Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

The company to which I refer is not named in the question, but it is RSA Insurance Group. As the Minister knows, on 8 November the UK company issued a statement confirming that three senior executives in the Irish operation were being suspended as a result of some issues identified in the claims and finance functions in Ireland. Ultimately, this resulted in an injection of approximately €100 million from the UK group into the Irish company. I am very concerned because this is the second time in a number of years that under-provisioning for future claims by insurance companies in Ireland has been identified. It appears this particular issue was identified by the company through its internal audit function, rather than by the Financial Regulator or the Central Bank. I am interested in hearing what the Minister has to say about this.

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