Michael D'Arcy (Wexford, Fine Gael) | Oireachtas source

The legal letter from the Maltese law firm only arrived in the past few weeks and I have not yet received advice from the Attorney General on it. I have asked the officials in the Department of Finance who are in charge of this section to progress the matter as quickly as possible in terms of getting a legal opinion from the Attorney General. At that stage, I intend to sit down with the insurance industry. I cannot do so until we analyse the aforementioned letter. We will then make a determination as to what is the next step for the Department and, potentially, for the industry.

The Deputy's figures are broadly correct. We think that the shortfall will be somewhere between €15 million and €20 million. We do not know for sure because it will depend on the conclusion of the actuarial process. I am not insensitive to those individuals who are caught on the wrong side of this. As I said to the Deputy previously, while I cannot commit to any particular course of action, I am keeping every course of action open and available. I would like to have this matter concluded. I agree with the Deputy that it is a stain on the industry in terms of how people have been affected. I would certainly like to have the matter off the agenda sooner rather than later.

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