Oireachtas Joint and Select Committees

Wednesday, 1 April 2015

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

Setanta Insurance Liquidation: Discussion

2:00 pm

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

On the potential role of the MIBI, it is clear that the initial advice from the Attorney General sits alongside alternative advice that the accountant has received and at the very least puts a question mark over the Attorney General's advice. Having read the extract from the senior counsel's opinion that the Courts Service received and given the mandate within which Mr. Quigley must work, I accept that the service must exhaust the issue and get a final determination on the liability of the MIBI before it can make a payment. What are the consequences for the fund or its role if the MIBI is found in law to have a liability? How would it relate to liability of the ICF, which is as much as 65%?

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