Michael McGrath (Cork South Central, Fianna Fail)
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145. To ask the Minister for Finance if the next payment to claimants of a company (details supplied) will be in February 2019; and if he will make a statement on the matter. [50307/18]

Paschal Donohoe (Dublin Central, Fine Gael)
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Setanta Insurance was placed into liquidation by the Malta Financial Services Authority on 30 April 2014. As it was a Maltese incorporated company, the liquidation is being carried out under Maltese law.

The Deputy will be aware that the Insurance (Amendment) Act 2018 (Act 21 of 2018) was signed into law in July this year. Section 12 of the Act provides that the State Claims Agency may, from time to time but not more frequently than once in every three month period, apply to the High Court for approval for payments from the Insurance Compensation Fund in respect of claimants of an insolvent insurer authorised in another EU Member State. Setanta Insurance falls under this section of the Act.

The State Claims Agency on 19 November, obtained High Court approval for payments from the Fund in respect of the fourth tranche of payments to Setanta claimants. This tranche of claims is comprised of approximately 1,500 separate payments with a value of approximately €21 million, and will comprise of (a) newly settled claims requiring 100% payment, (b) all those cases where 65% was previously paid and where the balance of 35% is due and (c) a number of third party legal costs payments.

It should be noted that the process of settling claims is still ongoing and is subject in some cases to court procedures. However the liqudator estimates that the process of settling the vast majority of these outstanding claims should be completed by end-2019.

Finally as the next application to the High Court is subject to the three-month rule, it is hoped that court approval for the next batch of payments can be made at the end of February. However, as this a matter between the liquidator and the State Claims Agency, I am not in a position to give an absolute commitment on this at this stage.

I should however have a better insight into the timing details closer to the end of this three month period.