Results 19,501-19,520 of 27,945 for speaker:Michael McGrath
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Michael McGrath: The information given to this committee, I believe by the Department or Central Bank in July 2014, was that there were in the region of 2,000 claimants, with claims amounting to €35 million. Does that €35 million now equate to the gross claim liability of €67.7 million?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Michael McGrath: Fifty-three?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Michael McGrath: Can the witness reconcile that €53 million with the gross claim liability of €68 million?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Michael McGrath: Okay. But we must plan on the basis that this is a possibility-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Michael McGrath: Yes, but the scale of the claims reserve increase could be from €28 million one year ago to a figure of potentially over €90 million, if Towers Watson's worst case scenario comes to pass.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Michael McGrath: But it is fair to say that the picture has deteriorated considerably since Mr. Mercieca's appointment?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Michael McGrath: The claims reserve may have gone up from €28 million to as high as €95.2 million, if Towers Watson is correct?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Michael McGrath: Is it correct that the witness has 1,748 Irish claims on the books?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Michael McGrath: Have payments been made to any claimants so far?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Michael McGrath: None whatsoever? Mr. Mercieca estimates that 30% of the value of the outstanding claims will be met.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Michael McGrath: Does that hold true even if the total claims liability reaches €90 million?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Michael McGrath: What is preventing the witness from commencing the process of making payments in respect of claims which are agreed? Where a settlement is agreed, why can the 30% not be paid?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Michael McGrath: But Mr. Mercieca will not know the full extent of the liabilities until each and every case is concluded.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Michael McGrath: That could take years.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Michael McGrath: Can Mr. Mercieca clarify that if the legal issue surrounding the potential liability of the Motor Insurers' Bureau of Ireland is clarified, the liquidator will still be unable to make payments?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Michael McGrath: Okay. I suppose what Mr. Mercieca is-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Michael McGrath: I can see that, and am coming to that issue among others, but I am unclear. A few moments ago, Mr. Mercieca stated that he could not make any payment until the full extent of the liability had been clarified. It will not be clarified until 1,619 cases have been concluded. Even if the Motor Insurers' Bureau of Ireland legal issue is concluded, is Mr. Mercieca saying that he is prohibited...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Michael McGrath: In Malta.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Michael McGrath: Will any claimant receive money from the liquidator, as opposed to the Insurance Compensation Fund, ICF, and the MIBI, until after all of the court cases have been concluded?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Michael McGrath: Mr. Mercieca has no discretion in that matter.