Local view for "http://purl.org/linkedpolitics/eu/plenary/2006-07-03-Speech-1-062"
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"en.20060703.13.1-062"2
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"Mr President, the report we are discussing here today is very much an interim report into the collapse of Equitable Life Assurance Society in Britain. Due to the very technical nature of the European Parliament’s investigations into this issue, this Committee of Inquiry is going to take a lot more time to complete its work. This is a very serious business for the European Parliament. We should recall that, from an Irish perspective alone, over 6500 Irish citizens lost their pension investments either in total or in part as a result of the collapse of Equitable Life Assurance Society.
In this day and age, when there is so much EU regulation concerning the governance of financial investments, this is simply an intolerable and unacceptable situation. It is not, as Mr Mote said, that the Irish were kept in ignorance: they were treated differently. I say that it is intolerable and unacceptable for any company, financial or otherwise, to treat its policyholders differently. They should be treated the same, whether they are British, Irish or German.
The committee has already invited a number of key witnesses to the European Parliament, including from the following categories: pensioners’ groups, the Equitable Life Members’ Action Group; British and Irish policyholders, representatives of the Equitable Life Assurance company; and representatives from the Financial Affairs Directorate at the European Commission. The committee is going to have to invite more witnesses if it is to get down to the nuts and bolts of how the UK life assurance market has operated in recent years. The committee is also going to need more time to carry out a comprehensive, comparative analysis into the operation of similar life assurance markets in Germany and in Ireland.
The European Parliament is carrying out a very serious inquiry and the Committee of Inquiry is going to need more time to complete its work. I urge Members of this House to give it that time and to give it every means at the disposal of this Parliament to complete its work."@en1
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