Michael Creed (Cork North West, Fine Gael) | Oireachtas source

In Mr. Cullinan’s presentation he referred to meetings between the Central Bank and Quinn Insurance, the last of which took place on 24 March 2010.

At this meeting the Central Bank informed Quinn that the €68 million gap between Milliman's estimate and PwC's estimate for 2009 was unacceptable. That was the end of an engagement which, according to the presentation, began in 2008. Over a period of 27 or 28 months, as Mr. Cullinan presents it to the committee, they were in the last chance saloon. I put it to Mr. Cullinan that four months after the appointment of the administrator they were in a position to quantify, through the involvement of EMB, that there was an under-reserving of €400 million. Twenty-seven or 28 months after the Central Bank began exploring the extent of its concerns, it was arguing over a figure of €68 million. Given that Quinn did not have in-house actuarial experience and that the UK financial regulatory authorities had been in contact with the Central Bank, and notwithstanding the fact that the Central Bank did not have in-house expertise but had at all times the option of availing of external assistance in this matter, does Mr. Cullinan accept that that is a fairly shoddy record of regulation?