Frances Fitzgerald (Dublin Mid West, Fine Gael) | Oireachtas source

The decision that has been delivered by the Supreme Court today in respect of the cases outlined by the Deputies removes the uncertainty that has existed since 2014. That is to be welcomed. The decision clarifies that the payments will be made from the Insurance Compensation Fund, which is overseen by a High Court judge and the Central Bank, as the Deputies will be aware. The payment of 65% of the amount due from each outstanding third party claim or €825,000, whichever is the lesser, will be arranged as soon as possible. The Department of Finance has been assured that this will be dealt with as a priority matter, given the urgent need to compensate people who have been waiting a long time.

It is likely that a significant proportion of the balance of third party claimants' claims will be met from the proceeds of the distribution of assets on completion of the liquidation process. I assure Deputy Michael McGrath that draft heads of a Bill amending the relevant legislation will be brought to the Government shortly.

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