Results 13,581-13,600 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: There would have been information though.

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: The Central Bank regulates those companies here and is in a position to say to them that, if they want to operate here, they should show the Central Bank their balance sheets.

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: The Central Bank regulates firms here. The Central Bank is the regulator of insurance here.

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: The point is the public is stuck with this. I personally feel the Central Bank could have done more. The Governor of the Central Bank sits on the governing council of the European Central Bank. I accept it is not the Central Bank's direct responsibility, but it is dealing with people involved in finance on an international and European level. Surely, before a company is allowed to trade...

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 will let Deputy McAuliffe in again if he feels he has other questions. I call Deputy Verona Murphy.

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: Deputy Murphy-----

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: In fairness, the Deputy should allow Mr. Hogan to address the matter.

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: The Deputy should not personalise matters.

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: Do not personalise your remarks Deputy.

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: Their balance sheets are fairly healthy at the moment. Their profits are up healthily in the past six months. I want to go back to the issue of the levy. There is a 2% levy in place, and there is a substantial amount to be paid off. How long more will that levy on insurance policyholders need to remain in place? That levy is used to fill the gaps left by insurance companies going into...

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: That brings me to the next question. Four to five years more would deal with what is there at the moment. One would hope, given the guarantees we are hearing about this morning about a better framework being in place both at a European level and nationally in terms of the regulation of the insurance industry, that we will not have too many of these events in the future. We hope that no...

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: Sorry, let me clarify my question. Will there be a continuation of the 2% levy, even after all of the claims are settled? Is it the view of the Central Bank that we need to continue with a levy?

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: Do we have a figure for the reserves in Quinn Insurance at that point in the context of the €1.1 billion gap vis-à-visliabilities?

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: So it turned out to be as bad as it looked. I wish to ask Mr. Makhlouf about dual pricing, particularly in the context of motor insurance. He will know that in this Oireachtas my party colleague, Deputy Pearse Doherty, had a particular interest in this issue and did a considerable amount of work on it on foot of evidence received from the public. Loyal customers were being charged more...

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 fairly confident that the measures that have been put in place will be effective. I do not want to misinterpret what his words, but Mr. Makhlouf seems to be stating that if further measures need to be put in place to get on top of this, the Central Bank is willing to act. Is that right?

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: Yes.

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: That is a space we will be watching. I welcome the fact this is being taken seriously because there is a very serious problem with the premiums being charged and the discrepancy between loyal customers and new ones.

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. Hogan for that. Could I ask the Governor about AIB? Seventy branches of it were to go cashless. What happened in relation to that? There was no follow-through on that. Does the Governor have any information on what happened?

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: Was there any interaction between the Central Bank and AIB in relation to 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: There was not.