Results 9,181-9,200 of 16,492 for speaker:Ciarán Lynch

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 are obliged to suspend for a short time to accommodate the taking of a division in the Dáil. When we resume, Deputy Heather Humphreys will have the floor. Is that agreed? Agreed.

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

Ciarán Lynch: When a bit of certainty is available, will the witnesses inform the committee as quickly as possible?

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 I had booked insurance 12 months ago and Setanta had been suggested to me by a broker, is the witness saying there would have been no necessity for a broker to advise me that there was something technically different in regard to insurance from another jurisdiction as opposed to insurance from this jurisdiction?

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

Ciarán Lynch: Please explain that to me. I do not know what the difference is, but there seems to be something particular to do with Setanta being based in Malta. What is the particularity about it? What is unique about 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: To return to my earlier question, if a broker is selling this insurance and there is a significant difference in the regulation of prudential management, is there a requirement on the broker to make that known to the individual? It may appear the same - for example, that the individual has windscreen cover - but there may be different aspects to purchasing this insurance.

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 know 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: In terms of lessons learned, does Mr. Sheridan see any requirement to inform brokers into the future or to give them a directive or framework for assisting Irish customers in respect of the purchase of their product and the different aspects associated with 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: We are considering brokers.

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

Ciarán Lynch: To move on, this is a company that has gone bust, which can happen in any business. Why is the European Commission carrying out an investigation?

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

Ciarán Lynch: Yes.

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

Ciarán Lynch: What is the update on that investigation or examination?

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

Ciarán Lynch: Is the process starting, is it halfway through or is it almost completed?

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 are recommendations such as those I indicated earlier, would Mr. Sheridan's office look favourably towards implementing those recommendations and making the necessary adaptions as to how the industry operates in Ireland and into the future?

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 thank Mr. Sheridan. I call Deputy Michael McGrath.

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 thank Mr. Pat Casey and Mr. the Bernard Sheridan. We will begin with 15-minute rounds of questions and if members wish to share that time with their colleagues, we will do so and we will commence immediately. I seek clarity on a technical matter and this may be a question for Mr. Sheridan or Mr. Casey. People who take out insurance have the option to pay for it on an annual or a monthly...

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

Ciarán Lynch: However, resolution will be considered for the period of time for which they were paying insurance.

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

Ciarán Lynch: When people are paying insurance, they assume they are covered but they woke up one morning to discover they were not. The first question any member would ask is, how many other Setanta-type insurance debacles potentially exist? Is this the only one that will happen or might other players in the market be in a similar space?

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. Sheridan, that is not what I am asking. An Irish company could fail tomorrow morning and there are bonds and all sorts of measures in place. Moreover, there is protection under the consumer code. A very particular circumstance arose here, in which a company calling itself Cú Chulainn - which is who Setanta became when he grew up - gave the impression that it was an Irish company....

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 will not name-check any Irish companies because that would not be appropriate, but had this been an Irish-owned company or a company based in the UK that was registered in London or Dublin, is Mr. Sheridan telling me that were the insurance company with which the customers were doing their business to go wallop, so to speak, they would be in the exact same circumstances?

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. Sheridan used the term, "minimum regulatory requirement" in the EU. Is the regulatory requirement in Ireland for an Irish-registered company at a different level of regulation? If so, is it greater or less?