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. Seamus McCarthy:
If the levy continued, what could happen is that we would have moneys going into a fund that can only be spent for a purpose that is specified in law and it would be undesirable to see a large accumulation of funds for which there is no immediate purpose. That is why the Exchequer is in a position to be able to make an advance.
I would like, if I may, to correct the record. Section 3C of the Act was inserted by the Insurance Compensation Act 2011. Obviously, at the time it was anticipated that there would be a payout in relation to Quinn Insurance. It was also anticipated that there would be an issue around expenses for an administrator appointed.