Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

The role of the Department of Finance is to provide the legislative framework in accordance with EU insurance directives. Direct responsibility for regulation lies with the Central Bank which seems to be confident that it has, as the Deputy put it, a handle on the people trading in Ireland. I explained in great detail in replies to other parliamentary questions the position on Setanta Insurance. So far, however, no one has brought anything to my attention to suggest the authorities in Malta were tardy or did not fulfil their obligations. This seems to be another instance of a firm going under. I will ask the Central Bank - it is aware of my requirements - to inform us if anything untoward appears out of the Setanta Insurance situation, but so far that company seems to be a casualty in the system. There is no suggestion of culpability at the Central Bank as regulator or at the level of the Maltese regulator.

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