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

3:10 pm

Mr. Bernard Sheridan:

No, what I am saying is we had no basis. We carried out an inspection - it was not an audit - of a small number of claim files because we were concerned about how the firm might be dealing with claims. As a result of this and based on that small sample and a minority of the files we had examined, it appeared the firm was underestimating what it had provided to meet these claims.