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.