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

3:40 pm

Photo of Arthur SpringArthur Spring (Kerry North-West Limerick, Labour) | Oireachtas source

I understand. The alarm bell that went off in Mr. Kincaid's office was due to the fact some of the files picked up that the amount allocated for dealing with those cases was low. That does not talk about the provisions, it talks about the execution, and that could bleed into the overall profitability of the company being higher. That would not suggest to me there is a problem with the provisions but that there could be profiteering, more than anything else. What led the Central Bank to opt for further investigation?

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