Michael McGrath (Cork South Central, Fianna Fail)
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98. To ask the Minister for Finance when he will provide a definitive update on the cost of the collapse of an insurance company (details supplied); and if he will make a statement on the matter. [16507/16]

Michael Noonan (Limerick City, Fine Gael)
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In 2010, at the request of the Central Bank of Ireland, Joint Administrators were appointed by the High Court under the Insurance No. 2 Act 1983 to Quinn Insurance Limited (QIL) due to concerns of the solvency position of that firm.  

The Court appointed officers from Grant Thornton as Joint Administrators to oversee the administration of the company.  The Administrators have a responsibility to report to the President of the High Court on the matters relating to the administration of QIL.

The position to date is that a total of €1,333 million has been drawn down from the Insurance Compensation Fund (ICF) by the Joint Administrators.  A total of €200 million has been repaid to the ICF by the Joint Administrators, leaving the current figure for the net cost to the ICF of the failure of QIL at €1,133 million.  The Central Bank of Ireland has advised that it is not in a position to supply a definitive update regarding the cost of the collapse of QIL. 

I have been informed by the QIL Administrators that they do not envisage any further applications to the ICF for funding as they have sufficient finance to fund the last remaining significant task which is the litigation against PricewaterhouseCoopers (PwC).  The ultimate final cost to the ICF will only be determined when the matter with PwC comes to a conclusion, as any successful recovery from this action will be paid to the ICF.