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

I do not disagree with what the Deputy has said and I could agree with most parts of his intervention. On the Deputy's question regarding the situation following the High Court decision and what we will do to ensure this does not happen again, I would point out that many of the arrangements are subject to European law and European regulation. That is why a Maltese company can write insurance here in this jurisdiction. I would ask for the assistance of Deputies, perhaps through the finance committee, when the High Court finally decides on this, such that the finance committee would consider what lessons we can learn from this and if there are any changes in domestic law which would be required, or if there is any advocacy which we could conduct in Europe to improve the situation to ensure there is no repeat of what the Deputy rightly said was a tragic situation for many of the 1,700 people who were affected by this.

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