Results 6,541-6,560 of 27,945 for speaker:Michael McGrath
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Collapse of Setanta Insurance: Central Bank and Department of Finance (9 Jul 2014)
Michael McGrath: Are they both first-party and third-party claims?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Collapse of Setanta Insurance: Central Bank and Department of Finance (9 Jul 2014)
Michael McGrath: Of the 2,000, how many are first-party claims?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Collapse of Setanta Insurance: Central Bank and Department of Finance (9 Jul 2014)
Michael McGrath: Can Mr. Casey give us that information?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Collapse of Setanta Insurance: Central Bank and Department of Finance (9 Jul 2014)
Michael McGrath: For all intents and purposes, €35 million is the total value of claims that have been lodged-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Collapse of Setanta Insurance: Central Bank and Department of Finance (9 Jul 2014)
Michael McGrath: Do we accept that this is preliminary and that nobody is holding the witnesses to those figures? To make this discussion as meaningful as possible, we need all the information.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Collapse of Setanta Insurance: Central Bank and Department of Finance (9 Jul 2014)
Michael McGrath: So the early indications are that total claims of about €35 million are currently being examined by the liquidator. These involve first-party and third-party claims.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Collapse of Setanta Insurance: Central Bank and Department of Finance (9 Jul 2014)
Michael McGrath: Is it possible that, on the conclusion of the liquidation process and after other liabilities have been met, there will be little money left for claimants? What are the potential outcomes?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Collapse of Setanta Insurance: Central Bank and Department of Finance (9 Jul 2014)
Michael McGrath: The indications are that the liabilities exceed the assets. This is why Setanta Insurance is insolvent and has had to be liquidated. There is a significant shortfall, which means there will be a call on the insurance compensation fund.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Collapse of Setanta Insurance: Central Bank and Department of Finance (9 Jul 2014)
Michael McGrath: We can agree on that conclusion. Under the law, the maximum that can be paid out, subject to the nominal ceiling, is 65% of any individual claim.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Collapse of Setanta Insurance: Central Bank and Department of Finance (9 Jul 2014)
Michael McGrath: Which would be a high claim. Assuming that the vast majority will be lower than that threshold, 35% of any claim will not be met. If the money is not available through the liquidation process and the claim lands on the ICF's desk, 35% cannot be paid.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Collapse of Setanta Insurance: Central Bank and Department of Finance (9 Jul 2014)
Michael McGrath: Some claimants might be excluded from availing of the fund if an individual is not involved.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Collapse of Setanta Insurance: Central Bank and Department of Finance (9 Jul 2014)
Michael McGrath: This is possible, given the fact that many of the customers were people with commercial vans whose businesses may have been incorporated. Unless they were sole traders, there may be issues. Is that what Mr. Casey is saying?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Collapse of Setanta Insurance: Central Bank and Department of Finance (9 Jul 2014)
Michael McGrath: We cannot quantify that number yet.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Collapse of Setanta Insurance: Central Bank and Department of Finance (9 Jul 2014)
Michael McGrath: We do not have a profile of the 2,000 claims so that we might distinguish between corporates and individuals.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Collapse of Setanta Insurance: Central Bank and Department of Finance (9 Jul 2014)
Michael McGrath: We cannot give those claimants any firm indication of when they will know where they stand. The bottom line is that these individuals have been involved in some kind of accident and are out of pocket. They may well be out of work. They are relying on their insurance claims to be processed as quickly as possible. It could mean the difference between a reasonable standard of living and none...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Collapse of Setanta Insurance: Central Bank and Department of Finance (9 Jul 2014)
Michael McGrath: Once a claim is made to the ICF, how long does it typically take to be processed?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Collapse of Setanta Insurance: Central Bank and Department of Finance (9 Jul 2014)
Michael McGrath: If I am Joe Bloggs, a Setanta Insurance policyholder who had an accident, and it becomes clear after three months that there is nothing for me in the liquidation process, my only recourse is to the ICF. How long will I wait once I lodge my claim?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Collapse of Setanta Insurance: Central Bank and Department of Finance (9 Jul 2014)
Michael McGrath: We are not talking weeks, but months.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Collapse of Setanta Insurance: Central Bank and Department of Finance (9 Jul 2014)
Michael McGrath: The Minister for Finance advised the Dáil at the end of April that the MIBI had indicated its intention to accept all third-party claims connected with Setanta Insurance, but Mr. Casey is telling the committee something different today, in that the MIBI is taking legal advice and is not accepting claims. This matter was brought to my attention by a solicitor acting on behalf of a...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Collapse of Setanta Insurance: Central Bank and Department of Finance (9 Jul 2014)
Michael McGrath: That is unacceptable. Ten weeks ago, the Minister stated on the record of the Dáil that the MIBI was accepting third-party claims in respect of Setanta Insurance. Now, Mr. Casey is telling the finance committee that he does not know and that the MIBI is taking legal advice and will clarify the matter shortly. This is not good enough. There are people who do not know where they stand....