Oireachtas Joint and Select Committees

Wednesday, 10 October 2012

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

Quinn Insurance and Insurance Compensation Fund: Discussion

3:10 pm

Photo of Pearse DohertyPearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

The Minister said in the Chamber that it was important that he was satisfied that the appropriate systems and processes were sufficiently robust to ensure that the call upon the fund is kept to an absolute minimum. In light of that he asked the State Claims Agency, which has specialist skills in the area, to undertake a review of the process in Quinn Insurance Limited. He was satisfied. The State Claims Agency review was also wrong because it led to the increase from €600 million to €738 million, which is just half of what could potentially be called upon. The Minister did have direct involvement. He wanted to be satisfied and he was given either wrong or inaccurate information. In light of the fact that this figure has been revised upwards on five occasions, how can we be satisfied that this is the final figure and the final call upon on the public in regard to Quinn Insurance Limited?

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