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

Photo of Pearse DohertyPearse Doherty (Donegal South West, Sinn Fein)
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I have a final question on the MIBI. Under the conditions it has entered into with the 2009 agreement with the Department, anyone paid by the MIBI would have the potential for the MIBI to reclaim the amount from a future insurance policy. If the individual mentioned by Mr. Mercieca were paid €1 million as a third-party claimant, the MIBI could recover that amount by a levy on a new policy. Are the witnesses aware of this or concerned by it? The policyholders who may be paid by the MIBI, depending on the court judgment, could see all the payments recovered by the MIBI.