TAOISEACH BRIAN Cowen said the crisis affecting the Quinn Group has resulted in a very complex situation for the Government in its efforts to maintain employment at the troubled company while not compromising the independence of the Financial Regulator.
Mr Cowen said the independence of regulator Matthew Elderfield had to be respected, but he also said there was a need to resolve the crisis in a manner that maintained employment and protected the taxpayer. Mr Cowen, who was opening the new museum at Glasnevin Cemetery yesterday, was asked if efforts to resolve the crisis were compromising the regulator’s independence.
“Every person has a role to play here. But the independence of the regulator is respected obviously,” he said. “There are issues to be addressed in that respect and all the discussions that are taking place is an effort to find a solution and meet those sort of requirements.
“Given the public interest, there will be in trying to maintain employment . . . those issues have to be looked at in that context. And those discussions are taking place recognising the various roles that various stakeholders have to play in this,” he said.
Asked would taxpayers’ money be used to bail out the Quinn Group, Mr Cowen said: “The Minister for Finance [Brian Lenihan] has pointed out the need to see in what way a solution can be found that best protects the taxpayer in this whole situation.
“Also, there is the independent role of the regulator that has to be respected as well. I think what really people need to know is that there are discussions ongoing in an effort to find a commercial solution that best protects employment prospects for those who work in this enterprise and also ensuring that we meet the requirements of the regulator as a regulated entity dealing with that aspect of the situation.”
Mr Cowen, asked if he was confident such a solution could be found, replied: “This is a very complex situation in some respects. It is something that we are working on to see if we can provide an outcome and a solution that meets everyone’s requirements.”
Former Labour leader Pat Rabbitte, when asked about the appropriateness of political intervention, said he would see it through the prism of employment and wealth generation in the economy.
“If those two objectives can be reconciled without compromising the regulator’s prudential role, I cannot see anything wrong.
“If it were a receiver, you could go in and talk with him. It might not mean the same number of workers coming out the other end, but at least you could talk.”