Introduction of Mandatory Mortgage Indemnity Insurance and proposals for job creation necessary to build on today’s job announcement – BREEN.

July 9th, 2010 - Pat Breen

Fine Gael’s Deputy Spokesperson on Foreign Affairs and Clare T.D. Pat Breen welcoming the news that Genworth Financial are to create 117 jobs at their Shannon Facility over the next three years said today (Friday) that the introduction of mandatory mortgage indemnity insurance should now be a priority for Government. Deputy Breen is also calling on the Government to support proposals to stem the tide of unemployment.

“The announcement that 117 jobs are to be created over the next years at Genworth Financial in the Shannon Industrial Estate is very welcome. A number of weeks ago I had the opportunity to visit the Shannon facility; they have a significant presence in Shannon employing over 400 people locally. I congratulate the Management and Staff and wish them well and also acknowledge the contribution of the various job creating Agencies including Shannon Development for their efforts which has culminated in today’s announcement. Genworth Financial has been based in the Shannon Free Zone for the past 13 years and they are one of the world’s leading financial security companies employing over 6,000 people in 24 countries throughout the world.”

“In Shannon, Genworth Financial provides personal accident and travel insurance administration to the UK and Irish based clients. Since Genworth Financial first located in the Shannon Free Zone and as a result of the economic recession, mortgage holders and consumers in Ireland have become more financially vulnerable. Over 70,000 thousand families in Ireland are now in arrears and 30.000 are in arrears for more than three months.”

“The introduction of Mandatory Mortgage Indemnity Insurance would help to copper fasten investment by Financial Companies like Genworth Financial in that it would reduce the risks posed by negative equity. A report by the Oireachtas Committee on Social and Family affairs has recommended mandatory Mortgage Indemnity Insurance for all high LTV (Loan-to-value) loans in excess of 70% and I would urge the Minister for Finance Brian Lenihan to address this matter in next Decembers budget.”

“While today’s announcement of 117 jobs at Genworth and this weeks announcement of 4 jobs at Sky Handling partners at the Airport are very welcome, unemployment now stands at over 10,000 in this County and 28 businesses have gone to the wall in the first six months of this year. This Government’s economic policy is driven by bailouts and they have been very silent on the haemorrhaging of jobs and it is time now that concrete proposals to stem the tide of unemployment were prioritised.”