Oireachtas Joint and Select Committees
Wednesday, 1 April 2015
Joint Oireachtas Committee on Finance, Public Expenditure and Reform
Setanta Insurance Liquidation: Discussion
2:00 pm
Mr. Paul Mercieca:
It is a combination of things. There have been 79 new claims. There has been a deterioration in the claims that existed - in other words, developments in those claims. New circumstances have come to light, requiring new provisioning, reserving and costing. There are 200-odd new court cases, which require further provisioning. This is the reason for the increase to €53 million from €28 million.