Richard Bruton (Dublin North Central, Fine Gael)

I share Deputy Ó Caoláin's concerns about both employment and the scale of this company which covers about one fifth of all insurance. How could this business come to have been jeopardised by a practice that was going on over five years, according to the Minister's report? This company had trouble of this nature in the past. Would these transactions that occurred here have required regulatory approval? Would such guarantees have required the approval of the regulator and were they ever sought?

Could the issue of such guarantees have occurred within any insurance company without the risk management committee or the board being informed or without the knowledge of the auditors? Who was under an obligation to reveal these transactions to the regulator? Was it the obligation of the board, of the risk management committee, of the auditors? This practice appears to have been of very long standing. The Minister in his reply suggested it went right back to 2005. Would those in receipt of these guarantees have had any obligation to report the source of the guarantees if they knew they were coming from funds set aside for meeting regulatory insurance cover?

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