Results 7,321-7,340 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: If the court awards a person €100,000 in compensation following a personal injury, the insurance compensation fund will pay €65,000. Does that mean that the person who is found liable for that personal injury, who should have insurance, is now liable for €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: The court always finds one is liable but one's insurance company pays for 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: Mr. MacDonncha is saying that the person is now personally liable for €35,000 because the insurance compensation fund does not cover 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: I call Deputy Spring, who has 15 minutes. I understand the Deputy wishes to share his time with Deputy Conway. How does the Deputy wish to share the 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: That is fine.

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

Ciarán Lynch: With Irish branding, green shamrocks and all the rest of 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: Mr. Casey wants to add a comment and I will then bring in Deputy Conway.

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 must ask Deputy Arthur Spring to give way to Deputy Ciara Conway.

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

Ciarán Lynch: The Deputy is out of time. Deputies should, please, prioritise their questions.

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

Ciarán Lynch: This is the Deputy's last question, as she is running 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: Before we move to Deputy Joe Higgins, I seek clarity on a point raised by Deputy Ciara Conway. Are there cases comparable to what happened in the case of Setanta Insurance or is its case unique? Is it unique to Ireland or is there a precedent? Have there been similar collapses in the market?

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

Ciarán Lynch: The question is very simple. If I was talking to a German, an Austrian or an Italian this afternoon, would he or she say to me that the very same thing happened in his or her country and that another country was involved in terms of the company involved trading out of Cyprus, Lithuania or Ireland? Therefore, the case would not be unique in the sense that it would have happened previously.

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

Ciarán Lynch: Deputy Higgins has already been in. Mr. Sheridan can answer the question.

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 keep the meeting going, I will give the members as much time as they wish if Deputy Boyd Barrett is willing to pair with me on the vote. I will let Deputy Pearse Doherty ask a supplementary if he wishes to do that. Otherwise, I will suspend the meeting.

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 let Deputy Doherty in with one supplementary and then pair off and conclude the meeting.

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

Ciarán Lynch: Deputy Doherty played a blinder. Thanks a million. We can pair this out to two of us.

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 bring in Deputy Boyd Barrett on his supplementary. Is there some sort of consumer interface with the Setanta customers in this situation? Is a particular hotline in place for them or are they just searching on the Internet?

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 writing?

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 help Deputy Boyd Barrett, the safety net is the same regardless of who owns the company, but the risk of falling into a safety net seems to vary from jurisdiction to jurisdiction because prudential management varies from one to the other. I suppose the top-line concern here is that, as Deputy Boyd Barrett indicates, if I buy a product in the morning, I might be getting the same windscreen...

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

Ciarán Lynch: The difficulty with Mr. MacDonncha's response is that to score a point one must get the ball over the bar. However one can score a point like Ronan O'Gara and put it 13 metres over the bar. In some jurisdictions the ball is put over the bar a great deal higher. Industry unfortunately will just get the ball over the bar in some jurisdictions when one has a global or universal system. The...