Oireachtas Joint and Select Committees

Wednesday, 19 May 2021

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Developments in the Insurance Industry: Discussion

Mr. Jackie McMahon:

As Mr. O'Midheach said, the interim payment was offered without receiving any information whatsoever. There are many different factors for pubs, whether they were wet or dry, the periods it was open, what its trade is like, and how it splits between off-licence sales and on-premises sales. We asked for an amount of information against which we can evaluate quantum based on what we know now and based on the judgements of the High Court and while awaiting the judgement from the quantum hearing that is working through some of the outstanding issues, we are making a second preliminary assessment. We are basically turning that around in approximately three days from receipt of the information. We have established quite a user-friendly portal to assist publicans in submitting the information to us. Once we receive the information we make an evaluation, send the offer to the publicans and we will revisit that when the quantum hearing is finalised. Should that be delayed, we can make a subsequent payment once we get further information.