Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

As the Minister indicated, every person with a home, motor or commercial insurance policy pays the 2% levy to make up for the losses incurred at Quinn Insurance, which at one stage the joint administrators stated in a worst-case scenario could be up to €1.6 billion. If the final figure comes anywhere close to this the Central Bank reviews will conclude for quite a number of years that the levy will have to be retained at the same rate or perhaps a greater one. I know it is difficult to estimate the final costs associated with Quinn Insurance, given that there is a significant tail effect when it comes to dealing with claims in the insurance business, but it is important that we get as much clarity as possible on what the bill will be. Does the Minister wish to comment on the case I understand is being taken by the joint administrators against the former auditors of Quinn Insurance? Depending on the outcome of the case, it could have an impact on the future levy, which might decrease for policyholders.

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