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

Mr. William Molloy:

All things being equal, there was €380 million outstanding at the end of 2022 in terms of the loan to the Exchequer. Typically, the levy takes in between €90 million and €100 million in a year. There are some potential outstanding claims amount to around €30 million. One must think about the variables. First, there is the levy income that could come in. Let us say that is €90 million to €100 million a year. Then there is what we know about in terms of potential claims, which would be about €30 million. Finally, there is the interest on the loan itself, which obviously adds to the total. I would say four to five years. That is without any further claims.