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

Ciarán Lynch: Deputy Doherty played a blinder. Thanks a million. We can pair this out to two of us.

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

Ciarán Lynch: I must ask Deputy Arthur Spring to give way to Deputy Ciara Conway.

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

Ciarán Lynch: The Deputy is out of time. Deputies should, please, prioritise their questions.

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

Ciarán Lynch: This is the Deputy's last question, as she is running out of time.

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

Ciarán Lynch: Before we move to Deputy Joe Higgins, I seek clarity on a point raised by Deputy Ciara Conway. Are there cases comparable to what happened in the case of Setanta Insurance or is its case unique? Is it unique to Ireland or is there a precedent? Have there been similar collapses in the market?

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

Ciarán Lynch: The question is very simple. If I was talking to a German, an Austrian or an Italian this afternoon, would he or she say to me that the very same thing happened in his or her country and that another country was involved in terms of the company involved trading out of Cyprus, Lithuania or Ireland? Therefore, the case would not be unique in the sense that it would have happened previously.

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

Ciarán Lynch: With Irish branding, green shamrocks and all the rest of it.

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

Ciarán Lynch: Mr. Casey wants to add a comment and I will then bring in Deputy Conway.

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

Ciarán Lynch: I call Deputy Spring, who has 15 minutes. I understand the Deputy wishes to share his time with Deputy Conway. How does the Deputy wish to share the time.

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

Ciarán Lynch: That is fine.

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

Ciarán Lynch: If it goes to court and there is an award of €100,000 against an individual in terms of compensation, which an insurance company would meet 100%, given what Mr. Casey said earlier, the fund will only cover €65,000 and the individual will have to make up the shortfall of €35,000.

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

Ciarán Lynch: Who pays the other 35%?

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

Ciarán Lynch: If there is a court ruling that one should receive compensation of €100,000, what happens then?

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

Ciarán Lynch: If the court awards a person €100,000 in compensation following a personal injury, the insurance compensation fund will pay €65,000. Does that mean that the person who is found liable for that personal injury, who should have insurance, is now liable for €35,000?

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

Ciarán Lynch: The court always finds one is liable but one's insurance company pays for it.

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

Ciarán Lynch: Mr. MacDonncha is saying that the person is now personally liable for €35,000 because the insurance compensation fund does not cover that.

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

Ciarán Lynch: I am sorry, but the Deputy is out of time.

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

Ciarán Lynch: There is no "and"; the question has been asked.

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

Ciarán Lynch: No more questions, please. We must be fair to the Deputy's colleague. If he continues, we will be taking time off her.

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

Ciarán Lynch: We will resume in public session with Deputy Kieran O'Donnell.