Billy Timmins (Wicklow, Fine Gael) | Oireachtas source

The Department of Finance submission indicated that poor claims handling and reserve practice and a culture of suppressing estimated claims contributed to an under-provision for claims. Will Mr. McAteer indicate whether the same claims-handling staff remain in position in the company, notwithstanding the charge that has been aimed at them? What experience does the State Claims Agency have in managing the types of claims that Quinn incurred? Mr. Cullinan referred specifically to professional indemnity for solicitors. Does the agency have experience of dealing with such claims?

One of the issues that strikes me as unusual in all of this is the indication in the Grant Thornton submission that the actuarial firm EMB discovered in late August 2010, having been appointed only the previous month, that there was an under-reserving of €400 million for 2009. On receipt of this analysis, Milliman and PricewaterhouseCoopers revisited their draft 2009 reserves. How did they get it so wrong, given that it took EMB only six weeks to identify the issue? What did EMB present to Milliman and PricewaterhouseCoopers that made them revise their earlier, incorrect estimates?

My understanding is that Liberty Insurance is administering the legacy claims. Is there an agreed price for this project and who is paying Liberty Insurance to carry it out? The delegates mention in their submission that the Quinn family and connected parties extracted approximately €200 million over the previous two years by way of gifts. Do we have a breakdown of that and can the delegates indicate who the beneficiaries were?