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
3:30 pm
Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source
Was the possibility of taking the company into State control examined? For example, throughout the entire process the company was seeking buyers. In view of the fact that the company did not have any customers outside Ireland, the Department applied a different rule in respect of it than was the case with Quinn Insurance. Did the Department consider following that example and ensuring that claims were dealt with? If this had been done, we would not have been left with the mess of premiums which had been paid not being honoured. It must be remembered that the company was heavily involved with small and medium enterprises.
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