Oireachtas Joint and Select Committees
Thursday, 23 February 2023
Public Accounts Committee
2020 Report of the Comptroller and Auditor General - Chapter 14: Assessment and Collection of Insurance Compensation Fund Levies
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer
9:30 am
Mr. Seamus McCarthy:
No. It is my understanding that the court, and now perhaps the Central Bank, will inform the Minister if there are sufficient funds there for the fund to operate. Therefore, looking at figure 14.3, the Minister made advances in 2011, 2012, 2013 and 2015 because he got a message that the fund needs resources in order to operate. I think even the levy rate is set at the direction of the High Court. That is the way in which the fund can replenish itself and pay back the Minister.
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