Pearse Doherty (Donegal South West, Sinn Fein)
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Question 100: To ask the Minister for Finance the position regarding his deliberations on the way the €600 million call on the Insurance Compensation Fund triggered by Quinn Insurance Limited sale will be funded; if he will confirm if Irish policyholders will pay all €600 million or if he will use relevant legislation to impose the levy on all insurance policies sold out of Ireland, in which case the cost to Irish policyholders would be €200 million; if he will confirm the extent of his engagement with Irish consumer groups, the Irish insurance industry and the international insurance industry on this topic; and if he will make a statement on the matter. [22276/11]

Michael Noonan (Limerick City, Fine Gael)
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No decision has yet been made on how the Insurance Compensation Levy (ICF) levy will be applied in order to fund the deficit in Quinn Insurance Ltd. Much consideration however has been given to the matter and my Department has had extensive consultations with the domestic and international insurance industry, the Central Bank and the European Commission. I am also aware of the consumer perspective on this issue and am very conscious in these difficult times of not imposing additional unnecessary burdens on them. However, ultimately I have to ensure that whatever decision is made on this issue is credible, sustainable over time and stands up to legal scrutiny.