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

It amounts to almost €45.5 million between premiums that have not been refunded and €35 million in claims. The Motor Insurers Bureau of Ireland is hedging its bets and there are 75,000 customers out there. Our role is to question whether the Central Bank was asleep at the wheel. The Central Bank had concerns but the question is whether it had the authority, if it wished, to tell brokers about them. The products were sold through brokers and, from my sources, I know they had concerns. Based on the fact that the Central Bank does an audit on the insurance compensation fund and that this product was only being sold through Ireland, did the Central Bank have the authority to issue instructions to the brokers at any stage? Setanta was dealing with Irish customers so it was purely an Irish situation. The Central Bank had carried out its inspection of Setanta in October 2013 and then met Setanta to discuss its findings and inspections, including concerns about the company reserving its claims.

Did the Central Bank have the authority to issue either guidelines or directions? It regulates brokers. Did it have the authority to issue directions based on its concerns?