Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

To reply to Deputy Conway, I cannot comment on an individual case and I have no idea what the liability might be. It is not clear yet from Malta, because the company only went into liquidation today, whether there are assets which partially support the outstanding claims of the company. I am sure it will be clarified in due course.

The insurance compensation scheme we operate here between the State and insurance companies is committed to covering 65% or something over €800,000, which ever is the lesser amount. While people are insured to drive for two months after the first announcement was made I strongly advise them to seek new insurance immediately because while they will be driving in accordance with the Road Traffic Act they will not necessarily be covered, or covered adequately, for any claims they may have to make themselves or claims which might be made by third parties.

I take Deputy McGrath's point and I see this as the start of a wider debate. The provision of insurance across State boundaries in the European Union is part of the single market in financial services. It is something we all support. We must be sure regulation is adequate and I have no evidence yet there was any inadequacy in the Maltese regulation. It is a member of the eurozone as well as being a member of the European Union. We will see, and I will communicate to the Dáil in due course as further information comes to hand.

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