Mary Harney (Dublin Mid West, Independent)
Link to this: Individually | In context

The timing for the capitalisation and sale of the VHI will depend on a number of factors, which will be decided by Government in light of the advices of the experts on the appropriate sequencing and structure of the disposal of the company. My Department is currently finalising a request for tenders for the provision of financial, legal and all other advices relating to the rebalancing of the private health insurance market, capitalisation by the State, authorisation by the Financial Regulator and ultimate sale of the VHI.

The actual amount of capital which will be required will be determined between the Minister for Finance and the Minister for Health and Children in light of these advices. The level of capital required will be affected by a number of issues, including the amount of reinsurance and/or subordinated dept which the VHI may secure. It is not possible to specify precisely at this time what the figure for capitalisation will be or to estimate what the expected sale price of the VHI will be.