Results 27,641-27,660 of 35,959 for speaker:Pearse Doherty

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

Pearse Doherty: So it is fair to state that the Irish directors of this Irish company established it in Malta because if they had set it up here, they would have been obliged to set aside a buffer which is three times greater than that which is required by the Maltese authorities.

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

Pearse Doherty: Malta insists on an additional buffer of 0.5 times the required margin of solvency. Is this the same as that required by the Irish Central Bank?

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

Pearse Doherty: When discussions took place with the Maltese authorities in September, did they indicate that Setanta Insurance had been failing to meet the buffer requirements since 2011?

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

Pearse Doherty: I wish to pose a final question. I am of the view that the Central Bank was extremely lax in respect of this matter. Mr. Sheridan can bat for his own side in a moment in respect of that assertion on my part. It seems that the only flag that was raised for consumers came in the form of the widely-circulated press release. On numerous occasions we asked the Minister what he was doing to...

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

Pearse Doherty: However, the brokers, who are regulated by the Central Bank, still renewed policies.

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

Pearse Doherty: If I have a small trading company called Leinster House Limited, Leinster House Holdings or whatever, I go to Setanta Insurance to take out commercial insurance under the name of Pearse Doherty and I go down the road and hit a wall and injure my back or whatever, can I make a claim? Am I entitled to make a claim from the fund?

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

Pearse Doherty: Nobody pays it.

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

Pearse Doherty: One of the big concerns I would have is that two thirds of Setanta's customers had commercial insurance. Of the 2,000 claims, which amount to €35 million, on average we could say that two thirds of them had commercial policies. However, there is a big question mark over whether a commercial customer would be entitled, under certain circumstances, to access the fund at all. Is it the...

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

Pearse Doherty: There are commercial claims at this point in time. There are citizens in Ireland, with big claims and small claims, will simply not have access to the fund.

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

Pearse Doherty: Can Mr. Casey give any indication to the committee as to what we are looking at? Would it be one third of the policyholders or lower than that?

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

Pearse Doherty: Obviously, it is legally complex and technical but could there be a situation where one of those claimants, who would have a large claim of €825,000, for example, which means a personal injury, would not be able access to the fund as a result of the way his or her policy was structured? Is that possible or are we just talking about damages to walls and vehicles?

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

Pearse Doherty: The fund will be available even though it was the company that had the insurance.

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

Pearse Doherty: No. What about the driver of the car? If the driver of the car-----

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

Pearse Doherty: The owner of the company, who is driving the commercial vehicle, would be able to access the insurance compensation fund.

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

Pearse Doherty: I welcome our guests. I suggested to the committee that we have this hearing because I believe passionately that many of the 75,000 policyholders with Setanta Insurance have been let down. They were insured with a company which they believed to be regulated here but which, it turns out, was regulated in Malta and went into liquidation. They were let down because they had seen the treatment...

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

Pearse Doherty: The Department has no view on whether the MIBI fund should be available. Is that the position?

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

Pearse Doherty: Is there potential for the Department to challenge the view of the MIBI if the bureau comes back and states it is not processing third party claims?

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

Pearse Doherty: I want to delve into the matter of commercial policies. The Central Bank informed us that two thirds of the 75,000 policyholders had commercial motor insurance polices and that one third had private motor insurance policies. Mr. Casey mentioned that the insurance compensation fund only pays out on claims where an individual is involved. He went on to state that while the liquidator had...

Written Answers — Department of Finance: Mortgage Arrears Proposals (9 Jul 2014)

Pearse Doherty: 54. To ask the Minister for Finance his plans to put the code of conduct on mortgage arrears into primary legislation. [30032/14]

National Treasury Management Agency (Amendment) Bill 2014: Report Stage (Resumed) (8 Jul 2014)

Pearse Doherty: With respect, that just does not make sense. The Minister of State is asking us to refer to the legislation that set up the ESB, Bord na Móna, Coillte, EirGrid, Irish Water and every other State body or subsidiary that is designated-----