Jimmy Harte (Labour)

I am not an advocate for the use of the guillotine, but we do not have a choice today. I recognise who should be guillotined, but that is another day's work. We have to move on from this situation. Perhaps the country will learn in future how regulation should be done. As an insurance broker during the years, I know the hoops and jumps that we and others in smaller businesses have had to take in regard to regulation. Many knew this was happening. Eighteen year olds came along to my office and said they could obtain insurance for €600, while the cheapest on the market was €2,000. A red light was flashing, but the regulator was happy to say it was good for the punter that the market was seeing cheaper insurance. They did not see cheaper insurance but more expensive insurance, which is what is happening today, and a compensation fund of €70 million per year. It will be like PMPA. It will go on and on and there will be no end to it. The bottom line is that the Irish taxpayer is funding a lifestyle that Seán Quinn and his company have set up because they felt they were the squire in the manor and could take whatever they wanted and someone would pay for it. It is a sad day when we have to do that. I support the amendment.