Angry Bupa staff in Fermoy, Co Cork, yesterday called on the Government to scrap the risk equalisation scheme, saying they had been let down by senior Ministers.

Meanwhile Bupa's local representative in the area, director of operations Donal Clancy, said he was very proud of how Bupa workers had handled the company's announcement five days ago that it planned to exit the Irish market following the introduction of risk equalisation.

He said the company was willing to negotiate terms with the Government in a bid to retain the 300 jobs at risk in Ireland.

"All I can say at this stage is that we will consider any reasonable proposal which would allow us to make a modest return and to meet statutory requirements. We fought hard to bring competition into the market."

Some 150 Bupa workers mounted a demonstration outside a meeting between Minister for Enterprise Micheál Martin and local community representatives in Fermoy.

Staff called on the Minister to persuade his Government colleagues to ditch the risk equalisation scheme which would force the company to pay millions in compensation to the VHI.

They said they felt "let down" by the Government, and expressed confusion about the whole issue of risk equalisation.

The mayor of Fermoy, Tim Carey (non-party), said the loss of Bupa would be a huge blow to the region.

"People are flabbergasted. They can't believe that on Christmas week jobs are gone. I don't know - something will have to be done. I think with the mood of the people here and the way the country in general is looking at all this - for God's sake it is totally unacceptable for this to happen. I don't know what we are going to do about it. I don't think it is finished yet. I hope not."