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
Colm Burke (Cork North Central, Fine Gael)
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This is a case where €1 billion had to be paid out by the State through the compensation fund. There is now a 2% levy on each policyholder. That will continue to be the case for quite some time. Surely we are entitled to know the settlement involved. A security of costs in an amount in excess of €30 million had to be lodged to allow the case to proceed. Are the taxpayers not entitled to information as to why we risked €30 million? We know there was a settlement but we do not know in what amount.