Results 3,441-3,460 of 11,187 for speaker:Colm Burke
- Public Accounts Committee: 2020 Report of the Comptroller and Auditor General - Chapter 14: Assessment and Collection of Insurance Compensation Fund Levies
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (23 Feb 2023) Colm Burke: I will move to a completely different issue about the ICF and Quinn Insurance Limited. The State paid €1 billion to the ICF. There was litigation against the auditors of the company, PwC. My understanding is that the case has been settled. Is the Department able to disclose the settlement figure?
- Public Accounts Committee: 2020 Report of the Comptroller and Auditor General - Chapter 14: Assessment and Collection of Insurance Compensation Fund Levies
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (23 Feb 2023) Colm Burke: Surely the figure appears somewhere in the books. In such circumstances, how can it be confidential? The figure that was paid over has to appear somewhere?
- Public Accounts Committee: 2020 Report of the Comptroller and Auditor General - Chapter 14: Assessment and Collection of Insurance Compensation Fund Levies
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (23 Feb 2023) Colm Burke: This is a case where €1 billion had to be paid out by the State through the compensation fund. There is now a 2% levy on each policyholder. That will continue to be the case for quite some time. Surely we are entitled to know the settlement involved. A security of costs in an amount in excess of €30 million had to be lodged to allow the case to proceed. Are the taxpayers...
- Public Accounts Committee: 2020 Report of the Comptroller and Auditor General - Chapter 14: Assessment and Collection of Insurance Compensation Fund Levies
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (23 Feb 2023) Colm Burke: What is the story with the money that was lodged for security of costs?
- Public Accounts Committee: 2020 Report of the Comptroller and Auditor General - Chapter 14: Assessment and Collection of Insurance Compensation Fund Levies
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (23 Feb 2023) Colm Burke: State money was provided as security of costs. Surely we, as taxpayers, are entitled to know if that money has now been refunded. We are also entitled to know was the risk worth taking. If the case settled for €1, the risk was obviously not worth taking.
- Public Accounts Committee: 2020 Report of the Comptroller and Auditor General - Chapter 14: Assessment and Collection of Insurance Compensation Fund Levies
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (23 Feb 2023) Colm Burke: Surely the Department can come back to us with a note in respect of the security of costs issue.
- Public Accounts Committee: 2020 Report of the Comptroller and Auditor General - Chapter 14: Assessment and Collection of Insurance Compensation Fund Levies
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (23 Feb 2023) Colm Burke: We need to know that the money came back.
- Public Accounts Committee: 2020 Report of the Comptroller and Auditor General - Chapter 14: Assessment and Collection of Insurance Compensation Fund Levies
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (23 Feb 2023) Colm Burke: I will ask about the whole insurance industry. PMPA was the first company to enter administration, which happened in the 1980s. In the period 2010 to 2016, four insurance companies went into liquidation or administration. The State had to intervene to provide support to policyholders. Are we now satisfied there are adequate systems in place in respect of insurance companies? Four...
- Public Accounts Committee: 2020 Report of the Comptroller and Auditor General - Chapter 14: Assessment and Collection of Insurance Compensation Fund Levies
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (23 Feb 2023) Colm Burke: In respect of Quinn, a fund of €350 million was available at any one time and that fund was being gambled with, in real terms.
- Public Accounts Committee: 2020 Report of the Comptroller and Auditor General - Chapter 14: Assessment and Collection of Insurance Compensation Fund Levies
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (23 Feb 2023) Colm Burke: Is the Department concerned about any activity in the insurance industry at the moment? In the period from 2011 to 2016, which is a very short time, four companies ended up in a position from which the State had to bail them out, or at least bail out the policyholders.
- Public Accounts Committee: 2020 Report of the Comptroller and Auditor General - Chapter 14: Assessment and Collection of Insurance Compensation Fund Levies
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (23 Feb 2023) Colm Burke: Have insurance companies sufficient mechanisms in place to cross-check?
- Public Accounts Committee: 2020 Report of the Comptroller and Auditor General - Chapter 14: Assessment and Collection of Insurance Compensation Fund Levies
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (23 Feb 2023) Colm Burke: My understanding in respect of the fund is that more than €1 billion was paid in for Quinn Insurance Limited. The Central Bank has been handling it since 2018. There is still more than €500 million owed and which remains to be collected from insurance policyholders. Is the Central Bank satisfied that we now have sufficient mechanisms in place across the board in the insurance...
- Public Accounts Committee: 2020 Report of the Comptroller and Auditor General - Chapter 14: Assessment and Collection of Insurance Compensation Fund Levies
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (23 Feb 2023) Colm Burke: My understanding in respect of Quinn Insurance Limited is that a fund in the amount of €350 million was available and was being gambled with. There is no question or doubt about that. When the company was no longer able to pay out compensation claims, that fund was not there. Are we satisfied there are now enough checks and balances to ensure the security that is supposed to be...
- Public Accounts Committee: 2020 Report of the Comptroller and Auditor General - Chapter 14: Assessment and Collection of Insurance Compensation Fund Levies
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (23 Feb 2023) Colm Burke: There is also the issue of the accountability of auditors and of when they were not doing their job. Now we find that a settlement was made but no one is prepared to disclose to us what is returned to the State. The State ended up paying out €1 billion. Surely, we are entitled to some information, in particular where the State took a risk of putting €30 million as security...
- Public Accounts Committee: 2020 Report of the Comptroller and Auditor General - Chapter 14: Assessment and Collection of Insurance Compensation Fund Levies
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (23 Feb 2023) Colm Burke: It is reducing.
- Public Accounts Committee: 2020 Report of the Comptroller and Auditor General - Chapter 14: Assessment and Collection of Insurance Compensation Fund Levies
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (23 Feb 2023) Colm Burke: But it is reducing because of the ICF.
- Public Accounts Committee: 2020 Report of the Comptroller and Auditor General - Chapter 14: Assessment and Collection of Insurance Compensation Fund Levies
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (23 Feb 2023) Colm Burke: But will the amount be disclosed, or will it be in under general expenditure? Will the impression be given that it is part of the 2% collected or will it be set out as a separate sum? If it is going to be set out in the 2022 accounts, why can it not be given to us now?
- Public Accounts Committee: 2020 Report of the Comptroller and Auditor General - Chapter 14: Assessment and Collection of Insurance Compensation Fund Levies
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (23 Feb 2023) Colm Burke: But the State invested €30 million in this claim. Surely the taxpayers of this country are entitled to know that if we invested €30 million in litigation, we are now entitled to know the net outcome of that investment.
- Public Accounts Committee: 2020 Report of the Comptroller and Auditor General - Chapter 14: Assessment and Collection of Insurance Compensation Fund Levies
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (23 Feb 2023) Colm Burke: The Committee of Public Accounts is answerable to the electorate in making sure the finances of the State are managed in a proper manner. The sum of €30 million was put aside. A court decision said there had to be security of costs. That was €30 million that was risked on behalf of taxpayers. Surely we are now entitled to know the outcome of that risk taking.
- Public Accounts Committee: 2020 Report of the Comptroller and Auditor General - Chapter 14: Assessment and Collection of Insurance Compensation Fund Levies
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (23 Feb 2023) Colm Burke: Mr. Molloy says it will be reflected in the accounts in July. How will it be reflected?