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

By Mr. Sheridan's admission, the Central Bank had concerns about Setanta Insurance last September. Did the bank not have a duty of care to Irish policyholders, given the fact that those concerns were confirmed in November following its meeting with and inspection of Setanta Insurance? Policyholders were not alerted to those concerns. The Central Bank kicked the ball back to the Maltese financial regulator. The Central Bank has a legal responsibility for code of conduct purposes. Should Irish consumers have been alerted about its concerns? According to the policies, Setanta Insurance was regulated by the Irish Central Bank for code of conduct purposes. To everyone, this means the company was regulated in Ireland. Even though we now know that prudential regulation is a different matter, that means nothing to most people - let us be honest about it. Should the Central Bank not have alerted people when it became concerned?