Results 24,581-24,600 of 27,945 for speaker:Michael McGrath

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)

Michael McGrath: Is it the view that other sources will deliver up to €500 million if required?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)

Michael McGrath: What are the fees of the administrators to date?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)

Michael McGrath: That is an approximate total of €13 million to €14 million to date.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)

Michael McGrath: Mr. McAteer referred to potential claims and litigation. Is this solely in respect of professional firms in place under Quinn Insurance or does it include firms engaged by Mr. McAteer in respect of his work as administrator in calculating the potential losses since his appointment as administrator?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)

Michael McGrath: Does Mr. McAteer and his firm accept any responsibility as administrators for having got it so wrong?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)

Michael McGrath: My final question is for the Central Bank representatives. How can we be reassured that this situation will not occur again? This is not the first time that ordinary policyholders have been hit by losses incurred in the insurance industry. It also happened in the past with PMPA. Has the Central Bank reviewed how it regulates and deals with insurance companies to ensure such losses are not...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)

Michael McGrath: I say to Mr. McAteer that I am astounded at the level of fees that have been paid for what, on the surface, appears to have been a job not very well done. The original estimate was almost one third of what the final call from the insurance fund will be. It strikes me as very bad value for the taxpayer. Will Mr. McAteer review those fees? Does the Department or the Central Bank have any...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)

Michael McGrath: When news broke early in August of the dramatic increase in the potential call on the Insurance Compensation Fund of up to €1.6 billion, I wrote to the committee inviting our guests to come before us and take questions. I welcome the witnesses and thank them for being here. Administrators were appointed to QIL in April 2010. In April 2011, when the sale to Liberty Mutual was...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)

Michael McGrath: Is Mr. McAteer saying that, given the information the administrators had in their first year in the company, it was not possible to come up with a better estimate than the figure of €600 million? As information became available subsequently the figure was revised.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)

Michael McGrath: Was there nothing he could have done differently in the first year to get a better estimate of the losses?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)

Michael McGrath: The sale to Liberty Mutual was agreed on the basis that the State would take care of any residual losses in Quinn Insurance. At that stage the estimate was €600 million. It was on that basis that the State agreed to the sale of the company. Now we know the losses are almost three times greater. The terms of that sale, and how good a deal it was for the State, are very much open to...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)

Michael McGrath: Can an official of the Department of Finance tell us how much cash has been paid into the insurance compensation fund in respect of the Quinn losses?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)

Michael McGrath: When does the Department expect that further funds will have to be advanced?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)

Michael McGrath: Given that these payments are funded by the 2% levy on home insurance, motor insurance and commercial insurance policies, which raises about €65 million per year, how long does Mr. Carrigan estimate the levy will continue in place? The Minister previously advised it would be in place for 11 or 12 years. What is the current estimate of how long we will have to live with this levy?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)

Michael McGrath: If the total call is €1.65 billion, which is 25 years at €65 million per annum, a levy lasting 15 years would be far short of the potential call on the fund. This is the core of the issue and it is what people will want to know. If the levy is collecting €65 million a year and the potential total call is €1.65 billion, is my calculation of 25 years correct?...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Election of Chairman (10 Oct 2012)

Michael McGrath: I congratulate the Chairman on his election, particularly as he is my constituency colleague, and I wish him well in his new role. He has a hard act to follow. The Minister of State, Deputy Alex White, was an excellent Chairman and this must be acknowledged. I genuinely wish the Chairman well.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Business of Joint Committee (10 Oct 2012)

Michael McGrath: Given that three lengthy opening statements will be made, does the Chairman propose they will all be read out? It would take a long time.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Business of Joint Committee (10 Oct 2012)

Michael McGrath: They have.

Written Answers — Department of Public Expenditure and Reform: Pension Provisions (10 Oct 2012)

Michael McGrath: To ask the Minister for Public Expenditure and Reform the number of pension schemes taking part in the pensions insolvency scheme; his plans for the future development of the scheme; the amount of State resources that are available to support it; and if he will make a statement on the matter. [43403/12]

Written Answers — Department of Education and Skills: Departmental Properties (10 Oct 2012)

Michael McGrath: To ask the Minister for Education and Skills his plans for the future use of a former school building (details supplied) in County Cork; if he will clarify the current ownership arrangements stating the role of the Catholic diocese and his Department; his plans to sign over the building to the diocese; and if he will make a statement on the matter. [43542/12]