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Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Ciarán Lynch: Amendment No. 53 is consequential on amendments Nos. 46 and 47. Amendments Nos. 46, 47 and 53 will be discussed together.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Ciarán Lynch: Amendments Nos. 50 and 52 are related and may be discussed together, by agreement.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Ciarán Lynch: The memorandum has to be updated.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: National Treasury Management Agency (Amendment) Bill 2014: Committee Stage (1 Jul 2014)

Ciarán Lynch: I thank the Minister, his officials and the committee members for engaging in a robust, detailed and lengthy exchange on this legislation.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Message to Dáil (1 Jul 2014)

Ciarán Lynch: In accordance with Standing Order 87, the following message will be sent to the Dáil: The Select Sub-Committee on Finance has completed its consideration of the National Treasury Management Agency (Amendment) Bill 2014 and has made amendments thereto.

Written Answers — Department of Health: Medical Card Data (3 Jul 2014)

Ciarán Lynch: 187. To ask the Minister for Health the number of the 52,322 medical cards which were not renewed because the cardholder did not respond that were subsequently reinstated; and if he will make a statement on the matter. [28772/14]

Order of Business (8 Jul 2014)

Ciarán Lynch: We have not gone away.

Written Answers — Department of Social Protection: Disability Allowance Appeals (8 Jul 2014)

Ciarán Lynch: 373. To ask the Minister for Social Protection when a determination will be made on an appeal for a disability allowance in respect of a person (details supplied) in County Cork [29134/14]

Written Answers — Department of Health: Medical Card Reviews (8 Jul 2014)

Ciarán Lynch: 748. To ask the Minister for Health if a person (details supplied) in County Cork who made an unsuccessful medical card application in 2012 is included in the special review of medical cards currently being undertaken; and if he will make a statement on the matter. [29544/14]

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Business of Select Sub-Committee (9 Jul 2014)

Ciarán Lynch: As we have a quorum, we can commence. I propose an immediate suspension of the meeting until the Report Stage proceedings on the National Treasury Management Agency (Amendment) Bill in the Dáil have concluded. We cannot commence our deliberations on Committee Stage of the Betting (Amendment) Bill until the Minister of State at the Department of the Environment, Community and Local...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Collapse of Setanta Insurance: Central Bank and Department of Finance (9 Jul 2014)

Ciarán Lynch: No. 7 on today's agenda is a review of the collapse of Setanta Insurance and matters in relation to the insurance compensation fund. We are joined by representatives of the Central Bank of Ireland and officials from the Department of Finance. In commencing proceedings, I welcome Mr. Bernard Sheridan, director of consumer protection, Mr. Colm Kincaid, head of consumer protection, and Mr....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Collapse of Setanta Insurance: Central Bank and Department of Finance (9 Jul 2014)

Ciarán Lynch: I thank Mr. Pat Casey and Mr. the Bernard Sheridan. We will begin with 15-minute rounds of questions and if members wish to share that time with their colleagues, we will do so and we will commence immediately. I seek clarity on a technical matter and this may be a question for Mr. Sheridan or Mr. Casey. People who take out insurance have the option to pay for it on an annual or a monthly...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Collapse of Setanta Insurance: Central Bank and Department of Finance (9 Jul 2014)

Ciarán Lynch: However, resolution will be considered for the period of time for which they were paying insurance.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Collapse of Setanta Insurance: Central Bank and Department of Finance (9 Jul 2014)

Ciarán Lynch: When people are paying insurance, they assume they are covered but they woke up one morning to discover they were not. The first question any member would ask is, how many other Setanta-type insurance debacles potentially exist? Is this the only one that will happen or might other players in the market be in a similar space?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Collapse of Setanta Insurance: Central Bank and Department of Finance (9 Jul 2014)

Ciarán Lynch: Mr. Sheridan, that is not what I am asking. An Irish company could fail tomorrow morning and there are bonds and all sorts of measures in place. Moreover, there is protection under the consumer code. A very particular circumstance arose here, in which a company calling itself Cú Chulainn - which is who Setanta became when he grew up - gave the impression that it was an Irish company....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Collapse of Setanta Insurance: Central Bank and Department of Finance (9 Jul 2014)

Ciarán Lynch: I will not name-check any Irish companies because that would not be appropriate, but had this been an Irish-owned company or a company based in the UK that was registered in London or Dublin, is Mr. Sheridan telling me that were the insurance company with which the customers were doing their business to go wallop, so to speak, they would be in the exact same circumstances?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Collapse of Setanta Insurance: Central Bank and Department of Finance (9 Jul 2014)

Ciarán Lynch: Mr. Sheridan used the term, "minimum regulatory requirement" in the EU. Is the regulatory requirement in Ireland for an Irish-registered company at a different level of regulation? If so, is it greater or less?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Collapse of Setanta Insurance: Central Bank and Department of Finance (9 Jul 2014)

Ciarán Lynch: What makes Malta unique? In this circumstance, what makes it different from an Irish company going wallop?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Collapse of Setanta Insurance: Central Bank and Department of Finance (9 Jul 2014)

Ciarán Lynch: Let us say, for example, that I approached a broker in the morning, as I assume most people who took out Setanta insurance got it through a brokerage. To use Mr. Casey's own term of a safety net in the context of the absence of harmonisation across the European Union, depending on the insurance company with which one deals, that safety net is either closer to the ground or higher up. In the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Collapse of Setanta Insurance: Central Bank and Department of Finance (9 Jul 2014)

Ciarán Lynch: If I had booked insurance 12 months ago and Setanta had been suggested to me by a broker, is the witness saying there would have been no necessity for a broker to advise me that there was something technically different in regard to insurance from another jurisdiction as opposed to insurance from this jurisdiction?

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