Micheál Martin (Cork South Central, Fianna Fail)
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Following the establishment of the Irish Financial Services Regulatory Authority, IFSRA, on 1 May 2003, I no longer have responsibility in relation to the supervision and regulation of insurance undertakings. The Irish Financial Services Regulatory Authority, IFSRA, under the aegis of the Minister for Finance now holds responsibility for practically all of the financial services industry, including insurance.

My Department is not considering bringing forward proposals for the establishment of a State insurance company. Financial services generally are a matter for the Minister for Finance. I am not aware of any plans in this regard. I understand, however, that State funding of an insurance company would raise state aid issues under EU rules.