Paul McAuliffe (Dublin North West, Fianna Fail) | Oireachtas source

I thank all the witnesses. Mr. Breen will be aware that last week we had representatives from Revenue, the Central Bank and the Department of Finance with us in pursuit of our examination of the insurance compensation fund, ICF. The NTMA Act of 2000, as amended in 2018, provides that the State Claims Agency carry out certain functions in relation to that fund, including due diligence of claims and the making of an application to the High Court for payment from the ICF.

The main question last week concerned the substantial sum of €27 million provided for security of costs in the Quinn Insurance case. There was alarm in the room at the lack of clarity around the decision to provide that sum. I do not think anybody in the room suggested that was not a good legal strategy from which, ultimately, the State might benefit. However, the governance and, therefore, the constraints put on providing that sum were not clear to members. The witnesses present were not able to provide that assurance. They will have another opportunity later in the month to do that, but it is fortuitous State Claims Agency representatives are here today because, ultimately, that agency makes the application to the High Court for withdrawal of funds. Who authorises the State Claims Agency to make an application to the High Court for payments out of the ICF?