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

The picture is not open-ended because the process of new claims has closed and there is a figure in terms of the overall potential liability. We know the ICF will pick up 65% of the bill. Will the Minister of State ask the insurance industry if it has any proposals to resolve the situation and also seek an update from the liquidation process?

The Minister of State spoke about the Towers Watson actuarial report which goes back to 2014. We were told that up to 30% of the outstanding claims may be met. If 65% comes from the ICF and up to 30% from the liquidation process, then the shortfall will be modest. It will be a stain on the industry if these people do not get 100% of their claims met. I want to hear from the Minister of State today that it is the Government's objective to work with all the stakeholders involved, namely the liquidator, the insurance compensation fund and the industry, to ensure the people caught up in this mess will not ultimately be out of pocket as a result.

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