Michael Noonan (Limerick City, Fine Gael)

The State had no involvement in this; it was the administrator in Anglo Irish Bank and the Liberty Mutual group. We are ensuring the compensation fund is adequate to pay for outstanding claims, the vast bulk of which are in Northern Ireland and the United Kingdom, but some of which are in this jurisdiction. This is the way we fund the insurance compensation fund, and we are following the advice of the Central Bank in doing so. We are not party to the arrangements of Anglo Irish Bank and the Quinn group. It is not in our remit. We do not have the information about the bondholders because it is not relevant to this legislation.

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