Oireachtas Joint and Select Committees

Thursday, 23 February 2023

Public Accounts Committee

2020 Report of the Comptroller and Auditor General - Chapter 14: Assessment and Collection of Insurance Compensation Fund Levies
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer

9:30 am

Photo of Brian StanleyBrian Stanley (Laois-Offaly, Sinn Fein)
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That is helpful. I will ask Mr. Molloy about the Report on the Administration of Movement of the Insurance Compensation Fund for the Year Ended 31 December 2021. I was reading this last night. On page 17, it states: “The following amounts were owing to the Fund by companies under administration, or in liquidation.” The closing balance of amounts due from Enterprise Insurance Company plc, in liquidation, is €7,380,000. The Setanta Insurance Company, in liquidation, had a closing balance of €67,229,000. Gable Insurance – which I could call “gamble” – owed €1,491,000. Lemma Europe Insurance Company Limited, in liquidation, owed €29,000. Quinn Insurance, under administration, owed €1.133 billion. The amount due from Primor plc is €139 million. There is a note that states: “Due to large losses incurred by Primor plc (formerly PMPA), the full amount owing to Insurance Compensation Fund (ICF) will not be recovered.” Finally, the amount due from Icarom plc, which was formerly the Insurance Corporation of Ireland, as far as I can figure out, is €164 million. Am I reading all of those correctly?