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

I thank the Minister of State for his reply. We have a situation here where Irish motorists took out valid insurance policies from a firm that was regulated here, albeit only for conduct of business purposes. The firm went bust and, three and a half years, later many of these policyholders are faced with the very real threat that they will be held personally liable for any shortfall in the context of outstanding claims. That is just not good enough. It is a stain on the industry and the Government must deal with the matter. The figures involved are relatively modest. The overall claims reserve was €112.9 million. We know that the ICF will deal with 65% of that. The liquidator is now saying that there will be approximately 22% left, which leaves a shortfall in the region of €14 million to €15 million. Has the Minister of State sat down with the industry to discuss this issue and to explore potential solutions? When can the Minister of State commit to coming back to the House with regard to the legal advice the Government has received from the Maltese firm and having consulted the Attorney General? These people are in a very bad way. They are getting legal letters, three and a half years on, telling them that they could be personally liable. It is a disgrace and the Government must deal with it.

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