Oireachtas Joint and Select Committees
Thursday, 20 April 2023
Public Accounts Committee
2020 Report of the Comptroller and Auditor General: Chapter 14 - Assessment and Collection of Insurance Compensation Fund Levies (Resumed)
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021 (Resumed)
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (Resumed)
9:30 am
Ms Sharon Donnery:
I will explain. The ECB does not have responsibility for insurance. As the Cathaoirleach knows from the information he has, those failures happened in 2013, 2014 and 2016. As the Governor mentioned, since then we have had the introduction of new legislation at European level, the so-called Solvency II directive, which was introduced in 2016 against the backdrop of a number of these failures and was a prime legislative tool to try to mitigate against failures in the future. We also have now-----