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

I welcome today's announcement, and I acknowledge the work that the Minister of State has put into it. As he will know, it is an issue that my party and I have been raising for the last number of years. Those who are caught up in the Setanta mess will want to know when they will get the final payments and when 100% of the cost of claims will be met. I know that under existing legislation, the Insurance Compensation Fund can only go to the High Court every six months. I understand that the next tranche is likely to be brought next month, so any payment that is not included there is not going to happen until August. The courts probably do not sit in August. The question is, when does the Minister of State expect that all the claimants will have their claims fully met? The wider point is that while we welcome the heads of a Bill, all motor insurance policyholders in the country are still facing the prospect of there being another Setanta. If there is a collapse, there is still no statutory basis for 100% of their claims to be covered.

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