Billy Timmins (Wicklow, Fine Gael) | Oireachtas source

Before I ask questions I wish to make a statement. In so far as there any good guys, I regard Grant Thornton as having come out of this situation reasonably well, relative to the others. It is clear that Quinn Insurance was managed in a chaotic manner. It is clear there has been a regulatory failure which is not dissimilar to the catastrophe in the banks over the same period. The result is that non-personal insurance policyholders will have to pay more than €1 billion over the next number of years.

My first question is for the Central Bank representatives. Did alarm bells not sound when the Central Bank saw the Quinn Insurance profits in the year 2006 or thereabouts? Was the Central Bank aware that some of the country's largest insurance brokers refused to sell Quinn's policies. Did the Central Bank engage in any communication with the UK financial regulator or the Bank of England about Quinn Insurance and its selling practices such as its undercutting in the English market? It is stated that since 2008, monthly returns submitted by Quinn Insurance Limited, QIL, showed that the company had gaps in its returns. What did the Central Bank do? What procedures are in place since then to ensure there will not be a recurrence? It seems the regulatory section in the Central Bank was asleep on the job in this case. Did the Central Bank have similar concerns about any other companies during this period?

I refer to the potential claims in Ireland and the UK. This issue was also referred to by Grant Thornton. Is there a division as between claims in Ireland and in the UK? Mr. McAteer mentioned that an additional €300 million was added during his review. Is a breakdown available between claims in Ireland and in the UK? I note there was a reduction in asset value of €152 million in the investment portfolio of Quinn Insurance. What is the composition of this investment portfolio? How much of this investment portfolio was contained in original Quinn companies belonging to Quinn Group?