Diarmuid Wilson (Fianna Fail)

I welcome the Minister of State and thank him for taking this very important Adjournment matter.

On 30 March 2010 life changed dramatically for people in Enniskillen, Navan, Blanchardstown, my county of 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, Matthew Elderfield, 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. Since then 1,000 redundancies have been announced, 700 of which have taken effect.

The deadline for submissions of proposals and expressions of interest in Quinn Insurance Limited as a going concern was 8 December 2010. One such proposal has been submitted by the Quinn family in conjunction with Anglo Irish Bank. It is the only proposal that protects all policyholders and employment in Ireland, including a vibrant, profitable and potentially expanding export services business; ensures continuing competition in the Irish insurance market which is essential for the protection of consumers' interests; facilitates the repayment of €2.8 billion of Quinn family debt to Anglo Irish Bank and the taxpayer; and has cross-party and cross-Border support.

The proposal presented would see Quinn Insurance Limited remain 100% in Irish ownership under the control of the newly established independent board, fully compliant with the requirements of the Financial Regulator. I fully support the proposal, as does my colleague, the Minister for Agriculture, Fisheries and Food, Deputy Smith, who has worked closely with his Cabinet colleagues to find a resolution which will protect the jobs in Quinn Insurance Limited. My party colleagues in west Cavan, councillors Sean Smith, John Paul Feeley and Patricia Walsh, among others, are very concerned for the future of Quinn Insurance Limited, as are many of my Oireachtas colleagues. I had representations today in this regard from my colleague in Donegal, Senator Ó Domhnaill.

I understand a number of proposals are being examined by the administrators. I also understand the proposal I outlined briefly is not being considered. Why not? What objections have been made to it and from whom have they been made? Which other proposal achieved the retention of employment and a comparable return for the taxpayer?

Quinn Insurance Limited has enjoyed the highest profit margins of any general insurance company in Ireland over the past ten years and under the proposal I mentioned, 100% of the economic benefit would be retained as the company is a taxpayer. I would like to put on the record of the House my admiration for Sean Quinn, a man whom I regard as a practical patriot who in almost 40 years went from creating a job for himself to creating 7,000 jobs internationally, 5,500 of which are in Dublin and many thousands of which are in my native county of Cavan and surrounding counties.

The least the Quinn family and thousands of employees of Quinn Insurance Limited and the Quinn Group deserves is that the proposal to which I referred, which is the best proposal to see jobs retained in Ireland and the taxpayer gets back the money owed from the Quinn family, would be considered. I want to know why it has not been.