Brian Lenihan Jnr (Dublin West, Fianna Fail)

I refer to Deputy O'Donnell's question. The hearing will take place in the High Court on Monday, 12 April. That will provide the regulator with an opportunity to make a fuller case for the appointment of the administrator. It will allow Quinn Insurance to either address the concerns of the regulator or counter them. The court will then have to make its decision on the evidence submitted. The nature of these transactions will require investigation in that context. The suggestion to date has been that they were in the nature of a pledge or a security of such type in respect of the documents in question and the court must evaluate that. The Deputy will appreciate that I am not in a position today to provide information to the House about matters before the courts which await determination there.

I refer to Deputy Barrett's query. I shared his response to the question of the large amount of physical and unrealisable, relatively illiquid assets involved in these subsidiaries. This is a matter we must examine for the future. However, in respect of the question of accountants, I refer to the point I have already made. The hearing will take place before the courts on 12 April and I have no wish to prejudge that in respect of to what extent accountants did or did not know of these particular transactions.

Deputy Reilly raised concerns about the health insurance market, which is not affected by the levy. His concerns related to the solvency ratio that operates in the health market. I must refer that to my colleague, the Minister for Health and Children, because it is a question for another market and the way in which that is regulated. All these markets require a basic solvency assurance. I am aware that in the context of the VHI we have had some obligation throughout the years but it has not been as onerous as it could have been had international standards varied to a greater degree. As Deputy Reilly is aware, significant issues exist in this regard. Is there another query outstanding?

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