Brian Stanley (Laois-Offaly, Sinn Fein)
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I ask Ms Donnery to get back to me with that figure. I want to deal with what has happened since Quinn Insurance. We had the collapse of Lemma Insurance in 2013, then Setanta Insurance in 2014 and Enterprise Insurance collapsed in 2016. What concerns me is that this happened with Quinn Insurance in 2010 and 2011 but that did not stop it from happening again. We have been hearing about the frameworks and extra supervision that have been put in place and the requirements that the Central Bank is putting on the insurance companies. However, here we are since then and we are looking at liabilities piling up to the figure of €1.54 billion. That is what it now stands at looking at the figures presented here in the briefing documents in the report of the administration and movement of the Insurance Compensation Fund, ICF, for the year ending 31 December 21. That is just the liability left standing at that point. I did a quick calculation on it yesterday and it comes to €1.4 billion at that point.

Will Mr. Makhlouf comment on how this happened with all of these other companies since then if there were lessons learned with Quinn Insurance? The committee and the public are looking for an answer to this question. I remember the collapse of PMPA in 1984 because I was a customer of the company. We had a reprieve for a couple of decades and then we had a series companies going into liquidation and the taxpayer and the ICF having to pony up. Why do we keep going back to this? We have had three more failures since Quinn Insurance. The Central Bank, the body that Mr. Makhlouf heads, has allowed this to happen.