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
Brian Stanley (Laois-Offaly, Sinn Fein)
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The point is the public is stuck with this. I personally feel the Central Bank could have done more. The Governor of the Central Bank sits on the governing council of the European Central Bank. I accept it is not the Central Bank's direct responsibility, but it is dealing with people involved in finance on an international and European level. Surely, before a company is allowed to trade here, particularly given what happened with Quinn Insurance in 2010 and 2011, there should have been some examination of those matters.
I welcome the fact a new European framework is in place. It is to be hoped that will give the public some confidence, but we have to do better than that nationally. The fact we have wound up in this situation, where a huge amount of money will now have to be withdrawn from the Insurance Compensation Fund, is not satisfactory. We need to do better on it.
I will bring members back in for a second round of questions.