Dáil debates
Wednesday, 28 September 2011
Insurance (Amendment) Bill 2011 [Seanad]: Committee and Remaining Stages
6:00 pm
Michael Noonan (Limerick City, Fine Gael)
There was a charge on the assets in respect of the guarantees. This was legally enforceable by the bondholders. The solvency rules require that assets set aside for solvency requirements are not encumbered. Therefore, the guarantees cannot be used to meet the requirements for reserves set by the Central Bank.
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