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
4:20 pm
Mr. Antoine MacDonncha:
It might be worth saying that the legislation does not really facilitate an up-front 65% payment. However, the first job we have asked the liquidator to do is to come back to us and tell us whether there is a minimum shortfall. At that point, if we are certain that there will be a shortfall of, say, 30%, even under the existing legislation, we could look at making an up-front payment in that amount. It is something we are exploring and we cannot promise that it is something we will be able to do but we are at least exploring it and are mindful that it would be helpful for people to have some interim payment if it is possible.