Caoimhghín Ó Caoláin (Cavan-Monaghan, Sinn Fein)
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Question 52: To ask the Minister for Finance the full extent of the guarantees he has received from Liberty Mutual regarding the future for all existing job holders in Quinn Insurance Ltd; the assurances he has received regarding all existing locations and on both sides of the Border; and if he will make a statement on the matter. [9660/11]

Frank Feighan (Roscommon-South Leitrim, Fine Gael)
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Question 177: To ask the Minister for Finance the steps he will take to ensure the jobs in the Quinn Group will be protected after the Liberty Mutual Anglo takeover. [9903/11]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 52 and 177 together.

The Joint Administrators announced last week the acquisition by Liberty Mutual Direct Insurance Company Ltd (LMDI), a joint venture between Liberty Mutual (LM) and Anglo Irish Bank, of certain assets and liabilities of QIL. A 12-14 week transition process will commence immediately during which time LMDI will obtain all the necessary regulatory consents from parties including the Central Bank of Ireland.

As Minister for Finance I have had no direct dealings with Liberty in relation to this transaction including the issue of the future of all existing job-holders. However, I have been informed by the Joint Administrators that aside from the redundancies in Manchester all the 1570 in the QIL have been protected for at least two years. Many of these jobs are in the border areas both north and south and their protection is important for the local economies in these communities. The Joint Administrators have also advised that existing locations will be maintained aside from Navan. I understand that the Navan jobs will be redeployed to Cavan and Blanchardstown.

What is also reassuring is that the business has being purchased by a company which has an impressive track record in the insurance industry and which is also very conscious of the importance of ensuring competition in the Irish insurance market and appreciates its central role in providing employment and economic development in the border region and further afield.

It should be noted that LMDI have purchased the front and back Irish book. The Joint Administrators are confident that all the UK business written since their appointment is profitable, and therefore in order to encourage Liberty/Anglo to take over this portion of the business (UK front book) they have agreed to continue to write profitable motor policies until 31 December 2012. Liberty Mutual will administer all aspects of any new and existing policies (including claims handling) and will have the option to purchase the UK front book from QIL at any point up 31 December 2012.