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

3:40 pm

Photo of Arthur SpringArthur Spring (Kerry North-West Limerick, Labour)
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Given the fact it was trading here, if it was found to have been engaging in reckless trading, I would urge the Central Bank to do something to ensure there are implications and not to let people off.

Everybody who takes out insurance looks for the best deal. As the Chairman said earlier, we do not go through the specifics; we look at the bottom line price and make sure the basics are covered. What recommendations are the Central Bank putting to the Department of Finance? Have we learned anything in order to stop this happening again? Is this an issue that needs to be brought up to a European Commission level in order to prevent bogus operations taking place and essentially representing themselves as Irish companies when they are not.