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
Mr. Adrian Varley:
Are we confident in the regulatory and supervisory system? We are. I want to make the point that smaller failures will always happen. That is part of the system and the competitive landscape.
However, Deputy Burke is right. They have to be managed so they are not bigger than any fund and that it is not an onerous burden on paying back the fund. So, yes, we are confident, but it is with the limitation that there is no perfect system.