Jimmy Harte (Labour)

I welcome the Minister and thank him for outlining the up-to-date position.

I set up my insurance brokerage firm almost 30 years ago. Any insurance broker operating in the country could have predicted this day would come following the entry of Quinn Insurance into the market. When it entered the market, it massively undercut other insurance businesses. An example would be a shop which might have been quoted a figure of €3,000 by Aviva, Hibernian or FBD and was subsequently quoted a figure of €1,000 by Quinn Insurance. There is a saying one can price oneself out of the market at the top end. Quinn Insurance was pricing itself out of the market at the bottom end and the regulator was aware of this.

Senator Byrne can defend the previous Government, but the dogs in the street knew what Quinn Insurance was doing. Insurance brokers or agents would when asked tell one that they did not know how Quinn Insurance was doing it.