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 Kevin HumphreysKevin Humphreys (Dublin South East, Labour) | Oireachtas source

Reference was made to resources provided to the Central Bank. I am of an age with those who were affected by the PMPA. Reference was made to brokers not working with Quinn Insurance Limited and inquiries were being made from outside the State.

For the Central Bank to say it was under-resourced and that it could not act unless there was firm evidence does not hold with the public, and it certainly does not hold with me. It happened previously. The flags went up but the Central Bank was slow to react. Those are the facts. We let a PMPA type situation happen again on the Central Bank's watch, and what I am hearing disgusts me. It is not about the jump but that it happened at all.

Deputy Doherty asked a question but it was glanced over. The statement that it stays in the administrator's historical audited accounts has turned out not to be accurate. The term "looked into" was used. What exactly are the witnesses looking into? What kind of action are they considering? What measures do they intend to take. What is happening now because of those historical inaccuracies in the audited accounts? What steps have the Central Bank and the administrator taken in that regard?

Comments

No comments

Log in or join to post a public comment.