Thomas Byrne (Meath East, Fianna Fail)
Link to this: Individually | In context

Question 109: To ask the Minister for Finance his response to the affairs of a company (details supplied); his contact with the Financial Regulator and the Financial Services Authority in London regarding opening up of the UK market to the company; his efforts to save the jobs in the company in counties Meath, Cavan and Dublin. [17639/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
Link to this: Individually | In context

At the outset, the Deputy should note that in my role as the Minister for Finance I have responsibility for the development of the legal framework governing financial regulation. The day to day responsibility for the supervision of financial institutions is a matter for the Financial Regulator who is statutorily independent in the exercise of his regulatory functions.

As the Deputy will be aware, the company referred to in his question was placed in administration under the supervision of the High Court in order to help put its business on a sound commercial and financial footing and safeguard the interests of all policyholders.

The recent announcement by the Financial Regulator on the further re-opening of UK private motor insurance business is a welcome development in terms of its contribution to the longer-term viability of the company. The confirmation provided by the Government to the UK authorities that no policyholders including those in the UK - would be put at risk by the administration and if it was necessary the Minister for Finance would provide funds to support the administration through the insurance compensation fund helped facilitate this positive outcome.

Any proposals for the re-opening of other business lines in the UK are a matter for the administrators and need to be approved by the Financial Regulator in consultation with the UK Financial Services Authority.

Finally, in relation to the Administrator's restructuring plan, my colleague the Minister for Enterprise, Trade and Employment has activated a coordinated emergency response with the relevant State job creation and training agencies.