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

The bottom line is that as a result of the issues identified, an injection of €100 million had to be made into the Irish company. Thankfully, RSA is part of a UK group; therefore, the State and Irish policyholders were not on the hook for the additional money. If it had involved an Irish company only, potentially we were looking at another call on the insurance compensation fund and a possible increase in the 2% levy people pay for the losses at the Quinn Insurance group which could potentially amount to €1.6 billion.

I checked again this morning and can find no statement whatsoever on the Central Bank's website on RSA. Is the Minister satisfied the issues the company brought into the public domain were originally identified by the Central Bank and not by the company? The company has made the unchallenged claim these issues were identified during a routine internal audit through its own internal function. It does not in any way state this was informed by earlier findings by the Central Bank. This is a very important question we need to have answered. Did the Central Bank identify these issues in the first place or was it the company which brought them to its attention?

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