Michael Noonan (Limerick City, Fine Gael)

-----is a bit rich. Less posing and a little more work would help this House. A little bit more homework and then the Deputy would have everything done.

I was asked about the value of the levy. It amounts to €65 million per year, including €40 million in respect of the compensation fund. Using rough mathematics, if one multiplies by ten and adds €40 million, one will get a result close to €700 million. We cannot be accurate about this because it pertains to future claims.

The balance of the Quinn UK book is being run off. It relates mainly to non-motor insurance but it is not the total story. Quite a proportion pertains to the United Kingdom and the Deputy is correct in that regard.

I do not have information on the number of people who will pay. The levy will apply to motor and house insurance, and to travel insurance, which is intermittent. It is paid by the insurance companies on the book. It is collected by the Revenue Commissioners in the same way as they collect stamp duty. We do not have the breakdown of the number but I presume that, in any documentation concerning insurance, the industry will be able to say how many people it has covered. The levy is paid by the companies to the Revenue Commissioners. It is a question of the quantum rather than the individual numbers that are involved.

I cannot go further than I have in explaining the bond. A bond is not an asset; it depends on which side of the bond one is on. It is really an IOU to somebody giving money to the company.

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