Eoghan Murphy (Dublin Bay South, Fine Gael) | Oireachtas source

On the first question, we have come to an agreement with the insurance industry in principle following on from the report published last year by the Department on the new compensation framework for companies in failure. We propose to publish the heads of a Bill by the end of June. It will provide for a 65:35 split. As I have said, we have reached agreement in principle for an ex antefund to be built up to cover the Motor Insurers Bureau of Ireland, MIBI, portion of that split. The insurance industry has told us that this removes the uncertainty for it in terms of company failures into the future. That is an important win. The Oireachtas and the Government will have to work through the legislation when published to ensure that the uncertainty is removed for the industry. This is another key reform for the insurance sector.

In regard to the current situation with Setanta Insurance, the Insurance Compensation Fund, ICF, will step in to 65% or €825,000, whichever is the lesser. It is not yet clear what the liquidated assets of Setanta Insurance will provide for in terms of the 35% gap. Indications from the Tower Watson report in 2014 suggested it might be 30%. A second actuarial report is being carried out following on from the judgment on the case. It is too soon to know what this will mean for individual policyholders in terms of the timeframe for settlement of claims, the outcome of the liquidation process and what shortfall they might suffer. It could be the case that one claimant will have all of his or her claim met while another might have a substantially lower amount paid, depending on what is left or the stage of the claim in the process. As I said, it is too soon to know.