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

4:10 pm

Photo of Dara MurphyDara Murphy (Cork North Central, Fine Gael) | Oireachtas source

Mr Cullinan acknowledged that in recent years significant resources have been provided to support his work. The period we are discussing is between 2006 and 2009, which was a period in which this country had more money than ever before and, perhaps, ever again. Mr. Cullinan’s comment that the Central Bank was under-resourced is significant and should be borne in mind by the committee. I presume the same could be said of banking supervision. The insurance industry was supervised by a specific division. At a time when the Government had unlimited capacity, did Mr. Cullinan seek the resources that could have saved the Irish taxpayer €1.6 billion?

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