Michael McGrath (Cork South Central, Fianna Fail)
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516. To ask the Minister for Health if he is satisfied that no further capital injections will be required for VHI; and if he will make a statement on the matter. [26947/14]

James Reilly (Dublin North, Fine Gael)
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The Government agreed in December 2011 to address the European Court of Justice ruling of September 2011 and has continued to work with the VHI in its application process for authorisation by the Central Bank of Ireland (CBI). I would draw the Deputy's attention to the significant progress made since the Government Decision of 3 December 2013 to achieve authorisation of VHI by end 2014. VHI submitted its application for authorisation to the CBI on 16 May 2014. VHI recently announced positive annual financial results for 2013 and has negotiated a further reinsurance deal for a four-year period 2014-2017. While the exact capital requirements will be determined by CBI as part of its assessment of VHI’s application, I understand that VHI believes it can achieve the solvency levels required for authorisation without the need for a capital injection from the Exchequer.