Results 13,561-13,580 of 20,192 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 (Resumed)
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021 (Resumed)
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (Resumed) (20 Apr 2023)

Brian Stanley: Is Deputy Devlin okay with that?

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General: Chapter 14 - Assessment and Collection of Insurance Compensation Fund Levies (Resumed)
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021 (Resumed)
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (Resumed) (20 Apr 2023)

Brian Stanley: I thank the Deputy. We are going to break----

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General: Chapter 14 - Assessment and Collection of Insurance Compensation Fund Levies (Resumed)
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021 (Resumed)
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (Resumed) (20 Apr 2023)

Brian Stanley: I thank Mr. McCarthy for that clarification.

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General: Chapter 14 - Assessment and Collection of Insurance Compensation Fund Levies (Resumed)
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021 (Resumed)
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (Resumed) (20 Apr 2023)

Brian Stanley: Going back to Quinn Insurance, there was a €1.1 billion hole in its finances when it collapsed. The Central Bank was the regulator prior to that. Some of the briefing documents outlined when the Central Bank realised there was financial instability, which would appear to be around 2008. Is that correct?

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General: Chapter 14 - Assessment and Collection of Insurance Compensation Fund Levies (Resumed)
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021 (Resumed)
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (Resumed) (20 Apr 2023)

Brian Stanley: At that point, it is clear that matters were going seriously wrong in insurance. Would that be correct?

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General: Chapter 14 - Assessment and Collection of Insurance Compensation Fund Levies (Resumed)
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021 (Resumed)
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (Resumed) (20 Apr 2023)

Brian Stanley: I accept that Mr. Makhlouf was not Governor at that time. In hindsight, does he feel that the Central Bank should have acted quicker in taking action about Quinn Insurance?

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General: Chapter 14 - Assessment and Collection of Insurance Compensation Fund Levies (Resumed)
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021 (Resumed)
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (Resumed) (20 Apr 2023)

Brian Stanley: Looking at the basics of this, there were liabilities of €1.1 billion. How much was there in the reserves at that point?

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General: Chapter 14 - Assessment and Collection of Insurance Compensation Fund Levies (Resumed)
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021 (Resumed)
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (Resumed) (20 Apr 2023)

Brian Stanley: Is there anybody here who can answer that question? I have tried to nail it down from the briefing documents.

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General: Chapter 14 - Assessment and Collection of Insurance Compensation Fund Levies (Resumed)
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021 (Resumed)
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (Resumed) (20 Apr 2023)

Brian Stanley: I read that in the briefing notes. Mr. Makhlouf has his senior officials here today. At that point when there was €1.1 billion in liabilities with Quinn Insurance, what were the reserves there? Was it €30 million? Was it €300 million? What was it?

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General: Chapter 14 - Assessment and Collection of Insurance Compensation Fund Levies (Resumed)
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021 (Resumed)
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (Resumed) (20 Apr 2023)

Brian Stanley: Mr. Molloy was at the meeting the last day as well and would have heard us trying to get to some of these issues.

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General: Chapter 14 - Assessment and Collection of Insurance Compensation Fund Levies (Resumed)
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021 (Resumed)
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (Resumed) (20 Apr 2023)

Brian Stanley: I find that incredible. It is like handing out a loan to somebody who has no potential to pay it back and not being sure of what their income is or what cash they had in hand. We are talking about huge money here, a €1.1 billion hole that had to be filled. The taxpayer had to pony up for this. The taxpayer ponied up. Mr. Makhlouf and Mr. John Hogan from the Department of Finance...

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General: Chapter 14 - Assessment and Collection of Insurance Compensation Fund Levies (Resumed)
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021 (Resumed)
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (Resumed) (20 Apr 2023)

Brian Stanley: I understand that.

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General: Chapter 14 - Assessment and Collection of Insurance Compensation Fund Levies (Resumed)
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021 (Resumed)
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (Resumed) (20 Apr 2023)

Brian Stanley: Can Ms Donnery see this from the public's point of view? One of the largest companies in the State was allowed to run this situation to where it did without having the necessary reserves. Mr. McCarthy has just clarified that the full liability was actually €1.5 billion. The taxpayer had to step in. The committee has given that process a good airing. We understand how that works...

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General: Chapter 14 - Assessment and Collection of Insurance Compensation Fund Levies (Resumed)
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021 (Resumed)
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (Resumed) (20 Apr 2023)

Brian Stanley: I ask Ms Donnery to get back to me with that figure. I want to deal with what has happened since Quinn Insurance. We had the collapse of Lemma Insurance in 2013, then Setanta Insurance in 2014 and Enterprise Insurance collapsed in 2016. What concerns me is that this happened with Quinn Insurance in 2010 and 2011 but that did not stop it from happening again. We have been hearing about the...

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General: Chapter 14 - Assessment and Collection of Insurance Compensation Fund Levies (Resumed)
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021 (Resumed)
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (Resumed) (20 Apr 2023)

Brian Stanley: A basic of any business model is that a company has to be able to cover its liabilities. When a company starts having more liabilities than it has the potential to fulfil and does not have the assets or sureties to do so, surely that is not just a red flag, that is red lights flashing all over the place. At that point, surely the Central Bank should do something. We are not just talking...

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General: Chapter 14 - Assessment and Collection of Insurance Compensation Fund Levies (Resumed)
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021 (Resumed)
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (Resumed) (20 Apr 2023)

Brian Stanley: Mr. Makhlouf is entitled to disagree with me but these pages tell me and the public a different story.

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General: Chapter 14 - Assessment and Collection of Insurance Compensation Fund Levies (Resumed)
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021 (Resumed)
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (Resumed) (20 Apr 2023)

Brian Stanley: Does the European Central Bank have it?

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General: Chapter 14 - Assessment and Collection of Insurance Compensation Fund Levies (Resumed)
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021 (Resumed)
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (Resumed) (20 Apr 2023)

Brian Stanley: Is Ms Donnery saying the Central Bank would not have been able to have sight of the finances of those companies in terms of being able to say they were trading in this jurisdiction?

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General: Chapter 14 - Assessment and Collection of Insurance Compensation Fund Levies (Resumed)
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021 (Resumed)
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (Resumed) (20 Apr 2023)

Brian Stanley: They were trading in this jurisdiction. Is Ms Donnery saying the Central Bank would not have had any access to any information, either at national or European level, whereby it would have been able to have at least some level of comfort as regards the ability of these companies to be able to stay afloat?

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General: Chapter 14 - Assessment and Collection of Insurance Compensation Fund Levies (Resumed)
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021 (Resumed)
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (Resumed) (20 Apr 2023)

Brian Stanley: But there would have been information.