Mr. Michael McGrath:

As the Deputy knows, Quinn Insurance failed in 2010. A court case then ensued. The joint administrator informed the court in July 2012 that it was going to sue the auditors for negligence. In January 2018, I think, the High Court refused an order for Quinn to provide security of costs but, in June of that year, the Supreme Court then overruled that and made an order in favour of PwC that security of costs had to be given. In July 2021, we were advised by the Insurance Compensation Fund, ICF, of the Central Bank that the joint administrator was looking for a substantial sum of money to be withdrawn from the ICF by way of security of costs. Previously, a sum total of about €5.5 million had been used for security of costs.

We first of all queried this, looked to see where we would go on it, and arrived upon the view that it would be appropriate for a letter to be submitted to the courts to say that, ultimately, the State would be standing here, as it were. That went to the courts but, effectively, by the end of 2021, the courts found with PwC that that was not sufficient and, therefore, if the administrator wished to proceed any further-----