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

What the Minister has stated confirms that on 1 November RSA brought the findings of the internal audit report to the attention of the Central Bank. Earlier in his first response he referred to findings the Central Bank had made, perhaps as far back as June, which it claimed had forms the basis of the internal audit work RSA subsequently undertook. It is important to get to the bottom of this issue because it is the second time in a number of years when significant market players in the Irish insurance sector have been aggressively building market share on the back of attractive premium claims while clearly under-provisioning for future losses in respect of future claims. I want to know whether the Central Bank has a good handle on the sector. In his first response the Minister referred to findings made in June which the Central Bank claimed had formed the basis of RSA's internal audit work.

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