Donie Cassidy (Fianna Fail)

Senators Coffey, O'Toole, Bacik, Boyle, Ross, Donohoe, Callely, Norris, Mooney, Coghlan, Wilson, Ellis, Buttimer, Hanafin, Bradford, Hannigan, Butler, Cummins and Healy Eames all expressed strong views on the banking difficulties being experienced across the EU, including Greece. Just to put the record straight, we had a debate on banking here, attended by the Minister of State, on Tuesday of this week, which demonstrates the House acknowledges the situation. Hopefully it will continue, on a fortnightly basis, to discuss the up to date situation with regard to the challenges facing the Government and the country in the area of banking and financial challenges. I have no difficulty with providing for this to take place fortnightly. Some Senators seem to think we do not act fast enough, but, thankfully, we have a democracy that gives us due process. Senator Norris spoke about ratings. All of these opinions can be expressed in our fortnightly debates when the Minister or Minister of State is in the House.

Colleagues, including Senators Wilson, Mooney, Ellis, Hannigan and myself, who come from the area most affected by the Quinn Insurance situation, have serious concerns about the opportunities available to resolve the situation. We fully support the independence of the regulator, but a month has now passed and a serious situation is arising with regard to the business and businesses being lost. Apart from job concerns, there is an issue with regard to insurance costs. I had the experience this week of receiving a renewal quotation for insurance on my family home, which involved an increase of 80% in the cost. I was chairman of the insurance inquiry, and much as I regret it, it is my considered opinion that increases of from 80% to 150% will happen if Quinn Insurance goes to the wall. It is of crucial importance from the competitiveness point of view that we fully back the Quinn Group.