Kathleen Lynch (Cork North Central, Labour)
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Question 163: To ask the Minister for Finance the assurances that have been given to the UK Financial Services Authority by him regarding the continuing operation of a company (details supplied) in the UK; if his attention has been drawn to the recent press reports stating that the Irish Government has moved to address concerns in Britain about the insurers long term position by telling UK FSA that his Department will make appropriate funding available to assist the administrators perform their roll in bringing the company back to a sound commercial and financial footing; and if he will make a statement on the matter. [23130/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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The objective of the administration of the company in question is to support the operation of the business on a going concern basis and to return it to a sound and commercial financial footing in order to safeguard the interests of all policyholders.

My Department has been in touch with the UK Treasury and has provided them with confirmation that the Government would ensure that no policyholders - including those in the UK - would be put at risk by the administration of the company in question. In addition, it was indicated that if it was necessary, I, in my role as Minister for Finance, would provide funds to support the administration through the Insurance Compensation Fund.

This clarification was provided to the UK Authorities in advance of business reopening in the UK in the context of ongoing communication with the UK customers of the company in question.