Alice-Mary Higgins (Independent) | Oireachtas source

Amendment No. 9 is to delete lines 5 to 10 in page 55. There may be an argument to be made in certain circumstances — we need to interrogate these — about not having cross-liability between different sub-funds. An example would be where there is a large number of pension schemes. Regardless of the lack of cross-liability, I am concerned that there is no upward liability. The umbrella fund should be liable for the failure of a sub-fund to deliver. My amendment would leave the lack of cross-liability between sub-funds but remove the excuse for the overall fund not being subject to upward liability. I will be proposing much more specific measures because we see these products at work in Luxembourg and elsewhere. We must learn from the problems and concerns regarding these products.