Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-09-25-Speech-4-037"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2003-09-25"^^xsd:date2
dcterms:Is Part Of	lp_eu:Lloyd's Petitions2
dcterms:Language	"en"^^xsd:language2
lpv:document identification number	"en.20030925.4.4-037"2
lpv:hasSubsequent	lp_eu:2003-09-25-Speech-4-0382
lpv:speaker	lp:Gerard Collins2
lpv:spoken text	"Mr President, I would like to thank most sincerely our rapporteur Mr Perry for his report on the Lloyd's Petitions which date back to 1997. The issues, arising from multi-billion-euro losses in the '80s and the '90s, many related to asbestos, can only be dealt with satisfactorily through the establishment of a committee of inquiry. This matter is not going to go away. A resolution is clearly overdue and the question of compensation cannot be side-stepped. At the heart of the issue is the failure to implement properly the 1973 First Non-life Assurance Directive and subsequent relevant directives. Many investors were bankrupted, some committed suicide and we need to know why, who was at fault and why there was a delay in the implementation of European Union law. The petitioners and complainants invested in what they thought was a properly regulated market according to UK and EU law. Would they have invested if they had been aware of the undisclosed liabilities? We have to take seriously the claims that a proper audit into the firms was not carried out. If it had been carried out, then the extent of the potential losses might have been discovered. The huge losses and the needless human suffering might have been avoided. The Lloyd's petitioners are not only from the UK: they come from my country, Ireland, as well, and indeed also from Denmark and Germany, not to mention the investors who brought cases before the courts in the United States. Still there is no resolution of the problem at European Union level, still the Commission sits on the fence and speaks about the complexity of the issue. Complex or not, the petitioners have a right to know why European Union rules for the regulation of Lloyd's were not properly implemented. An in-depth inquiry is needed to answer all these questions; after all we are dealing with investors who, if catastrophe strikes, have to pay and pay to the point where they can lose their businesses and their homes."@en1
lpv:spokenAs	vice-chair; UEN (1999-07-20--2004-07-19)3 chair; Delegation for relations with South Africa (2002-02-07--2004-07-19)3 member; Committee on Regional Policy, Transport and Tourism (2002-01-17--2004-07-19)3 unknown; Fianna Fáil Party (1999-07-20--2004-07-19)3 substitute; Committee on Foreign Affairs, Human Rights, Common Security and Defence Policy (2002-01-17--2004-07-19)3 member; Conference of Delegation Chairs (2002-02-07--2004-07-19)3
lpv:unclassifiedMetadata	"Collins (UEN )."1

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