevented by the Financial Regulator from underwriting new business in Britain and Northern Ireland? He also prevented them from renewing existing business. A total of 55% of Quinn Insurance business is in the UK, while 95% of the workforce are in this country. When the Financial Regulator tied the hands of the administrators by preventing them from underwriting insurance cover in the UK, it affected the business and more than 1,400 individuals who are in danger of losing their jobs. One does not have to be an expert economist to realise that if one cuts off the supply funds, they will eventually run out.

I take the opportunity to thank all of my Oireachtas colleagues in the constituency of Cavan-Monaghan who have worked so hard for the past month, since news came that the Financial Regulator was going to the High Court to seek the appointment of provisional joint administrators to the Quinn Group. They were joined by MLAs in Fermanagh and south Tyrone, as well as representatives of the Labour Party from outside the constituency of Cavan-Monaghan. They have all been working with the Minister for Agriculture, Fisheries and Food, Deputy Smith, and me to try to find a solution to this totally unacceptable situation. I am aware that the Minister is involved in intensive discussions, the details of which he cannot disclose to me or others outside the Cabinet. I know that work is continuing.

I ask the Minister of State to draw this urgent matter to the attention of his Cabinet colleagues and assist the Minister in getting the message across that we are within 72 hours of 1,400 individuals losing their jobs. The bigger picture is that if the Quinn Group is not facilitated in continuing its ownership of the insurance company, some 5,500 direct jobs will be affected and at least double that number of indirect jobs. That is how serious the problem is. These 1,400 individuals are directly affected by this ludicrous decision of the Financial Regulator to stop Quinn Insurance writing new business in the United Kingdom. I ask the Minister of State to please try to have this situation sorted out before we run out of time.