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

There are two issues. First, are the people who took out insurance with Setanta going to get their money back and are people going to be looked after in accordance with what one would expect in a developed democracy? Second, what are we doing to prevent this from happening again in the insurance industry in Ireland? I do not believe anybody who hears about this meeting will get a sense of comfort, given the provisions of the ICF and the overall provisions Setanta had in Malta, that they are going to get all of their money back - some €35 million. We are not getting that message. If the witnesses think that is going to be the case, will they convey it? I know they said in the opening statement that this will come back to the Department of Finance again in terms of looking for further funds, which pushes it back in here, but the insurance industry itself should be regulated to the point where it can look after itself.

Let me put a point to the witnesses. This is a situation where Irish directors own a Maltese company that insures in Ireland. Is that correct?