Oireachtas Joint and Select Committees

Wednesday, 9 July 2014

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

Collapse of Setanta Insurance: Central Bank and Department of Finance

2:45 pm

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

We cannot give those claimants any firm indication of when they will know where they stand. The bottom line is that these individuals have been involved in some kind of accident and are out of pocket. They may well be out of work. They are relying on their insurance claims to be processed as quickly as possible. It could mean the difference between a reasonable standard of living and none at all. This is what is at stake, but we are washing our hands of it. According to the Department, it is examining the questions of how the fund can help policyholders affected by the closure, the role of the Motor Insurers Bureau of Ireland, MIBI, and the work of the liquidator. The process to be followed and the formal procedures for making applications will be set out once clarification is reached on a number of issues. Basically, the Department is saying nothing.

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