Results 7,301-7,320 of 16,492 for speaker:Ciarán Lynch

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

Ciarán Lynch: Please explain that to me. I do not know what the difference is, but there seems to be something particular to do with Setanta being based in Malta. What is the particularity about it? What is unique about it?

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

Ciarán Lynch: To return to my earlier question, if a broker is selling this insurance and there is a significant difference in the regulation of prudential management, is there a requirement on the broker to make that known to the individual? It may appear the same - for example, that the individual has windscreen cover - but there may be different aspects to purchasing this 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: I know that.

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

Ciarán Lynch: In terms of lessons learned, does Mr. Sheridan see any requirement to inform brokers into the future or to give them a directive or framework for assisting Irish customers in respect of the purchase of their product and the different aspects associated with it?

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

Ciarán Lynch: We are considering brokers.

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

Ciarán Lynch: To move on, this is a company that has gone bust, which can happen in any business. Why is the European Commission carrying out an investigation?

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

Ciarán Lynch: Yes.

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 is the update on that investigation or examination?

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

Ciarán Lynch: Is the process starting, is it halfway through or is it almost completed?

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 there are recommendations such as those I indicated earlier, would Mr. Sheridan's office look favourably towards implementing those recommendations and making the necessary adaptions as to how the industry operates in Ireland and into the future?

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. Sheridan. I call Deputy Michael McGrath.

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 a bit of certainty is available, will the witnesses inform the committee as quickly as possible?

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

Ciarán Lynch: We are obliged to suspend for a short time to accommodate the taking of a division in the Dáil. When we resume, Deputy Heather Humphreys will have the floor. Is that agreed? Agreed.

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

Ciarán Lynch: We will resume in public session with Deputy Kieran O'Donnell.

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 am sorry, but the Deputy is out of time.

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

Ciarán Lynch: There is no "and"; the question has been asked.

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 more questions, please. We must be fair to the Deputy's colleague. If he continues, we will be taking time off her.

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 it goes to court and there is an award of €100,000 against an individual in terms of compensation, which an insurance company would meet 100%, given what Mr. Casey said earlier, the fund will only cover €65,000 and the individual will have to make up the shortfall of €35,000.

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

Ciarán Lynch: Who pays the other 35%?

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 there is a court ruling that one should receive compensation of €100,000, what happens then?