Brian Cowen (Laois-Offaly, Fianna Fail)

Section 12 is a technical amendment to secure Oireachtas approval for a simplification of the State ownership structure of Icarom plc, under administration, by removing the holding company Sealúchais Árachais Teoranta, SAT, from the structure. When the Insurance Corporation of Ireland, ICI, got into difficulties in March 1985 an administrator was appointed to place the company on a sound commercial and financial footing in order to separate the affairs of ICI from AIB. The shareholding of AIB in ICI was transferred to a new holding company, SAT.

In 1990 the High Court approved the sale of the direct insurance business of ICI. Thereafter the rump of ICI became known as Icarom plc. That is under the ownership of the Minister for Finance, through this holding company, SAT, and under the administration of the High Court. The main role of Icarom plc is to run off ICI's pre-1985 liabilities, mainly in respect of its US risks. The simplification of the ownership structure is being undertaken on the recommendation of the administrator and is to provide legal certainty in respect of Icarom's access to the federal court system in the US in respect of liability claims.

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