Oireachtas Joint and Select Committees

Wednesday, 9 July 2014

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

Collapse of Setanta Insurance: Central Bank and Department of Finance

2:35 pm

Mr. Bernard Sheridan:

I am afraid it is fairly unique in terms of the appointment of a liquidator to insurance companies, so there is not a whole lot of precedent. Based on what the liquidator has told us, it is too early at this stage to give any indication of how long the process will take and its cost. He has indicated, in terms of initial views on it, that it may be a matter of a couple of months before he would have that information. That would be at a very early stage, where he would have an initial estimate. I agree with the Deputy that it is the claimants who will be caught up in this process for quite some time.