Results 7,081-7,100 of 20,062 for speaker:Brian Stanley

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General - Chapter 14: Assessment and Collection of Insurance Compensation Fund Levies
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (23 Feb 2023)

Brian Stanley: That is helpful. I will ask Mr. Molloy about the Report on the Administration of Movement of the Insurance Compensation Fund for the Year Ended 31 December 2021. I was reading this last night. On page 17, it states: “The following amounts were owing to the Fund by companies under administration, or in liquidation.” The closing balance of amounts due from Enterprise Insurance...

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General - Chapter 14: Assessment and Collection of Insurance Compensation Fund Levies
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (23 Feb 2023)

Brian Stanley: I was flabbergasted when I read that. In my innocence as a taxpayer and motorist, I thought the only ones we were mopping up after were Quinn and PMPA. When I read this list and some of the notes on it, I was astonished. Was the Central Bank responsible for the regulation of Quinn prior to it going into liquidation?

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General - Chapter 14: Assessment and Collection of Insurance Compensation Fund Levies
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (23 Feb 2023)

Brian Stanley: This is all on the agenda for today so I expect some answers on this. When did the Central Bank realise the financial instability and precarious nature of the finances of Quinn Insurance?

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General - Chapter 14: Assessment and Collection of Insurance Compensation Fund Levies
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (23 Feb 2023)

Brian Stanley: Are any of the Central Bank staff here competent to answer it?

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General - Chapter 14: Assessment and Collection of Insurance Compensation Fund Levies
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (23 Feb 2023)

Brian Stanley: The insurance compensation fund.

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General - Chapter 14: Assessment and Collection of Insurance Compensation Fund Levies
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (23 Feb 2023)

Brian Stanley: Can Mr. Molloy furnish us with a reply on that?

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General - Chapter 14: Assessment and Collection of Insurance Compensation Fund Levies
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (23 Feb 2023)

Brian Stanley: The Central Bank is the main regulator. What action was taken at that point? Maybe the witnesses do not have the answer. If they do, Mr. Molloy or Mr. Varley might answer.

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General - Chapter 14: Assessment and Collection of Insurance Compensation Fund Levies
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (23 Feb 2023)

Brian Stanley: That is what I am asking about.

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General - Chapter 14: Assessment and Collection of Insurance Compensation Fund Levies
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (23 Feb 2023)

Brian Stanley: We would have hoped the right person might have been here. As the main regulator of the financial institutions, will Mr. Molloy outline what has been put in place? I am reading this list. Trying to explain this to the public, this is jaw-dropping stuff, with the sheer amount of it and the number of companies involved over a relatively short period. There is a significant complaint from...

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General - Chapter 14: Assessment and Collection of Insurance Compensation Fund Levies
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (23 Feb 2023)

Brian Stanley: The share number and the amount of money involved is concerning. Will the witnesses come back to us with a summary of the steps taken? On the landing zone for Quinn, of €1.13 billion, what is the final position that we will reach? Where does the Central Bank expect we will finish up?

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General - Chapter 14: Assessment and Collection of Insurance Compensation Fund Levies
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (23 Feb 2023)

Brian Stanley: Maybe Dr. O'Reardon from the Department will want to answer or Mr. Molloy might have a view on the 2% levy. Are we likely to see that being reduced in the near future? How much longer is that expected to continue for? Hopefully we will not have to continue bailing out all these different corporations and companies. What is the hope or projection for that?

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General - Chapter 14: Assessment and Collection of Insurance Compensation Fund Levies
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (23 Feb 2023)

Brian Stanley: Collected from the public.

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General - Chapter 14: Assessment and Collection of Insurance Compensation Fund Levies
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (23 Feb 2023)

Brian Stanley: Is it anticipated that we may reach a point where that can be reduced or where we may reach finality with that?

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General - Chapter 14: Assessment and Collection of Insurance Compensation Fund Levies
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (23 Feb 2023)

Brian Stanley: With regard to the other companies, looking at the list, is the Central Bank concerned about the failure of oversight and regulation and what has happened with eight insurance companies?

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General - Chapter 14: Assessment and Collection of Insurance Compensation Fund Levies
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (23 Feb 2023)

Brian Stanley: The total bill is substantial, at about €1.6 billion. Would the Department like to reply on that?

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General - Chapter 14: Assessment and Collection of Insurance Compensation Fund Levies
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (23 Feb 2023)

Brian Stanley: With respect, it is the scale of the Quinn Insurance Limited loans. There is no one here today from either the Central Bank or the Department who can tell us if anybody noticed any of this creeping up. If you are on the board of a small company, you would be watching the finances from month to month and your auditor would come in a couple of times a year. You would be in regular contact...

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General - Chapter 14: Assessment and Collection of Insurance Compensation Fund Levies
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (23 Feb 2023)

Brian Stanley: That is what happened here.

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General - Chapter 14: Assessment and Collection of Insurance Compensation Fund Levies
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (23 Feb 2023)

Brian Stanley: A number of failures.

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General - Chapter 14: Assessment and Collection of Insurance Compensation Fund Levies
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (23 Feb 2023)

Brian Stanley: And failures by the bodies that are supposed to regulate-----

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General - Chapter 14: Assessment and Collection of Insurance Compensation Fund Levies
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (23 Feb 2023)

Brian Stanley: -----and do oversight.