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

We could not have legislated in advance of the court's decision. We had to wait for that decision before we could proceed. We are ready to move forward with the heads of a Bill by the end of this month. We also needed time to come to an agreement with the insurance industry in so far as ensuring that the uncertainty overhang which it claimed existed would not affect the new arrangement. We have now come to such an agreement in principle. My hope would be that the Government and the Oireachtas can progress this legislation as quickly as possible in order that we might bring those principles into law and create certainty for policyholders to the effect that, should events similar to those involving Setanta occur in the future, they will be 100% covered. My engagement with the insurance industry regarding a number of issues is ongoing. It is too early to say whether there will be a mechanism whereby whatever gap that might exist after liquidation might be filled.