Kieran O'Donnell (Limerick City, Fine Gael) | Oireachtas source

I have questions for the representatives of the Central Bank. Can Mr. Cullinan explain how QIL was able to operate with reserves, which appeared to be significantly less than other insurance companies were providing in the market? Clearly, anecdotally or otherwise, it was significantly undercutting other insurance companies and gaining significant market share. The purpose of regulation is to ensure there is a level playing field. How did it happen that QIL was clearly operating with smaller reserves than other companies? I ask Mr. Cullinan and to explain the regulation that allowed that to continue. Shortly after Mr. Elderfield had been appointed as Financial Regulator he moved to put the group into administration. I believe that related to pressure on the QIL group in terms of guarantees and so forth. How was the QIL group allowed to operate with reserves so much smaller than other insurance companies?